- advertisements -
Next up, negative lending rates.
All hail the "strong" USEconomy!!
If lending standards remain at sky high levels, few will qualify for all timel low rates. Banks can't resale crap paper anymore so lending standards must remain high.
The reason why no one will qualify is because anyone that still has a good credit rating has a brain in their head and knows not to try to buy a house right now. Only people showing up are the idiots that watch the news and think this is a great time to buy, they also likely have $50,000+ in credit card debt
its obvious the market action is depicting a stealth liquidation/deleveraging going on, primarily by sectors. Look at the Nasdaq today (was up 50 now -ve), its being sold into this rally while the other sectors remain strong, for now. Certain people are liquidating their positions stealthly.This has been done in other sectors as well.
And with the markets opening at the highs or lows and closing vice versa. The money is being made on trades placing initiating trades at the end of the trading day and liquidating the next morning. Of course this is done because its easy to get the herd into the action usually at the open. Todays Jobless claims bogus numbers along with an expected German Congress (though not German people) Yes vote which should have already been priced in, was the fuel to ignite this rocket.
Today's volume at the open was abysmal...and continued to suck as we ramped higher to a non-sensical up 250 on the Dow...then volume picked up as it started its gradual but noticeable decline.
Btw - my buying "climate" for silver-coins is very sunny!
Get them while they still accept paper dollars in trade.
with the gold/silver ratio being above 50, buying silver has never been such a no-brainer!
... and taking less of your paper dollars. How nice!
This is what happens when over-reaching unaccountable bankrupt governments, in an attempt to squeeze every last nickel out of their citizenry, go on the offensive. Cut off all avenues of escape. Time is running out for people to protect their savings.
GoldMoney Closing All Dutch Accounts
September 28th, 2011
Dear Valued Customer,
It is with tremendous regret that I am writing to inform you of our recent decision to discontinue offering our services to all customers resident in the Netherlands. Please note, we at GoldMoney have explored all possible options to prevent this outcome, and this is not a decision we have taken lightly. This position is unique to the Netherlands, and unfortunately because you are resident in the Netherlands, you are one of those affected, which we very much regret. Kindly allow me to explain our position:
On 27 January 2011, we were contacted by the Autoriteit Financiële Markten (AFM), the Netherlands financial regulator, which indicated that, in its view, GoldMoney was “offering investment objects in the Netherlands without a licence” in breach of Section 2:55 of the Netherlands Financial Supervision Act (Wet op het financieel toezicht, Wft). At the end of 2010, the AFM first announced publicly its policy viewpoint that investments in precious metals could – under certain circumstances – be characterised as offering of investment objects. The AFM demanded that we cease to do so until we agreed to subject our business to their regulation by applying for a licence as an offeror of investment objects within the meaning of Section 2:55 Wft. Although we disagreed with the AFM’s assessment, we voluntarily offered to stop accepting new Netherlands-resident customers as of 1 February 2011 until we could resolve this matter with the AFM.
We have dedicated the last few months to working with our Netherlands lawyers to present our case to the AFM, namely that precious metals are not included within the concept of “investment objects” regulated by the AFM, and that, in any case, Netherlands regulation is not applicable to GoldMoney because we do business in Jersey, rather than within the Netherlands. Unfortunately, we have been unsuccessful in changing the AFM’s view on this matter. As we do not want to subject ourselves, and by extension our customers, to unnecessary and unpredictable regulatory requirements, we have reached the difficult conclusion that the only way to resolve this situation is to cease all business with Netherlands-resident customers.
We intend to resolve this issue and return to doing business with residents in the Netherlands in the future. Should this be the case we will make an announcement. But in the meantime, unfortunately, I am very sorry to inform you that we are unable to offer you our services any longer. Subject to article 10-A of our Customer Agreement, we will require you to close your GoldMoney Holding. This is to occur no later than the close of business on Monday 31 October 2011.We have outlined below a number of possible options for how you may liquidate your current position, including the physical delivery of small gold bars to your home address or a sale to cash with a free transfer of the proceeds to your bank account.
By offering you the option to take physical delivery of your gold, we hope to fulfil your expectations with regards to the physical ownership of your metals. We thank you for your business and the trust you have placed in us.
Sincerely,Geoff TurkCEO – GoldMoney
At least they are classy enough to send you your physical to your home!
nevertheless: @The Netherlands: WTF??!!!
nannies will be nannies!
and they will be paid!
the "lawfully-enforced" legal tender laws of fiat scams strike again!
the idea that PMs are money and not "investment objects" is the same shit we run into, all over the world, all the time, except in utah and a few other places
people are not doing anything wrong by wanting to use real money as currency; the statist nannies and their banksters and politicians will NOT listen to the people. anywhere, almost, while tying up entire continents in "deciding how to proceed next, financially"
They accepted EUR for some tubes of ounces .. BTFD!
THE END IS NEAR! REPENT SINNERS! REPENT!
You can repent all you want but that doesn't change history. Now what you need to do is "read" Newsweek...
actually, he is right. the end is near.
"He that is unjust, let him be unjust still: and he which is filthy, let him be filthy still: and he that is righteous, let him be righteous still: and he that is holy, let him be holy still." rev 22:11
Why would people not feel fuzzy all over in this economy?
National policy remains to export jobs in order to counterbalance money printing
I feel like I'm taking a bath in hot tar.
are there a bunch of Frogs in there with you?????
Yeah, and Krauts.
So sell treasuries and buy stocks in December?
Are GNMA bonds any good?
Economy dead, wow must be time to buy stocks and price in some more QE!
Can't buy until there is Peak Desperation.
Though I completely agree that consumer comfort is well warranted at these levels considering all the macro economic headwinds, kinda worry about the contrarian view considering this looks like a one way trade.
Sometimes everyone (93%) are comletely right. It's not often but it happens, and in this case, they are. Anyone who has let the past three years sink in and who works for a living knows that they cannot replace their jobs at any price. There are few if any competing positions out there for the average worker with average skills to move to. If, however, they pull themselves up by the bootstraps and learn new skills that are in some demand, they might have a different take on things. but evern then there aren't 25,000,000 of those positions out there to absorb the number who cannot find work now.
I'm still scratching my head, what are 7% of the people seeing that I'm not seeing?
Were they abducted by aliens and just got home?
Good thing Xmas is coming soon, the retailers are going to make a killing this year! <S>
On a side note, anyone want to place any bets on the number of trampling/stampeding videos we see of shoppers this crazy season?
I already have my XMAS silver.
lol, im doing the same thing..
things are a bit stretched for goldielocks right now
demographic downers, BiCheZ!
I see sales on milk... still lots of inflation baked into the pie though. Mmm.... Inflationary Pie.
I see Debt, People.
The consumer is dead in the water. Everything is fully diluted...stocks, credit, real estate, the environment. Solutions? Create panic = strong dollar to buy short term debt. Sell the debt on the long end and dilute it again...
"I'm dreaming... of a... white christmas..."
I'm hoping for change because I sure as hell am not getting any dollars.
"93% surveyed had a negative opinion of the economy". This shows tremendous progress in critical thinking skills (sarcasm on)by the lost sheeple but do they understand why this is happening, who is responsible and what can they do about it? The time is ripe for a simple (no higher than 5th grade level) answer to these 3 questions so that the "great awakening of the sheeple" may begin. All ZHers please give your answers.
Why: Kim Kardashian is up to something with LiLo, and JLo out back in the woodshed
who: Gotta be George Bush's fault, or Reagan's
what: Should Orville's popcorn be set at 1' 58 seconds or 2' 05" in a 700 Megawatts microwave?
Hope and Change. lol!! For all of those stupid enough to put an unqualified mulsim in the White House, ...how do you like it?
More Obama cowbell:)
Look at what is happening to mortgage rates. Banner headline: Freddie Mac says mortgage rates fall to 4%. But look at the 10 yr T-Rates, the spread and the VIX!
VIX and Mortgage Spread are correlated (both risk measures) and VIX is spiking, Not good for mortgage recovery!!!!
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.