There is no manipulation here.......nothing to see........just move along..................
jmski52
Posts: 22,824 ✭✭✭✭✭
The IEA (?) releases 60mm barrells of oil (30mm barrells of it from US Strategic Reserve), and it's immediate crashing of every market (including gold) isn't manipulation. There was no forwarning of any sort from any of the usual market participants.
If any oil trader had done this, you can be 100% positive that they would be sought as an international criminal.
Someone profited from this. The question that remains to be answered is - who? An international agency is now telling the US when to release its strategic reserve of oil?
Gold down $30 now.................this is another stab at controlling inflation and economic stimulus just after Bernanke's statement that he expected the downturn to remain persistant.
There is a cost to this, of course. The stated reason was to make up for the shortfall because of curtailed Libyan production. Why have gasoline prices been falling then, and why release a big glob of oil onto the markets when gas prices are already falling?
CNBC reports the dollar index up 1.25% and they call it "risk off". Yup, a run is being made to the "safe" dollar that yields zip. Interesting stuff.
Then it hits me. They don't care about gold. All they care about is the Bond Market. It's the biggie. Gotta keep remembering who are the players.
If any oil trader had done this, you can be 100% positive that they would be sought as an international criminal.
Someone profited from this. The question that remains to be answered is - who? An international agency is now telling the US when to release its strategic reserve of oil?
Gold down $30 now.................this is another stab at controlling inflation and economic stimulus just after Bernanke's statement that he expected the downturn to remain persistant.
There is a cost to this, of course. The stated reason was to make up for the shortfall because of curtailed Libyan production. Why have gasoline prices been falling then, and why release a big glob of oil onto the markets when gas prices are already falling?
CNBC reports the dollar index up 1.25% and they call it "risk off". Yup, a run is being made to the "safe" dollar that yields zip. Interesting stuff.
Then it hits me. They don't care about gold. All they care about is the Bond Market. It's the biggie. Gotta keep remembering who are the players.
Q: Are You Printing Money? Bernanke: Not Literally
I knew it would happen.
I knew it would happen.
0
Comments
The 28 members of the IEA — mainly oil-importing countries in Europe — will make 2 million barrels a day available from their emergency stocks over an initial period of 30 days.
$3.00 gas just around the corner...may even drop lower.
I did not see a reference to the 30 million barrels from the US S.R.
WTIC while accepting raw crude in return. This current move is much more out in the open though. With economies sputtering and Greece ready to blow, and the FED out of bullets
for now, another impetus was needed to keep stocks and commodities falling through summer so that they can come to the rescue with QE a month or more down the road with inflation
now "contained."
roadrunner
Gravity may be the weakest force, but it is omnipresent. It can be resisted but for so long.
Markets are bigger than any governments. Markets always win.
Knowledge is the enemy of fear
.
linky
<< <i>Question: how many people had ever heard of the International Energy Agency before today? >>
http://www.iea.org/about/index.asp
Knowledge is the enemy of fear
<< <i>So who all put the shorts on yesterday to make the billions on this action? Somebody is making money in the power class. >>
I shorted yesterday and wrote so much. No reason to investigate though as the charts were indicating a big move was to come. I am certainly not part of any power class. The stock and metals markets turned decidedly lower after Bernanke began his conference. Market players could hear the bewilderment in his speek. Bewilderment is not a sign of confidence.
Knowledge is the enemy of fear
iMHO Obama had little to say to boost any confidence in the recession/depression. what he said and the oil dump is a cooler before the bernanke starts another round of QE.
Every one still driving 10 mile per gallon SUV's, 3/4, & 1 ton trucks around here.
hopefully it will push PM prices down more so I can continue to accumulate cheaper.
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
financial institutions. The average J6P must remain ever vigilant and alert so as not
to be crushed in the stampede.
Camelot