Bernanke speaks to Congress on Wednesday. . .
derryb
Posts: 36,792 ✭✭✭✭✭
. . . wonder if PMs will go up. 
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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Looks like just the thought of him speaking shoots the spot up.....
Too many positive BST transactions with too many members to list.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>the biggest banksters KNOW what will be said before and will "play" acordingly. >>
Probably explains today's upshoot in PMs.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Someone knows something, somewhere.... (can I be any more vague than that
Too many positive BST transactions with too many members to list.
<< <i>
<< <i>the biggest banksters KNOW what will be said before and will "play" acordingly. >>
Probably explains today's upshoot in PMs.
Maybe Ben felt that he had to speak their language, or they wouldn't understand what he was saying...
I knew it would happen.
<< <i>
<< <i>
<< <i>the biggest banksters KNOW what will be said before and will "play" acordingly. >>
Probably explains today's upshoot in PMs.
Could it go the other way if a compromise is reached on interest rates?
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
The last thing I heard before leaving an hour and a half ago, was that Bennie didn't breathe a word about QE or Twist. They might be toying with their language simply to see what effect they can have on the oil market - which was fairly minimal. Stocks didn't get hit too bad either.
So the question remains, was the big selloff in metals due to something Bernanke said, or something that was done elsewhere without much notice? We'll probably never know. Carry on. Nothing has changed.
I knew it would happen.
The banksters and Comex saved themselves a lot of physical silver and wiped out a ton of leveraged longs in the process. Mission accomplished. The movement
in the dollar and Euro were too small to make this kind of move in PMs. The dollar bounced back 0.5 pts today to 78.6. But the gold rally from $1705 to $1790
occurred with the dollar going from 80 to 78, or 2 full pts. There was a lot more to this coordinated stop sweeping exercise than the currencies. Silver pulled back
to retest the $34.50 breakout area and gold is once again back to the $1702-$1708 intermediate lows seen all the way back to September. Note that the stock market
wasn't hammered much at all and surely would have been had this been a huge dollar move. Over 20,000 silver contracts traded within 30 min this morning (100 MILL paper oz)
That's about the actual physical amount on the Comex. Allowing silver to rise even higher to $37.50 just minutes before the 10 am whack was sweet icing on the cake.
<< <i>The commentary by Santelli was interesting. He was speculating that the big move was the result of a fat-fingered Treasury trade, indeed the 10 yr note jumped from 1.925 to 1.975 basis points in one fell swoop, which is a pretty big move at such low levels. >>
Santelli is the man. Not to many gutsy straight shooters left on the Tube.
I knew it would happen.
<< <i>
<< <i>The commentary by Santelli was interesting. He was speculating that the big move was the result of a fat-fingered Treasury trade, indeed the 10 yr note jumped from 1.925 to 1.975 basis points in one fell swoop, which is a pretty big move at such low levels. >>
Santelli is the man. Not to many gutsy straight shooters left on the Tube. >>
OPA,
Couldn't locate Santelli commentary you refer to, can you post a link or give the search info key words?
Thanks
It was on mid-day, maybe about 1/2 hour after gold got hit. They showed a quick chart of how quickly the yield had changed.
I knew it would happen.
Hummmmmm...What, you can't give it away for nothing or better yet, pay people to take it? Maybe it is just worthless paper after all...bad juju.
<< <i>The interesting part of BB's comments was where he stated "It's arguable that interest rates are too high, that they are being constrained by the fact that interest rates can't go below 0."
Hummmmmm...What, you can't give it away for nothing or better yet, pay people to take it? Maybe it is just worthless paper after all...bad juju. >>
Isn't he basically paying the banks to take his "new" money and hold it on deposit with the FED?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
he waves a silver eagle at ben
<< <i>This was the last day to try and wipe out silver contracts standing for delivery. By allowing one final rally yesterday before dropping the hammer today was genius.
The banksters and Comex saved themselves a lot of physical silver and wiped out a ton of leveraged longs in the process. Mission accomplished. The movement
in the dollar and Euro were too small to make this kind of move in PMs. The dollar bounced back 0.5 pts today to 78.6. But the gold rally from $1705 to $1790
occurred with the dollar going from 80 to 78, or 2 full pts. There was a lot more to this coordinated stop sweeping exercise than the currencies. Silver pulled back
to retest the $34.50 breakout area and gold is once again back to the $1702-$1708 intermediate lows seen all the way back to September. Note that the stock market
wasn't hammered much at all and surely would have been had this been a huge dollar move. Over 20,000 silver contracts traded within 30 min this morning (100 MILL paper oz)
That's about the actual physical amount on the Comex. Allowing silver to rise even higher to $37.50 just minutes before the 10 am whack was sweet icing on the cake. >>
True dat. Perfect storm. Couple this with BB saying no inflation in the air (even with $107 oil) and no mention of transparent stimulus------- well gold and silver were easy targets. It is what it is. Stackers rejoice.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Thanks, RR.
<< <i>In hind sight, RR got it rite regarding the mechanics of what happened to spot. Nice to have that kind of talent on our little forum. I'm sure that freeked tha bejezus out of the weaker players. This little game of ours doesn't leave much room for self doubt. Thanks, RR. >>
No problem. I read up on quite a few blogs and threads yesterday to come up with an autopsy on what transpired. It might come in handy for the next time around. Another thing I ran across was that 31 tonnes of gold was dumped on that market all at once during that 10 am period (1 MILL ounces). That may have been the trigger to take silver down as well. I don't think they could come up with an equivalent amount of silver to do that kind of damage. Central banks don't stockpile silver and Warren Buffet already handed over his 120 MILL onces to the "cause" back in 2006. That gold ran into resistance near its previous resistance level of $1803 was no surprise. $1800 was being defended hard. Gold was now in a position to either breakout higher and surpass $1800...or....retrace some of the recent +$270 gain and make a more symmetric H&S pattern incorporating the Oct lows. It (or TBTB) decided on the latter to create a deeper and more balanced right shoulder. The only kicker was that silver seemed primed to go higher to fill gaps. Silver was now into the 2nd gap down zone created by the rapid September beat down. That first/lower gap was filled in late October. I think a lot of silver traders expected that upper gap to $38 silver to be fully filled very soon considering the 200 dma was just "won." But, expectations don't always work out. Sinclair had some interesting comments today saying the hit was a cover for the $712 Bill of Euro bank liquidity injections that commenced today. And that the US stock market not getting hit for 800 points (vs. 50) made no sense at all if the punchbowl had really just been pulled.
Don't count out a rapid silver rebound within the month to retake the $38 level. It's what most would not be expecting. There was no massive selling of physical silver and gold yesterday....just a lot of paper and key strokes being shuffled around.
Mullet fodder