<< <i>till the next time it happens (again and again and again) >>
Me thinks the metals contrarians will still be around on these boards and elsewhere, and continue to be negative on metals.... regardless of the news or what the goberment [see BO]. Fact is Metals have gone up TODAY. and the cake was baked.. just not the way some think.
Same options expiration scenario was worked on us last month with the FOMC meeting. This month it was the debt ceiling/govt SD "deal." Now we have to watch to see if we get the sharp retrace like we did post FOMC back in September. Gold had already been down for 17-18 days in a row. It was due to flip back around. The reason given was the "deal" since it was the closest event. If not that, it would have been linked to another event.
<< <i>Same options expiration scenario was worked on us last month with the FOMC meeting. This month it was the debt ceiling/govt SD "deal." Now we have to watch to see if we get the sharp retrace like we did post FOMC back in September. Gold had already been down for 17-18 days in a row. It was due to flip back around. The reason given was the "deal" since it was the closest event. If not that, it would have been linked to another event. >>
"As part of the bargain codified in HR 2775 (which President Obama signed into law), the Treasury Department is authorized to SUSPEND the debt ceiling. In other words, for all intents and purposes, there is now NO LIMIT government borrowing. This limitless borrowing authority will expire on February 7, 2014. But it sets the precedent that dismissing the debt ceiling is a perfectly viable course of action. Congress has effectively removed their handcuffs… so you can almost assuredly bet down the road that this provision will be extended, and ultimately become permanent." - Simon Black
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>till the next time it happens (again and again and again) >>
Me thinks the metals contrarians will still be around on these boards and elsewhere, and continue to be negative on metals.... regardless of the news or what the goberment [see BO]. Fact is Metals have gone up TODAY. and the cake was baked.. just not the way some think. >>
As long as the "Market Makers" find other speculative products more rewarding, PM's don't stand a chance for any sort of sustained upward movement. The metals most certainly did not "take off" today, a moderate gain at best in my book.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
As long as the "Market Makers" find other speculative products more rewarding, PM's don't stand a chance for any sort of sustained upward movement. The metals most certainly did not "take off" today, a moderate gain at best in my book.
That may be the case in NY City and Chicago trading paper PMs. But what about China, India, Russia, Australia, Saudi Arabia, and all of Europe? Those guys aren't the accomplished paper flippers that we are. For the most part they move real metal. China is on pace this year to have taken in over 1,000 tonnes of gold....well on their way to 5,000-8,000 tonnes, if not there already. That's where the world's "excess" physical gold has gone over the past 2 years of paper gold weakness.
My two cents: I think the metals went up not because of the shutdown being over. They went up because the debt ceiling was allowed to be raised and that fight will happen again after the new year. In plain English they will crank out the paper dollars again.
I think it's funny how we are making a big deal out of 17T (And it is, don't get me wrong) but if we could fast forward 25 years into the future, we are going to be looking back thinking about how good we had it back when the deficit was ONLY 17T.
Lost in the daily noise is that The Dollar is quietly getting softer. It broke below 80 and a break below 79 should further support gold prices.
MJ
Walker Proof Digital Album 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......
JPMorgue instituting capital controls. There's something in the wind that gold is sniffing out.
JP Morgan Chase to limit cash withdrawals, prohibit all outgoing international bank wires, bank officials say 17 October 2013, 13:14
In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to all its business account holders notifying them that as of November, 17 the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000 per month, and will prohibit all outgoing international bank wires.
Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers causing speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.Bank officials confirmed Wednesday that the new capital limits apply to all business account holders, the bank will stop processing any outgoing international bank wire, and that any monthly cash transactions in excess of the new $50,000 limit will be subject to penalties and fees.
Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations.
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy.
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy. >>
Best to stay prepared with a tinfoil hat (or aluminum if tin not available due to anti-tin conspiracies), also cast iron guts, balls of steel, lots of lead, along with our Au, Ag, Pt, an Pd
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy. >>
It was reported on the Canadian Broadcasting Company news that JP Morgan will be fined 9 billion for the 2008 mortgage backed securities (MBS) scam. MBS, LIBOR, Energy, Copper and Aluminum have all been proven now to being manipulated. Of course, PMs could not possibly be in that mix.
Of course paying $5 BILL for the London Whale scam and now $9 BILL for MBS is chump change to JPM who trades in the hundreds of BILLIONS or TRILLIONs each year on 30-1 to 100-1 leverage. Since they are just another "hand" of the Treasury Dept the fine is all part of the game.
<< <i>It was reported on the Canadian Broadcasting Company news that JP Morgan will be fined 9 billion for the 2008 mortgage backed securities (MBS) scam. >>
This is correct. The amount is equal to over half of JPM's profit for 2012 - a lot of money.
After years of ignoring consumer abuse by the financial giants, Washington, suffering a revenue problem, has realized the Justice Department can supplement the IRS's role in filling the state's coffers.
It's not about justice or protecting consumers, it's about sharing the ill gotten money with Washington. Otherwise changes would be made and it would not continue to be business as usual with these financial giants. What has changed is that Wall St. has been put on notice that they best be prepared to share the booty. Notice how none of these very big cases go to court and they always end up with a settlement "agreement"?
A recent attempt by the SEC to "extort" from Mark Cuban is a good example. I am glad he was willing and able to spend even more than the proposed fine to take it to court to prove his innocence on insider trading charges.
Keep an open mind, or get financially repressed -Zoltan Pozsar
What has changed is that Wall St. has been put on notice that they best be prepared to share the booty
So might this not encourage the banks from bad behavior? Perhaps even shore up the banking system? Maybe even remove some fear/reality of systemic collapse? Perhaps remove just a little luster from PMs?
<< <i>So might this not encourage the banks from bad behavior? >>
gives them a license to continue stealing. Only change is they have to be prepared to share. Half of something is better than half of nothing, especially when the half you lose is buying protection for the half you keep.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Julio
Posts: 2,501 ✭
Comments
I think one of the "Talking Heads" around here said....
"The markets already know the US will not "default" and are priced accordingly"
Hmmmm.. what do "WE" Know.
<< <i>till the next time it happens (again and again and again)
Me thinks the metals contrarians will still be around on these boards and elsewhere, and continue to be negative on metals.... regardless of the news or what the goberment [see BO]. Fact is Metals have gone up TODAY. and the cake was baked.. just not the way some think.
back in September. Gold had already been down for 17-18 days in a row. It was due to flip back around. The reason given was the "deal" since it was the closest event. If not that, it would have been linked to another
event.
<< <i>Same options expiration scenario was worked on us last month with the FOMC meeting. This month it was the debt ceiling/govt SD "deal." Now we have to watch to see if we get the sharp retrace like we did post FOMC
back in September. Gold had already been down for 17-18 days in a row. It was due to flip back around. The reason given was the "deal" since it was the closest event. If not that, it would have been linked to another
event. >>
"As part of the bargain codified in HR 2775 (which President Obama signed into law), the Treasury Department is authorized to SUSPEND the debt ceiling. In other words, for all intents and purposes, there is now NO LIMIT government borrowing. This limitless borrowing authority will expire on February 7, 2014. But it sets the precedent that dismissing the debt ceiling is a perfectly viable course of action. Congress has effectively removed their handcuffs… so you can almost assuredly bet down the road that this provision will be extended, and ultimately become permanent." - Simon Black
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>
<< <i>till the next time it happens (again and again and again)
Me thinks the metals contrarians will still be around on these boards and elsewhere, and continue to be negative on metals.... regardless of the news or what the goberment [see BO]. Fact is Metals have gone up TODAY. and the cake was baked.. just not the way some think.
As long as the "Market Makers" find other speculative products more rewarding, PM's don't stand a chance for any sort of sustained upward movement. The metals most certainly did not "take off" today, a moderate gain at best in my book.
That may be the case in NY City and Chicago trading paper PMs. But what about China, India, Russia, Australia, Saudi Arabia, and all of Europe? Those guys aren't the accomplished paper flippers that we are. For the most part they move real metal. China is on pace this year to have taken in over 1,000 tonnes of gold....well on their way to 5,000-8,000 tonnes, if not there already. That's where the world's "excess" physical gold has gone over the past 2 years of paper gold weakness.
go figure
almost everything "took off" yesterday and today, didn't it?
My screens were mostly green both days
sometimes referred to as a "relief rally"
Liberty: Parent of Science & Industry
Keep an open mind, or get financially repressed -Zoltan Pozsar
Just sayin
Tom
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......
JP Morgan Chase to limit cash withdrawals, prohibit all outgoing international bank wires, bank officials say
17 October 2013, 13:14
In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to all its business account holders notifying them that as of November, 17 the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000 per month, and will prohibit all outgoing international bank wires.
Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers causing speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.Bank officials confirmed Wednesday that the new capital limits apply to all business account holders, the bank will stop processing any outgoing international bank wire, and that any monthly cash transactions in excess of the new $50,000 limit will be subject to penalties and fees.
<< <i>I think one of the "Talking Heads" around here said....
"The markets already know the US will not "default" and are priced accordingly"
Hmmmm.. what do "WE" Know.
Today gold went all the way back yo where it was 6 days ago---when the G was still shut down. Yup, to DA moon!!
LOL
Knowledge is the enemy of fear
<< <i>
<< <i>I think one of the "Talking Heads" around here said....
"The markets already know the US will not "default" and are priced accordingly"
Hmmmm.. what do "WE" Know.
Today gold went all the way back yo where it was 6 days ago---when the G was still shut down. Yup, to DA moon!!
LOL >>
and that's up as was the DJIA... cant see where it was "Baked in" ...seems your prediction/crystal ball was wrong again>>>
read with sarcasm....
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy.
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy.
Best to stay prepared with a tinfoil hat (or aluminum if tin not available due to anti-tin conspiracies), also cast iron guts, balls of steel, lots of lead,
along with our Au, Ag, Pt, an Pd
Liberty: Parent of Science & Industry
<< <i>Gold will be rising.... December/January.... This is based on nothing that can be computed/tallied/or referenced...
Wishful thinking?
Worry is the interest you pay on a debt you may not owe.
<< <i>
<< <i>Wells Fargo just came out with something not far from JP Morgan's capital controls. Hmm, these types of things often occur before currency devaluations. >>
sounds like a conspiracy.
It was reported on the Canadian Broadcasting Company news that JP Morgan will be fined 9 billion for the 2008 mortgage backed securities (MBS) scam. MBS, LIBOR, Energy, Copper and Aluminum have all been
proven now to being manipulated. Of course, PMs could not possibly be in that mix.
Of course paying $5 BILL for the London Whale scam and now $9 BILL for MBS is chump change to JPM who trades in the hundreds of BILLIONS or TRILLIONs each year on 30-1 to 100-1 leverage.
Since they are just another "hand" of the Treasury Dept the fine is all part of the game.
No longer conspiracies......but simple facts.
<< <i>It was reported on the Canadian Broadcasting Company news that JP Morgan will be fined 9 billion for the 2008 mortgage backed securities (MBS) scam. >>
This is correct. The amount is equal to over half of JPM's profit for 2012 - a lot of money.
After years of ignoring consumer abuse by the financial giants, Washington, suffering a revenue problem, has realized the Justice Department can supplement the IRS's role in filling the state's coffers.
It's not about justice or protecting consumers, it's about sharing the ill gotten money with Washington. Otherwise changes would be made and it would not continue to be business as usual with these financial giants. What has changed is that Wall St. has been put on notice that they best be prepared to share the booty. Notice how none of these very big cases go to court and they always end up with a settlement "agreement"?
A recent attempt by the SEC to "extort" from Mark Cuban is a good example. I am glad he was willing and able to spend even more than the proposed fine to take it to court to prove his innocence on insider trading charges.
Keep an open mind, or get financially repressed -Zoltan Pozsar
So might this not encourage the banks from bad behavior? Perhaps even shore up the banking system? Maybe even remove some fear/reality of systemic collapse? Perhaps remove just a little luster from PMs?
Knowledge is the enemy of fear
<< <i>So might this not encourage the banks from bad behavior? >>
gives them a license to continue stealing. Only change is they have to be prepared to share. Half of something is better than half of nothing, especially when the half you lose is buying protection for the half you keep.
Keep an open mind, or get financially repressed -Zoltan Pozsar