Gold jumped about $20-$30 overnight on anticipation of this liquidity measure going into effect today. And then was promptly taken down during London trading hours.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Even though we are a young nation there is a lot we can teach these pesky Europeans. Printing money is one of them. 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......
I like how Gold "jumps" up, as if by it's own volition, but is "taken down" in market value by outside (presumably insidious) forces.
One only has to look at the NY vs. London opens and closes of gold to see that over the course of the bull market there is a much higher % of negative days in NY vs. the other markets. This is called gold "management." The bankers would be stupid not to do this since it is to their advantage to hold as many of the cards as possible. The insidious forces have used $190 BILL in otc derivatives to take silver down in July 2008 (12 yrs of annual silver production bet short on paper). No reason to believe that gold is exempt. During 2008 it's otc derivatives number were up in the $400-500 BILL range (5-7 yrs world production). With $900 TRILL or so in bets on interest rate contracts world wide, it's not a stretch to assume that every significant market affecting currencies is distorted the same way. I don't see the similarity in your organic chemistry class grade unless the prof shorted the equivalent of 10 yrs of organic chemistry course otc derivative credits to ensure you essentially failed.
The Germans might be pursuaded to accommodate short term, but I believe we will see a return of the Deutschmark before we see serious euro zone inflation.
My take on all of this is this, I am not normally a conspiracy guy but all you have to do is look at the to big to fail banks taxpayer bailout.
These banks should have had to eat their bad paper but instead we all had to eat it and even after this debacle the banks are still deregulated and still are holding huge risky naked short positions in PM's. They should be forced to liquidate all non valid short positions in anything and return to doing what they are supposed to be doing which is loan money to people and business's who are credit worthy.
So yes even though I hate government intrusion in our lifes the big banks need to be regulated and told the next time you screw up YOU eat the bad debt NOT the taxpayers!!!
These banks should have had to eat their bad paper but instead we all had to eat it and
My take is that we would have eaten it anyway. The banks would have failed and we would have had bank statements that read "balance = 0". There is MUCH more bank regulation now than 3 years ago, to the point where banks will be more like electric utility companies. Should there be more regulation, perhaps, but it is certainly not business as usual. If it were, everyone would have refinanced and the real estate markets would be improving. It takes a long time to demolish a mountain, and a mountain of debt is what was created over the past 2 decades.
The big banks aren't just holding their otc derivatives positions, they have added $100 TRILL more over the past couple of years. So while others are extinguishing their debt, these guys are only adding to it. JPM was the leader by far in 2008. But the other TBTF banks have been gaining on them, in some cases doubling their otc derivatives exposure in that time going from $30-$39 TRILL to $51-$74 TRILL. (page 26 of 36 of 3rd qtr OOC's derivative's report). JPM has just spun their wheels in the upper $70's while letting others "catch up." I thought financial reform was supposed to reign in the abuses of derivative's and decrease their risk and leverage....not make it worse. If someone was looking for QE "X" it's been right here all along. $326 TRILL total held by the top 25 reporting US banks. If BoA can hammer out $2.3 TRILL more by next qtr's report they can surpass JPM for the lead.
<< <i>These banks should have had to eat their bad paper but instead we all had to eat it and
My take is that we would have eaten it anyway. The banks would have failed and we would have had bank statements that read "balance = 0". There is MUCH more bank regulation now than 3 years ago, to the point where banks will be more like electric utility companies. Should there be more regulation, perhaps, but it is certainly not business as usual. If it were, everyone would have refinanced and the real estate markets would be improving. It takes a long time to demolish a mountain, and a mountain of debt is what was created over the past 2 decades. >>
You are probably right but it still doesn't excuse the way these banks ran their operations.
As for our balances reading 0 I don't think that would have happened unless someone held funds in excess of the FDIC limit in which case you are at risk to lose that amount.
Julio
Posts: 2,501 ✭
Comments
during London trading hours.
roadrunner
I like how Gold "jumps" up, as if by it's own volition, but is "taken down" in market value by outside (presumably insidious) forces.
Kind of like the first time I took Organic Chemistry at UCLA (prof was also the textbook author, Nobel prize laureate Donald Cram) "He Gave Me a D+!"
but then, the next quarter, I repeated the class, and "I Got an A-!"
Liberty: Parent of Science & Industry
<hic>
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......
One only has to look at the NY vs. London opens and closes of gold to see that over the course of the bull market there is a much higher % of
negative days in NY vs. the other markets. This is called gold "management." The bankers would be stupid not to do this since it is to their
advantage to hold as many of the cards as possible. The insidious forces have used $190 BILL in otc derivatives to take
silver down in July 2008 (12 yrs of annual silver production bet short on paper). No reason to believe that gold is exempt. During 2008 it's otc
derivatives number were up in the $400-500 BILL range (5-7 yrs world production). With $900 TRILL or so in bets on interest rate contracts world
wide, it's not a stretch to assume that every significant market affecting currencies is distorted the same way. I don't see the similarity in your organic
chemistry class grade unless the prof shorted the equivalent of 10 yrs of organic chemistry course otc derivative credits to ensure you essentially failed.
Jim Willie: The gap between paper and physical gold is widening
roadrunner
The Germans might be pursuaded to accommodate short term, but I believe we will see a return of the Deutschmark before we see serious euro zone inflation.
<< <i>Gold jumped about $20-$30 overnight on anticipation of this liquidity measure going into effect today. And then was promptly taken down
I like how Gold "jumps" up, as if by it's own volition, but is "taken down" in market value by outside (presumably insidious) forces.
Kind of like the first time I took Organic Chemistry at UCLA (prof was also the textbook author, Nobel prize laureate Donald Cram) "He Gave Me a D+!"
but then, the next quarter, I repeated the class, and "I Got an A-!"
Come on Baley, you know it, life is a conspiracy. You are only alive because "THEY" let you live. They are watching you. Be careful my friend.
Knowledge is the enemy of fear
<< <i>Gold jumped about $20-$30 overnight on anticipation of this liquidity measure going into effect today. And then was promptly taken down
I like how Gold "jumps" up, as if by it's own volition, but is "taken down" in market value by outside (presumably insidious) forces.
Kind of like the first time I took Organic Chemistry at UCLA (prof was also the textbook author, Nobel prize laureate Donald Cram) "He Gave Me a D+!"
but then, the next quarter, I repeated the class, and "I Got an A-!"
Of course in Baleyland everything is pure as the driven snow and TPTB NEVER do anything to line their own pockets.
<< <i>
<< <i>Gold jumped about $20-$30 overnight on anticipation of this liquidity measure going into effect today. And then was promptly taken down
I like how Gold "jumps" up, as if by it's own volition, but is "taken down" in market value by outside (presumably insidious) forces.
Kind of like the first time I took Organic Chemistry at UCLA (prof was also the textbook author, Nobel prize laureate Donald Cram) "He Gave Me a D+!"
but then, the next quarter, I repeated the class, and "I Got an A-!"
Come on Baley, you know it, life is a conspiracy. You are only alive because "THEY" let you live. They are watching you. Be careful my friend.
I wouldn't exactly go this far, after all they need us simpletons to do the slave labor for them.
These banks should have had to eat their bad paper but instead we all had to eat it and even after this debacle the banks are still deregulated and still are holding huge risky naked short positions in PM's. They should be forced to liquidate all non valid short positions in anything and return to doing what they are supposed to be doing which is loan money to people and business's who are credit worthy.
So yes even though I hate government intrusion in our lifes the big banks need to be regulated and told the next time you screw up YOU eat the bad debt NOT the taxpayers!!!
My take is that we would have eaten it anyway. The banks would have failed and we would have had bank statements that read "balance = 0". There is MUCH more bank regulation now than 3 years ago, to the point where banks will be more like electric utility companies. Should there be more regulation, perhaps, but it is certainly not business as usual. If it were, everyone would have refinanced and the real estate markets would be improving. It takes a long time to demolish a mountain, and a mountain of debt is what was created over the past 2 decades.
Knowledge is the enemy of fear
roadrunner
<< <i>These banks should have had to eat their bad paper but instead we all had to eat it and
My take is that we would have eaten it anyway. The banks would have failed and we would have had bank statements that read "balance = 0". There is MUCH more bank regulation now than 3 years ago, to the point where banks will be more like electric utility companies. Should there be more regulation, perhaps, but it is certainly not business as usual. If it were, everyone would have refinanced and the real estate markets would be improving. It takes a long time to demolish a mountain, and a mountain of debt is what was created over the past 2 decades. >>
You are probably right but it still doesn't excuse the way these banks ran their operations.
As for our balances reading 0 I don't think that would have happened unless someone held funds in excess of the FDIC limit in which case you are at risk to lose that amount.
Excellent explanation on why US banks remain "solvent" (suspension of accounting rule 157)
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.