romans holiday Posted September 19, 2008 Report Share Posted September 19, 2008 The dollar price of gold is going to be irrelevant soon. Link to comment Share on other sites More sharing options...
romans holiday Posted September 19, 2008 Report Share Posted September 19, 2008 Mish's latest. http://howestreet.com/audiovideo/index.php...mediaplayer/963 Jim Kramer quoted as saying, "The financial terrorism thing has to be put on the table because the regular short sellers are not doing this" Things are starting to get crazy out there. Link to comment Share on other sites More sharing options...
hotairmail Posted September 19, 2008 Report Share Posted September 19, 2008 Depositor worries in Ireland. (Mention of gold near end of short audio piece). http://dynamic.rte.ie/av/230-2424303-320-180.smil Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 From Jim's site: Gold tops $900 an ounce as anxiety persists Investors push prices up 5.5%, continuing Wednesday's spike By Moming Zhou & Steve Goldstein, MarketWatch Last update: 6:32 p.m. EDT Sept. 18, 2008 http://www.marketwatch.com/news/story/stor...&siteid=rss The recent jump in gold prices "can be attributed to large amounts of money fleeing to the yellow metal as a safe haven in these troubled times," said Sam Kirtley, editor of Gold-Prices.biz. See Commodities Corner. The financial crisis "will probably worsen over the coming months," he added, and the money the central banks are pumping into the system is adding to inflationary pressures, which "are certainly showing in gold [prices]." .... Gold bugs have been proven correct in the contention that "an overwhelmingly vast and complex pool of nested financial derivatives would ultimately result in cascading defaults and ruin for major portions of the banking system," wrote Citigroup analyst John Hill. "Frankly, we're surprised that gold is not already at $2,000 per ounce," he added. We were right :D Link to comment Share on other sites More sharing options...
springer Posted September 19, 2008 Report Share Posted September 19, 2008 I am very interested to know more about Argentina and in particular the first 2/3 weeks of the crisis. Can anyone point me to any links or even better anecdotal information. I am trying to gage how quickly panic spread through to the people in the streets and just how fast hyperinflation can take hold. Thanks, Springer Link to comment Share on other sites More sharing options...
signofthetimes Posted September 19, 2008 Report Share Posted September 19, 2008 where are CG and GF when all this is kicking off ? selling up? sealing up their bunkers? We should be told ! Link to comment Share on other sites More sharing options...
ologhai Posted September 19, 2008 Report Share Posted September 19, 2008 I was briefly in profit yesterday... shame it didn't last! Link to comment Share on other sites More sharing options...
drbubb Posted September 19, 2008 Report Share Posted September 19, 2008 Do you feel like buying bullion yet Dr B.? I bought Bullion on the way down at: $850, 800, and then caught the low at $740. Sold some yesterday between $880-900. I wasnt awake when it hit $920, unfortunately. Let's see: $920-740= $180 x .500 = 90, add to $740 : Buypt.#1: $830 x .382 = 69, add to $740 : Buypt.#2: $809 Link to comment Share on other sites More sharing options...
Mr Pipples Posted September 19, 2008 Report Share Posted September 19, 2008 I bought Bullion on the way down at: $850, 800, and then caught the low at $740. Sold some yesterday between $880-900. I wasnt awake when it hit $920, unfortunately. I was thinking more of to hold (allocated eg. GM or in possession) rather then trade. An alternative currency savings store, if you like. Let's see: $920-740= $180 x .500 = 90, add to $740 : Buypt.#1: $830 x .382 = 69, add to $740 : Buypt.#2: $809 Sorry, but don't understand the meaning of them trade stats'! Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 Systemic Failure of the United States- Game Over Stock-Markets / Credit Crisis 2008 Sep 18, 2008 - 04:36 PM By: Jim_Willie_CB http://www.marketoracle.co.uk/Article6337.html THE USELESS INFLATION VS DEFLATION DEBATE My greatest impatience is shown for those who attempt to argue whether inflation or deflation is winning, and where we stand. Such pursuits of chasing one's tail serves to illuminate nothing and to waste time. We have both, will continue to have both, as both intensify. The key is for monetary inflation to enter the mainstream, which is underway finally. One can benefit little from putting the unique crisis into convenient cans for purposes of organization. This is not simple, and people should not attempt to simplify the ongoing collapse of the Great American Experiment in Counterfeit Monetary Systems. To be sure, we have gone past a tipping point. The move to flood the monetary pools of phony money beyond Wall Street is the big event. To be sure, the bankruptcies and deep insolvent events are accelerating. To be sure, the desperation for attempted mergers is palpable. To be sure, central bank activity with lending, swapping, and even accepting stock equity as collateral is a sign of total absence of any safeguard toward respect of moral hazard. Looking for inflation vs deflation labels when the failure and default of USTBonds and receivership occur TOTALLY MISSES WHAT IS GOING ON. This is a death event for the US finances, US banking system, USEconomy structure, and USTreasurys, all rolled together like a gigantic vortex hurricane. Looking for (in) vs (de)flation in this environment is like observing color schemes on walking dead as they attempt to merge at a ceremony. They are of DEAD PARTIES ATTEMPTING TO SHARE COUNTER-PARTY RISK. Looking for (in) vs (de)flation when dead partners are marrying is like DECIDING WHETHER A HONEYMOON SHOULD TAKE PLACE IN THE CARIBBEAN OR FRENCH COAST. They both go to the recycling cemetery instead. The place to be now is in gold and silver, preferably silver since central banks own none and because silver has strong industrial demand. Besides, a silver default of sorts has been in effect for several months. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 (DON’T) PANIC! http://www.tradersnarrative.com/ The following charts are from Jason Goepfert, of SentimenTrader.com, showing his proprietary indicator called the “Panic Button”. This indicator measures stresses in the credit market and is expressed as standard deviations from the norm. So a 2.0 means that the aggregate measures are 2 standard deviations from their usual or normal place. Yesterday it reached 9.5 (intraday) but has since come down to “only” 4. . . . Lynching Short Sellers Then there is the rumor of the SEC moving to ban all short selling or as the FSA across the puddle, short selling related of financial stocks. Need I or anyone else, explain that this is completely moronic? Short sellers, far from being the culprits in this mess, are actually necessary for the proper functioning of price discovery. Furthermore, the effect of short sellers is to actually slow down a crash. If that sounds counter intuitive to you, consider that every single share sold short is in effect, a future buy order. So as prices come down, it is short sellers who buy, in selfish interest to lock in profits - thereby providing some sort of friction to stall the downside momentum. Simple stuff. Economics/Trading 101. But the current US administration is so dumb that they couldn’t empty a bucket of water if the instructions were glued to its bottom. While they attempt to forestall the inevitable, hoping against hope to buy time before a collapse before November, they are only damaging the economy of the US and the whole world by extension even further. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 Dear Bernanke, Warm Up The Helicopters http://www.tradersnarrative.com/dear-berna...pters-1856.html The 3 month Treasury Bill rate is an important fixed income security that I keep track of, not because I trade it but because it is a remarkably accurate gauge of panic in the equities markets. It is also very prescient in leading rate changes by the Federal Reserve board. ..... In any case, just a few weeks ago this important rate was close to 2%, where it had been followed lower by the Fed Funds rate. But now it is 0.03% !! The chart says it all. Link to comment Share on other sites More sharing options...
ologhai Posted September 19, 2008 Report Share Posted September 19, 2008 Given the stock market bounce, what movement in the prices of gold and silver would you folks expect on the opening of the NYSE? Link to comment Share on other sites More sharing options...
CharlieSays Posted September 19, 2008 Report Share Posted September 19, 2008 John Authers on FT Short view talking about gold. http://www.ft.com/cms/bfba2c48-5588-11dc-b...00779fd2ac.html Then in his article http://www.ft.com/cms/s/0/2182ab42-85af-11...00779fd18c.html The Short View: Money market funds By John Authers, Investment Editor Published: September 18 2008 19:52 | Last updated: September 18 2008 19:52 There are no one-way bets in markets – but occasionally the government can create some. Thursday’s huge co-ordinated intervention by central banks only lifted global stocks for a few hours. And rushing for safety itself involved big market-timing risks. Take gold. It provided a profit amid the panic of the past two days, but the timing had to be perfect: gold rose $112 in barely 12 hours, and during the following four hours it fell $38. It is not a one-way bet. Another clear-cut bet was on money-market funds, which offer a slightly better version of a deposit account, for slightly higher risk, by investing in low-risk bonds. The news that holdings of Lehman Brothers had forced one fund into a loss, from $1 to 97 cents, triggered an exodus from the funds. This is not rational. Money market funds are still, even after Lehman, much safer than most alternatives. Their downside is limited. But one bet seems certain. Following Lehman and AIG, we know that creditors may be saved but shareholders will not. So the government, perversely, has turned short-selling the shares of an investment bank into a one-way bet. Hence rules to force short-sellers to locate stock to borrow before they make a sale, which will drastically reduce the overall level of short-selling, are irrelevant. If a bet against the equity of Morgan Stanley (down 22 per cent in hours on Thursday) is safe, short-sellers will do the necessary paperwork. Add the money fund panic to the clampdown on shorting, and you get Thursday’s sell-off in custodian banks led by State Street. They long ago ceased to take any great credit risk and instead make fees for administering funds. But State Street’s nice earners include running money market funds and securities lending (to short-sellers). And so on Thursday, incredibly, at one point its shares fell as much as 55 per cent. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 When you go into the petrol station to fill up, you're supposed to switch off the engine and not use naked flames. OK, who forgot ? Someone's just lit the ignition Did I see silver start first ? Link to comment Share on other sites More sharing options...
bitbigt Posted September 19, 2008 Report Share Posted September 19, 2008 A nice, non-judgemental, overview or what's going on... "Worst Crisis Since '30s, With No End Yet in Sight" http://online.wsj.com/article/SB122169431617549947.html Link to comment Share on other sites More sharing options...
bitbigt Posted September 19, 2008 Report Share Posted September 19, 2008 The patient (US economy) has badly infected limbs (toxic debt) and the doctor (fed and treasury) have been using every trick they know to heal the individual. Minor surgery to remove infected tissue (lehmans) antibiotics and skin grafts elsewhere (AIG). But they realised they were lossing the battle, and they'd have to tell the patient's relatives that the infection is extensive and spreading. The wise decision would be to resort to extreme actions such chopping off digits and use of harmful medication (let banks fail, and suffer a deflationary recession). But then they had a brain wave: they just chopped off all the limbs at the base (offered to take on all the bad debt in the system) Today they told the patient's relatives the good news: all the infection has been cleared, and the relatives (markets) are feeling very happy. Tomorrow, the relatives will visit and see what is left of the patient - they may then not be so happy !!!! Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 19, 2008 Report Share Posted September 19, 2008 9/18/2008 Ron Paul On The Glenn Beck Show Added: September 18, 2008 Link to comment Share on other sites More sharing options...
romans holiday Posted September 19, 2008 Report Share Posted September 19, 2008 DJIA up, Gold up.... crazy days! Link to comment Share on other sites More sharing options...
bitbigt Posted September 19, 2008 Report Share Posted September 19, 2008 DJIA up, Gold up.... crazy days! DJIA up ...patients relatives buying that Gold up ...doctors buying that Link to comment Share on other sites More sharing options...
ologhai Posted September 19, 2008 Report Share Posted September 19, 2008 DJIA up, Gold up.... crazy days! So... Money's going into the stock market and money's going into gold? Where's it coming from? Link to comment Share on other sites More sharing options...
romans holiday Posted September 19, 2008 Report Share Posted September 19, 2008 DJIA up ...patients relatives buying that Gold up ...doctors buying that Just got a mental image of the muppets in the operating theatre.... dom de dom de dom... opps... no thats the chef I am just going to sit back and enjoy the show. Link to comment Share on other sites More sharing options...
alexreeve Posted September 19, 2008 Report Share Posted September 19, 2008 So... Money's going into the stock market and money's going into gold? Where's it coming from? The central banks haven't exactly been miserly. Link to comment Share on other sites More sharing options...
alexreeve Posted September 19, 2008 Report Share Posted September 19, 2008 USDX just dropped to 78, cue strong dollar talk. Link to comment Share on other sites More sharing options...
Wigler Posted September 19, 2008 Report Share Posted September 19, 2008 It really sucks to see gold go down during the middle of the month then bounce back up again days before I get paid. Link to comment Share on other sites More sharing options...
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