Bobsta Posted March 17, 2008 Report Share Posted March 17, 2008 Any views on why Platinum is taking a pounding today? Have S.A. suddenly found lots of power capacity for the mines? Edited to say: I guess just the general "recession is coming so we won't need as much of this stuff for manufacturing"? Link to comment Share on other sites More sharing options...
marceau Posted March 17, 2008 Report Share Posted March 17, 2008 Why is the DOW up? Have they bought the news that nationalising the Bear Stearns debt is a good thing? They can see the Fed's future intentions in the Bear Stearns move and the continual rate cuts and liquidity injections which come with it. What this has told the market is 'party on, the Fed will either bail you out or inflate away your debts'. Criminal really, but it will make precious metals more valuable than ever. So I'm alright Jack. Link to comment Share on other sites More sharing options...
Pluto Posted March 17, 2008 Report Share Posted March 17, 2008 Well the crooks at the LME are letting Bear Stearns still trade. More than likely this is to keep its short positions open until they can be taken over by JPM or another. The covering of BS PM shorts would have caused a moonshot for all PMs. http://business.timesonline.co.uk/tol/busi...icle3556387.ece The talk on the trading floors was that banks had gradually been withdrawing from dealing with Bear since suspicions heightened as to its safety on Thursday. But the London Metal Exchange displayed its confidence in the bank. In a note circulated to its clearing members it said: “For as long as Bear Stearns remains a member of the LME and in good standing at the LME's clearing house, LCH. Clearnet, Bear Stearns will remain entitled to trade on LME Select.” Link to comment Share on other sites More sharing options...
Pluto Posted March 17, 2008 Report Share Posted March 17, 2008 Well the crooks at the LME are letting Bear Stearns still trade. More than likely this is to keep its short positions open until they can be taken over by JPM or another. The covering of BS PM shorts would have caused a moonshot for all PMs. http://business.timesonline.co.uk/tol/busi...icle3556387.ece The talk on the trading floors was that banks had gradually been withdrawing from dealing with Bear since suspicions heightened as to its safety on Thursday. But the London Metal Exchange displayed its confidence in the bank. In a note circulated to its clearing members it said: “For as long as Bear Stearns remains a member of the LME and in good standing at the LME's clearing house, LCH. Clearnet, Bear Stearns will remain entitled to trade on LME Select.” Link to comment Share on other sites More sharing options...
Bobsta Posted March 17, 2008 Report Share Posted March 17, 2008 They can see the Fed's future intentions in the Bear Stearns move and the continual rate cuts and liquidity injections which come with it. What this has told the market is 'party on, the Fed will either bail you out or inflate away your debts'. Criminal really, but it will make precious metals more valuable than ever. So I'm alright Jack. However........... surely there comes a point at which the share price of REAL companies (that do/make REAL things) will rise. After all, they're priced in dollars and as the dollar falls in value, the share price should rise. It should be just the financials, the "nothing companies" and the over-leveraged that suffer in this market. It's for those reasons that I'm NOT pulling out the money I have in my pensions, and share portfolios. Solid companies should be fine. Or am I completely missing something here? Link to comment Share on other sites More sharing options...
Pluto Posted March 17, 2008 Report Share Posted March 17, 2008 Lehman is melting down. down 40% and sinking fast!!!! Link to comment Share on other sites More sharing options...
warpig Posted March 17, 2008 Report Share Posted March 17, 2008 Hmmm... Gold hasn't performed as I thought it would today. I would like to think this is a prelude to tomorrow's additional rate cut and we'll see gold hitting $1030+ again. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 People throwing the kitchen sink at gold again. 3% up and down a day, not too bad. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 Lehman is melting down. down 40% and sinking fast!!!! Looks like another turd is approaching the cliff. Link to comment Share on other sites More sharing options...
Saberu Posted March 17, 2008 Report Share Posted March 17, 2008 Or am I completely missing something here? Yes, completely. In a stock market crash even solid companies get burned, I think it's a lottery staying in the stock market in any company to be honest. But then again I am very bearish, my opinion is probably closer to cgnao's than Dr Bubb's. I decided I'm not even going to risk using Bullion Vault because if Lloyds TSB and all the other majors collapse I could risk losing my investment. IMO 1st person physical is the only way to go, in the event of societal collapse you should be able to get on a plane tommorow, though I won't have that problem because I'm moving to Asia in May already. China will be a lot safer than the UK. Link to comment Share on other sites More sharing options...
Justin Thyme Posted March 17, 2008 Report Share Posted March 17, 2008 Any views on why Platinum is taking a pounding today? Have S.A. suddenly found lots of power capacity for the mines? Edited to say: I guess just the general "recession is coming so we won't need as much of this stuff for manufacturing"? Profit taking. Same reason why gold and silver are taking a beating. Hedge funds, institutional investors and traders are getting margin calls left, right and centre and they're selling off whatever isn't nailed to the floor to meet them. Tomorrow's rate cut, whatever it turns out to be, has already been priced into PM prices so I guess these guys figure there's not much point in waiting to lock in whatever they've made. When you're dealing in the kind of volumes these guys do, buying in $30 cheaper is a very big deal. Jesus . . . anyone noticed crude ?? £7.11 off Gold @ $994 Link to comment Share on other sites More sharing options...
Itinerant Wanderer Posted March 17, 2008 Report Share Posted March 17, 2008 Well the crooks at the LME are letting Bear Stearns still trade. More than likely this is to keep its short positions open until they can be taken over by JPM or another. The covering of BS PM shorts would have caused a moonshot for all PMs. http://business.timesonline.co.uk/tol/busi...icle3556387.ece The talk on the trading floors was that banks had gradually been withdrawing from dealing with Bear since suspicions heightened as to its safety on Thursday. But the London Metal Exchange displayed its confidence in the bank. In a note circulated to its clearing members it said: “For as long as Bear Stearns remains a member of the LME and in good standing at the LME's clearing house, LCH. Clearnet, Bear Stearns will remain entitled to trade on LME Select.” Sorry, PM? What is PM? (I'm from Government so can only think of Prime Minister which I know isn't right....) Link to comment Share on other sites More sharing options...
Bobsta Posted March 17, 2008 Report Share Posted March 17, 2008 Profit taking. Same reason why gold and silver are taking a beating. Hedge funds, institutional investors and traders are getting margin calls left, right and centre and they're selling off whatever isn't nailed to the floor to meet them. If you're right (and I think you probably are!)... what a huge contrast between the asian markets "hey, those PMs look like a good investment" and the US markets "sheeet guys, sell whatever you can, we need the cash!". If I had the balls I'd buy heavily now anticipating the asians coming online tonight and picking up some bargains. Link to comment Share on other sites More sharing options...
Bobsta Posted March 17, 2008 Report Share Posted March 17, 2008 Sorry, PM? What is PM? (I'm from Government so can only think of Prime Minister which I know isn't right....) PM = Precious Metal(s). Welcome. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 They try to push it below $1,000, but it seems difficult. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 A Bear Stearns employee? (Actually a NY trader, according to DER SPIEGEL.) Link to comment Share on other sites More sharing options...
marceau Posted March 17, 2008 Report Share Posted March 17, 2008 Wow, they've really pulled a number on us today. Everything got the full smackdown treatment at just the moment it was least expected. Well, that's the markets for you. Commodity fear is back with a vengeance. But let's not lose perspective, the retrace has only wiped out a few days of gains. Every time the closet bears like Nadler get a day like today they proclaim a massive correction in the offing. And everytime they have done this since the New Year they have had to eat their words. I don't see why today is any different. If anything, the fundamental picture is even stronger following the BS bailout. Link to comment Share on other sites More sharing options...
narco Posted March 17, 2008 Report Share Posted March 17, 2008 I bought an ounce of gold at 12am last night and watched it shoot up to $1030. lol It's a shame to see it back to the same price again... I guess I'll have to just load up some more. Link to comment Share on other sites More sharing options...
narco Posted March 17, 2008 Report Share Posted March 17, 2008 Whats with today's action in the DOW?? Is this the world's most manipulated market? I mean who in their right mind would be buying big right now? Absolutley stinks of PPT intervention. Link to comment Share on other sites More sharing options...
marceau Posted March 17, 2008 Report Share Posted March 17, 2008 The thing that annoys me the most about today is that the exact opposite of what should have occurred actually occurred. The DOW should have tanked into oblivion on the news and commodities should have skyrocketed. Instead we get almost the complete opposite. The fact that most of the US investment world still seems to shun gold I find incredibly positive. After all, if it has risen this far without their support, how far will it go when they finally come to their senses and get on board? Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 Is this the next big one to go to the wall? http://www.bloomberg.com/apps/news?pid=206...&refer=home MF Global Plunges on Concern Customers Pulling Funds (Update2) By Matthew Leising and Jeff Kearns March 17 (Bloomberg) -- MF Global Ltd., the largest broker of exchange-traded futures and options, fell as much as 80 percent in New York trading on speculation clients were withdrawing cash. The company said its funding was ``sufficient.'' Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted March 17, 2008 Report Share Posted March 17, 2008 They try to push it below $1,000, but it seems difficult. how much longer can they keep it up? $1400 History will look back on the United States Federal Reserve System and conclude that it was one of the most ill-conceived, nonsensical concepts ever to have been concocted by a bunch of testosterone addled egomaniacs who were lunging to become Masters of the Universe. Their game of monopoly is drawing to a close and, whilst there may be a few who are sitting with most of the cash, they will come to discover that the other players have left the table. When the game is over, monopoly money offers no tangible benefits. A new paradigm of values is emerging. Link to comment Share on other sites More sharing options...
narco Posted March 17, 2008 Report Share Posted March 17, 2008 Surge incoming? Link to comment Share on other sites More sharing options...
Mr Pipples Posted March 17, 2008 Report Share Posted March 17, 2008 IMO 1st person physical is the only way to go, in the event of societal collapse you should be able to get on a plane tommorow, though I won't have that problem because I'm moving to Asia in May already. China will be a lot safer than the UK. Is it realistic to think you'd be able to 1. get a plane, 2. get on it (and off it) with loads of physical gold, 3. use that gold easily as a practical currency anywhere - in the event of a societal collapse? I'm not so sure... Link to comment Share on other sites More sharing options...
marceau Posted March 17, 2008 Report Share Posted March 17, 2008 Gold vs the Fed is like Ali vs Foreman. Gold is stood there soaking up blow after blow without weakening. The Fed is getting tired and can't keep up the pummeling for much longer. Pretty soon, it's rope-a-dope time. Link to comment Share on other sites More sharing options...
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