After spending years and billions eliminating their hedge books, gold producers (GDX) may need to return to their old habit - selling production forward - thanks to the metal's (GLD) sharp decline. "We think producers are under pressure to put on hedging," says SocGen's Robin Bhar. "The problem is it needs a cultural change ... Guys who used to hedge have lost their jobs." Renewed producer selling could put even more pressure on prices. [View news story]
I think it is the Fed trying to get hedging back on...so they can promise other countries 'we can return your gold in 2022, or so'.
Dovish Chicago Fed chief Charles Evans sounds constructive on the economy saying it's performing quite well and that Fed policy should hit "escape velocity" in 2014. Stocks give up their small gains, SPY now flat and the QQQs -0.4%, even with a 1.8% gain from Apple. [View news story]
Not even the Fed idiots can pretend the economy (market) is going to do anything but tank as soon as QE stops...let alone gets unwound. Even sex changes won't be good enough disguises for these clowns after the average joe blow realizes the pain we have coming as payback for these past few fantasy years.
Silver (SLV) plunged to its lowest level in nearly 3 years overnight before a bounce brought it to its current price of $21.60, -3.3%. As with gold, silver ETP holdings have dropped to the lowest levels this year, and speculative short positions are on the rise, according to CFTC data. Gold (GLD) took out its April lows earlier - dropping as low as $1,338. A bounce has brought the metal back to $1,351, -1%. [View news story]
It's easy to get discouraged about the metals with what has gone on...that's exactly what they folks printing money are trying to accomplish. When you step back and look at the $7 trillion NPV of just Medicare's deficit, twice that for the rest of the US, more for SSN, the situation in Europe, madmen with nuclear bombs on every continent, etc etc, you know that having some metals will be crucial at some point...and it could be overnight.
The Fed hasn't lowered "real" interest rates enough, says Minneapolis Fed chief Kocherlakota, not disappointing his new fans. Somewhat hawkish until a near-religious conversion last year, Kocherlakota is now the most dovish on the FOMC (though not a voter this year) and fond of making statements like that. [View news story]
The Fed is like a bad version of Jackass where they have only 1 stupid stunt and they just play it over and over. Watch me print billions and funnel it to my banker buddies... The public is helpess to stop it and can't refuse to watch. The Congress could but that would mean admitting they have no other answers and have just been feathing their own nests the last 40 years while spending the country into oblivion
The Fed hasn't lowered "real" interest rates enough, says Minneapolis Fed chief Kocherlakota, not disappointing his new fans. Somewhat hawkish until a near-religious conversion last year, Kocherlakota is now the most dovish on the FOMC (though not a voter this year) and fond of making statements like that. [View news story]
As long as someone will point a camera at a soapbox, some blowhard will climb on top and say something stupid enough to get covered. Krugman's made a living at it. It's like reality tv for economists. It would almost be funny except it's become national policy for the last 6 years
"Do you really think risk-averse central bankers are going to try and catch the knife," asks Credit Suisse commodity research chief Ric Deverell about gold. "No" is his answer as this crowd only buys when the price is headed higher. Of reports of heavy physical buying, he's unimpressed, noting investment demand (ETFs) is the gorilla in the gold market. The metal's (GLD -1.6%) within a few dollars of taking out the 26-month low hit in April. [View news story]
Who is the idiot behind this post? Like China, Russia, and the rest of the world are going to slow down their voracious buying because the FED is trying to cover its ridicoulous printing... SA has become just another Bernake mouthpiece and about as useful and impartial as CNN. Goodbye.
Knocking stocks for a few points is San Francisco Fed President Williams reiterating his hope QE can begin to be tapered this summer and halted by year's end. This is not the first time Williams has said such, but he does reside in the FOMC's dovish camp. He notes even without QE, Fed policy would remain extraordinarily stimulative. [View news story]
I'd say they did a little more then talk the price of metals down. The Fed and the TBTF's are in an all out war to make sure nothing is considered money but the dead presidents
Market recap: Stocks staged a mild retreat from record highs as talk of a Fed wind-down from its bond-buying program grows louder. Downbeat reports on jobless claims and housing starts weighed on sentiment at the open. Most S&P sectors fell, led by health care and utilities, while techs rallied after Cisco (+12.5%) topped expectations. Treasurys rose, pulling the 10-year yield to 1.87%. [View news story]
Saying the bulls are about to crap bricks is more to the point
Cuts in U.S. government spending have been much larger in percentage terms than in the U.K. or the EU, says the Boston Fed's Eric Rosengren, calling economic progress frustrating and shocking no one by reiterating the Fed's highly accommodative stance remains appropriate for now. [View news story]
5 years of trying the same thing without it working and they still push for more. These idiots have sure missed their calling as Congressmen. At least they get a pat on the back from Dimon and Blankfein every week... but how can you look at yourself in the mirror after a while? I guess the bank statements help
It looks like the administration is trying to clear the decks of all the bad news at once. Then, after a week, the media can forget about all the lies, coverups, scandals, etc and go back to covering the Idol finals as the top story.
Mosaic (MOS -2.8%) says it is deferring a project to add 2M metric tons/year of potash production capacity due to unfavorable market conditions. Also, MOS expects its recurring dividend per share to grow in-line with earnings, and says it favors repurchases over dividends to deploy surplus cash. It expects to meet updated liquidity and leverage targets within the next 12-24 months. (slide show) [View news story]
I guess they figured they would sell less fertilizer since this administration seems to be able to find 400 million bushels of corn whenever it's handy
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
The Fed - and the politicians - will not have the sack to stop it...but the world wide market eventually will. We are getting closer to that point as China - the only country that can still pretend to be solvent - will curtail it's Treasury purchases and force the other central banks to admit they have squandered all their (our) gold. The payback is going to be a bitch.
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
The thing you are all missing is that the Fed is about to start closing the tap on the free money. The market will show it's true strength then and head for the cellar. Japan bailing out the US and Europe by adding to it's 220% debt load will be revealed for the farce thatit is....and physical metals will become near and dear in spite of what you chart junkies think. Buy now and plant a garden while you are at it.
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
The physical market is going nuts. The bankers are trying to drive the paper price through the floor so they can cover the remaining contracts at a lower dollar figure when their inventories are bled dry. The mainstream shills like this author are doing their best to spout the gov't view to protect the fiat system...but it's about to implode. Get your metals while they are on sale!
Jamie Dimon will hold a town hall-style meeting with junior bank examiners from the Office of the Comptroller of the Currency next week in an effort to "answer all staff inquiries." According to WSJ, the meeting comes on the heels of an earlier meeting with senior examiners during which Dimon was told that "regulators don't trust [the firm's] management" and believe JPM simply "isn't getting the message." Scrutiny seems to be coming to a head (I, II) lately just as Dimon is set to face shareholders this month. [View news story]
The extortion has already been accomplished further up the food chain. Obama just put the 2 main lawyers who had been defending JPM against lawsuits in charge of the 'enforcement' teams. Dimon could plead guilty to these examiners and the charges would be squelched from above...
After spending years and billions eliminating their hedge books, gold producers (GDX) may need to return to their old habit - selling production forward - thanks to the metal's (GLD) sharp decline. "We think producers are under pressure to put on hedging," says SocGen's Robin Bhar. "The problem is it needs a cultural change ... Guys who used to hedge have lost their jobs." Renewed producer selling could put even more pressure on prices. [View news story]
Dovish Chicago Fed chief Charles Evans sounds constructive on the economy saying it's performing quite well and that Fed policy should hit "escape velocity" in 2014. Stocks give up their small gains, SPY now flat and the QQQs -0.4%, even with a 1.8% gain from Apple. [View news story]
Silver (SLV) plunged to its lowest level in nearly 3 years overnight before a bounce brought it to its current price of $21.60, -3.3%. As with gold, silver ETP holdings have dropped to the lowest levels this year, and speculative short positions are on the rise, according to CFTC data. Gold (GLD) took out its April lows earlier - dropping as low as $1,338. A bounce has brought the metal back to $1,351, -1%. [View news story]
The Fed hasn't lowered "real" interest rates enough, says Minneapolis Fed chief Kocherlakota, not disappointing his new fans. Somewhat hawkish until a near-religious conversion last year, Kocherlakota is now the most dovish on the FOMC (though not a voter this year) and fond of making statements like that. [View news story]
The Fed hasn't lowered "real" interest rates enough, says Minneapolis Fed chief Kocherlakota, not disappointing his new fans. Somewhat hawkish until a near-religious conversion last year, Kocherlakota is now the most dovish on the FOMC (though not a voter this year) and fond of making statements like that. [View news story]
"Do you really think risk-averse central bankers are going to try and catch the knife," asks Credit Suisse commodity research chief Ric Deverell about gold. "No" is his answer as this crowd only buys when the price is headed higher. Of reports of heavy physical buying, he's unimpressed, noting investment demand (ETFs) is the gorilla in the gold market. The metal's (GLD -1.6%) within a few dollars of taking out the 26-month low hit in April. [View news story]
Knocking stocks for a few points is San Francisco Fed President Williams reiterating his hope QE can begin to be tapered this summer and halted by year's end. This is not the first time Williams has said such, but he does reside in the FOMC's dovish camp. He notes even without QE, Fed policy would remain extraordinarily stimulative. [View news story]
Market recap: Stocks staged a mild retreat from record highs as talk of a Fed wind-down from its bond-buying program grows louder. Downbeat reports on jobless claims and housing starts weighed on sentiment at the open. Most S&P sectors fell, led by health care and utilities, while techs rallied after Cisco (+12.5%) topped expectations. Treasurys rose, pulling the 10-year yield to 1.87%. [View news story]
Cuts in U.S. government spending have been much larger in percentage terms than in the U.K. or the EU, says the Boston Fed's Eric Rosengren, calling economic progress frustrating and shocking no one by reiterating the Fed's highly accommodative stance remains appropriate for now. [View news story]
Initial Jobless Claims: +32K to 360K vs. 330K consensus, 328K prior (revised). Continuing claims -4K to 3.00M. [View news story]
Mosaic (MOS -2.8%) says it is deferring a project to add 2M metric tons/year of potash production capacity due to unfavorable market conditions. Also, MOS expects its recurring dividend per share to grow in-line with earnings, and says it favors repurchases over dividends to deploy surplus cash. It expects to meet updated liquidity and leverage targets within the next 12-24 months. (slide show) [View news story]
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
On the surface, today's selloff in gold has all the earmarks of a dollar-related move. After all, the Dollar Index has risen nearly 2% over the past two days. Couple that with the standard Friday jitters, its only natural for support levels to be breached today. However, Oppenheimer's chief market technician Carter Worth says today's action all part of a bigger technical move. "A multi-year bull market has transitioned to a bear market," Worth says, and "the backing and filling of late is the normal setup for the next leg down." [View news story]
Jamie Dimon will hold a town hall-style meeting with junior bank examiners from the Office of the Comptroller of the Currency next week in an effort to "answer all staff inquiries." According to WSJ, the meeting comes on the heels of an earlier meeting with senior examiners during which Dimon was told that "regulators don't trust [the firm's] management" and believe JPM simply "isn't getting the message." Scrutiny seems to be coming to a head (I, II) lately just as Dimon is set to face shareholders this month. [View news story]