How would a US bond market crash play out for investors?
Posted on 14 April 2013
It takes no genius to see that US bonds are in a bubble and near or just off the top. The interest rates paid on US bonds are close to historic lows. As they move up, bond prices move down, that is how bond prices are set. Once this direction becomes clear there will be a rush for the exit and a bond crash.
That matters hugely to investors in bonds like the People’s Republic of China, for example, with over $3 trillion in US treasuries, or most US pension funds. Bonds are, after all, supposed to be the safest of asset classes. That is true in that the US Government has never defaulted but the value of bonds has always risen and fallen and from time-to-time there is a crash.
The first observation to make is that sudden losses of money on this scale are deflationary. They wipe out savings that can then never be spent. They ruin some investors and bankrupt some institutions. Bond crashes are very bad for stock markets, partly for these reasons but also because share prices have to fall for dividends to compete with the higher interest rates available on bonds.
Really then this is something of a systemic wipe-out with a considerable distruction of wealth. There are not many places to hide in a true bond market crash. A major recession is guaranteed. Think what Cyprus is facing at the moment and that is how it looks. No wonder the Federal Reserve will pull every trick in its cook book before letting this happen.
But there is an end of the road for printing money, and it is always a bond crash if history is any guide. Then you get a huge flight from cash into real assets like precious metals and real estate because there is a fear about the future of money.
Lots of money has been printed by the global central banks recently. The Fed’s $85 billion a month is dwarfed by the Bank of Japan’s commitment to $140 billion. Once this money is released from bank accounts and treasury bonds into the economy then hyperinflation will follow quickly on from the initial deflationary impact of a bond crash.
Perhaps this is just as well because it will help to offset a recession but it is very tough on those who don’t own these assets and creates a polarization in wealth. The gap between the haves and have nots will grow wider. It’s been happening anyhow, the number of US citizens claiming food stamps has doubled to 47 million in the past five years.
Speculators are the people who fare best. You would need to short US stocks or bonds at the right time and then switch into hard assets early on. At some point financial assets would bottom and real assets top out and then you would want to reverse back again.
But this is not a happy game for the average person with little in the way of savings and a relatively fixed income. They just get very poor.
Statistics: Posted by yoda — Sun Apr 14, 2013 12:04 am
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Interior Secretary Ken Salazar is allowing the lease of the Drakes Bay Oyster Company to expire. This will eliminate an oyster farm from the Point Reyes National Seashore and supposedly create a pristine marine wilderness. The Sierra Club, the National Wildlife Federation, the National Parks Conservation Association, and California Senator Barbara Boxer applauded Salazar’s decision. The environmental benefits, however, took a back seat to different dynamics.
California Senator Dianne Feinstein said she was disappointed with the decision and charged that a flawed review process had advanced “false and misleading science.” Secretary Salazar told reporters that the scientific evidence and environmental impact statement had been helpful but were not central to his decision, which will eliminate the jobs of 30 workers, just in time for the holidays. Those workers have good cause to be puzzled, and even angry.
As one critic of the decision pointed out, oyster farming “does not inhibit wildlife or the public from accessing waters in which the beds sit. . . aquatic life is abundant and undisturbed.” But the decision by the federal Secretary of the Interior allows 15 beef and dairy ranches to continue operating within the Point Reyes Seashore, which accounts for more than 80 miles of California coastline. So the cattle ranchers will be able to fence off public land from the public and wildlife alike. Cattle are also under fire from global warming alarmists for their methane emissions.
Secretary Salazar’s decision makes no sense on environmental grounds. It was more likely the exercise of power for power’s sake, a practice now typical of the federal government. This appointed federal official surely had in mind the powerful lobby that wants to turn back the clock and exclude human activity from public lands and waters. Legacy and aggrandizement are also in play. The “marine wilderness” will be Salazar’s personal monument.
In similar style, Senator Feinstein wrote legislation making national monuments of nearly one million acres of southern California desert. As Frank Zappa said, those people up in Washington are looking out for number one.
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By Chris Edwards
The demise of Hostess and Twinkies is not a national emergency, but it is certainly sad when a major business goes under and thousands of people lose their jobs.
If federal and state policymakers want to play a useful role here, they should study why Hostess couldn’t make a go of it. Were there tax or regulatory factors that stood in the way of the company earning a decent rate of return?
Unions were an important factor that pushed up the firm’s costs and reduced its operational efficiency. The policy reform here is obvious for people who appreciate market economics: repeal America’s coercive union laws. If policymakers don’t kill so-called collective bargaining, these rules will keep on killing companies.
Sugar apparently played a role in the demise of Hostess, as discussed in this excellent CSM article. Food manufacturers that use a lot of sugar are at a competitive disadvantage in the United States because federal import barriers on sugar substantially push up prices for that production input.
Perhaps taxes played a role as well. Income taxes may not have been a big factor if Hostess wasn’t earning profits in recent years. However, I suspect as a manufacturing firm, the company payed substantial property taxes. In this study, I discuss the anti-investment effects of state/local property taxes on U.S. businesses.
Some Democrats and Republicans may use Hostess as a political football, and some politicians will probably want to bail out the company. A more constructive response would be to find out what governments are doing that makes it so hard for some manufacturing firms to survive in this country.
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Japan Is Not A Good Example Of How Deflation Typically Plays Out
TUESDAY, OCTOBER 23, 2012
Japan is not a good example of how deflation typically plays out. As Ilargi points out, they were an exporting powerhouse exporting into the biggest consumption boom the world has ever seen. They also had a very large pile of money to burn through building their four lane highways from nowhere to nowhere, since they were the world’s largest creditor when their bubble burst in 1989. This is clearly not our situation.
No one will be exporting their way out of a global economic depression. In contrast, exporters are going to feel the pain big time as their markets dry up. We can expect trade wars and protectionism to abound. Take note Germany, Scandinavia, Australia, New Zealand etc etc.
We have had the inflation, only instead of a currency hyperinflation, we experienced a 30 year credit hyper-expansion. Either one amounts to an expansion of money plus credit compared to available goods and services, and is therefore inflation. Credit is equivalent to money on the way up, but not on the way down. Credit loses ‘moneyness’ and credit instruments are massively devalued in a great deleveraging. This is deflation by definition and it is already underway. Debt monetization is nothing in comparison with the scale of the excess claims to underlying real wealth that stand to be eliminated.
I agree that the currency of a deflating nation strengthens. This is exactly why we have been writing about the value of the US dollar increasing, which it has done. The bottom came in a long time ago, and despite the set backs that are an integral part of a fractal market, the trend is up, and will be for some time. That’s not to say it will be for the long term – far from it in fact – but for now that is the case. We have made it clear that cash is a short term bet (of the order of a few years), and that the longer term strategy is to move into hard goods at the point when one can reasonably afford to do so with no debt.
Some could do so now, while others would have to wait for prices to fall, as they inevitably do in a deflation, but not immediately. Price movements follow changes in the money supply. We have been in a counter-trend reflation since 2009, and prices have risen as a result. They may continue to do so for a while after the reflation is clearly over, but then the trend will reverse.
Prices will fall, but purchasing power will fall faster, meaning that prices will rise in real terms for most people. Those who have preserved capital as liquidity will find their purchasing power enormously increased, but most others will lose purchasing power because they will have no access to credit, highly unfavourable employment circumstances, rising property taxes and very little actual money.
The fiat currency regime will eventually descend into chaos as beggar-thy-neighbour devaluations become the norm, but not everyone can devalue at will or at once. The market will decide relative values for the next while.
Money will go from where the fear is to where the fear is not. It will be leaving the European periphery, and increasingly the entire eurozone, and flooding into currencies like the USD, the Swiss franc, the Swedish krona, and temporarily the British pound. It doesn’t matter if the US is downgraded. Market participants will ignore the ratings agencies and vote with their feet on a kneejerk flight to safety.
You might think that the US indicators are much closer to the hyperinflation set-up than to deflation. I would disagree of course, for reasons Ilargi has explained (plummeting velocity of money for instance). I would also point out that people extrapolate the trend of the last three years forward, but fail to anticipate trend changes. We are in one. Many markets have topped already (gold, silver, commodities, oil etc), and the rolling top of the last year or so is about to claim the American stock market as well.
The rollover in the markets will drag the real economy down with it, with a time lag, since the time constant for changes in the real economy is much longer than for the financial world where value is virtual. We are headed into the teeth of the Greatest Depression, or at least the most significant one since the fourteenth century.
Hyperinflation is simply not on the cards any time soon. The depression will proceed for many years before that becomes a serious risk, unless you live in the European periphery that is, where currency reissue is a very real risk in the relatively short term.
In those currencies, loss of faith in New Drachmas, New Pesetas or New Lira is very likely, and the periphery countries will be cut off from international debt financing, with hyperinflationary results. That is not the situation in the US at all, and won’t be for quite a long time. Eventually, when international debt financing is dead and buried, then printing will be a risk and a loss of faith in the erstwhile reserve currency could be expected.
In the meantime, debts defaults are going to skyrocket, each one doing its bit to destroy the value of credit instruments, and subtract from the effective money supply. This is already underway, and the great asset grab has begun as a result. Witness the asset stripping of Greece for instance.
In Europe, endless bailouts of sovereigns and the well-connected are doing nothing to increase the money supply or the velocity of money. In contrast, the ineffectuality of governments is doing nothing more than feeding the cycle of fear by demonstrating their impotence time after time. They are trying to overcome contraction, but are fighting an irresistible headwind. It is not going to work. Europe is already in contraction, and as fear will be increasingly in the ascendancy, that will only get worse.
Government obligations will be shed right, left and centre (by governments of the right, left and centre) because they will have no choice. Yes, this will lead to anarchical unrest, and yes, this will be met with a heavy-handed repressive response. Social polarization is very much on the cards – governments vs people, haves vs have-nots, natives vs immigrants, employers vs workers, unionized vs non-unionized, Us vs Them in general terms. This will not be pretty, to say the least. Just because it is a bad thing does not mean that it cannot happen, or that government, by their actions, can make any difference to the outcome.
Bailouts are never for the little guy. The creditors hold the political power and write the rules. They will not allow debtors off the hook. Instead of repayment in money, they will take people’s freedom instead, making debt slavery much more real than it is today. Debts will not be forgiven, but sold on to more aggressive debt collectors. This is already happening in the US, where debt collection is becoming increasingly unconscionable.
Debts will only be effectively forgiven when people have nothing useful to repay, not even their labour. By then the middle classes will probably be living in latter day Hoovervilles, like the Villas Miserias populated by the formerly middle class Argentines.
Savers will have all the buying power, IF they have managed to get their savings away from dependence on the solvency of middle men. Otherwise they will likely disappear in a giant black hole of credit destruction, as yet more excess claims to underlying real wealth.
Statistics: Posted by yoda — Wed Oct 24, 2012 1:14 pm
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European Leaders Play With Fire
Posted Jun 29, 2012
The world economy today stands at the doorstep of great change. A gathering crisis looms in Europe, splitting the Continent into two competing blocs. While leaders there face off against one another in a high stakes game of chicken, the rest of the world powerlessly watches the train wreck slowly unfold. Political leaders on both sides of the Atlantic fail to grasp the fragility of the current world order and do not understand the forces they are unleashing. A parallel here can be drawn with the political situation that existed on the eve of the First World War. For the most part European leaders were not bent upon death and destruction. However these largely ordinary men were held captive by national delusions and a complex system of alliances and treaties that had not been thought through to their logical conclusions. This resulted in a situation where a single assassination was enough to plunge the Continent into a bloodbath.
Although we are not on the brink of a world war, leaders today are nonetheless currently faced with economic and financial conditions of a similar dimension. Confronted with economic problems that they are unable to understand and political problems that they are unwilling to untangle, they’re hoping to solve existing problems by injecting ever greater quantities of printed money into their economies. And just as the leaders prior to World War I could not have predicted the massive loss of life that their actions were to bring, so too do world leaders today appear blind to the consequences of unrestrained money creation and the urgent need for free market reform.
Last week’s G-20 meetings were a case in point. Though the conference featured much high sounding talk, there was little effective action. Meanwhile, the world economy moved inexorably towards recession as the Anglo-Americans urged more Quantitative Easing (QE). As indicated in this column, the U.S. dollar has experienced a temporary rise and, as recessionary forces emerged, gold hovered, even sliding in terms of the U.S. dollar.
But, much to the frustration of politicians, all the previous policy errors and prior money creation are simply not producing the desired results. Instead, unemployment remains high and real estate prices continue to stagnate in most parts of the world, devastating the morale of consumers. Businesses, faced with falling consumer demand, continued high taxes and regulatory uncertainty, are hiring at a rate so slow that the number of long-term jobless continues to grow.
Keynesian world leaders look on in barely disguised panic as their policies of cheap, easy money fail to affect meaningful change. QE has lost public credibility and, indeed, has become politically dangerous. Despite this, Keynesian central banks such as the Bank of England, though having halted their $511 billion QE program in May, recently considered flooding the British banking system with even more paper money to encourage business and consumer lending. In his annual policy speech to London financiers on June 14, Bank of England Governor Mervyn King said that, "With signs of deterioration in the outlook, especially in world markets, the case for a further monetary easing is growing."
Meanwhile other central banks, such as the Fed and the European Central Bank, have resorted to disguised QE in the form of ‘twist operations,’ and have lowered the quality of securities they will accept as collateral. But despite all the tricks, both old and new, recession keeps creeping in. They still think the answer is more money. And in much the same way that the generals of World War I continued to order frontal offensives, even after each prior assault had proven useless, today’s politicians continue to pump fiat money into the front lines.
So in such an environment, what are investors to do?
Many buy precious metals. They do this to hedge against inflation and to protect themselves from currency deterioration. As the need for immediate liquidity increases in a recession, though, gold and silver are often sold to provide it. As recession looms, it’s likely that those hedging against inflation are selling off.
As a result, the short-term outlook for gold and silver remains volatile, reflecting chronic political uncertainty. In the longer term, however, precious metals may be set up to rise in price as the promised recovery fails and recession leads to depression. The ensuing political panic and fears of a collapse of the fiat currency system should exacerbate the demand for those assets that are seen as a safe haven.
In a recession, cash is king. But as a currency deteriorates, gold is king. By their panicked misunderstanding of economics world leaders are threatening to create a world of crippled and shell shocked currencies. Investors should look progressively more towards precious metals as a possible safe haven.
Senior Market Strategist
Statistics: Posted by yoda — Fri Jun 29, 2012 5:24 am
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Silver: How to Call It and Play It
Tuesday June 26, 2012, 4:30am PDT
By Michelle Smith – Exclusive to Resource Investing News
http://resourceinvestingnews.com/38691- … dium=email
Silver prices have taken investors for a ride as of late, with lows last week emphasized by the Fed’s extension of Operation Twist – in lieu of quantitative easing – and depressing manufacturing data. Markets kicked off this week focused on the upcoming EU summit and overall concerns about global growth. However, despite the negative sentiment and risk-off mentality weighing down global equity markets, silver rose on Monday. Such erratic moves can preoccupy investors with attempts to call the market, which can overshadow their focus on playing it.
At 4:00 p.m. EST on Monday, silver was up $0.83 at $27.49. Following last week’s lows, such a move on a risk-off day could cause investors to wonder whether silver is getting safe haven support, whether it is recovering, or whether expectations of recovery are even realistic without QE.
While gold was up largely on safe haven trading, it is too soon to conclude the same about silver or to presume that the metal is bound for a recovery. For the most part, today’s silver transactions were associated with both short covering and bargain hunting.
Trying to call the market play by play or to classify the motives underlying its movements can be overwhelming.
Futures players appear far less confident about silver than ETF investors. Even when looking at
bargain hunters and metal holders it is difficult to define them because silver supporters cannot be lumped into a single category.
Despite repeated disappointments there are some investors who still speculate that there will be more QE. They are in the game awaiting its announcement and the resulting flow of cash into silver. If there is ever a solid indication that easing is either unlikely or off the table, many of these individuals will likely be shaken out of the market.
Among the white metal’s true loyalists are those who believe that central banks have already provided a bullish foundation for silver. They look at trends in monetary policy with great concern.
The BIS reported that debt purchasing has pushed central bank balance sheets to $18 trillion in assets, about 30 percent of global gross domestic product.
Considering the negative real interest rate environment and the temptation for central banks to “extend and pretend,” Eric McWhinnie, chief commodities analyst for Wall Street Cheat Sheet, advises keeping a safety harness in one’s portfolio in the form of precious metals.
Many silver supporters agree. They believe that this type of action is unsustainable and that there are potential consequences that are widely ignored. They foresee times of extreme currency debasement, erosion of confidence in financial systems, and even collapse of those systems. For them, silver is a means to protect wealth and preserve value.
Whether or not catastrophic events are in the cards and how the public will respond if they occur are both a matter of debate. In any case, these events have not yet occurred, and as the threat of a Greek default and euro exit show, problems that are considered imminent can sometimes be staved off for a long time. Also unknown is whether or not there will be more QE. While there may be compelling arguments on the subject, there is no certainty.
Therefore, even as silver investors prepare for the future they need to determine how best to play the market as it is.
Silver susceptible to headlines
When trying to understand silver’s current market conditions, investors should not ignore silver’s industrial demand. Last week, prices came under pressure following headlines about weak global manufacturing data that included a declining PMI in China and slowing growth in the US.
Forecasts of a global slowdown are growing. A Bloomberg poll of economists found that the median estimate for growth worldwide this year fell to 3.2 percent from 3.4 percent.
There are still those who invest in silver based on the simple fundamentals of supply and demand. Silver has shown susceptibility to economic headlines, in part due to the effect they can have on central bankers’ decisions, but also because the news helps to gauge the need for silver to make things.
People wonder about silver’s fate without QE. An equally important question is whether a rise based on monetary policy is sustainable without solid industrial demand. It should not be forgotten that this source of demand is still key in the silver market. Even with strong support from investors, the market closed last year in surplus.
Time to buy?
A common thread for all silver investors to focus on is the market’s susceptibility to negative macroeconomic news. This is expected to be a continuing source of pressure for silver in the near term. Investors should note that there are numerous warnings about how severe the declines will be if silver falls below the $26 level.
“We believe a break of $26.00 has the ability to trigger liquidation of silver with it looking for $18.00,” said Scotia Mocatta.
Current market weakness and the potential for further weakening can be viewed as good news as long as an investor’s aim is not immediate returns. At the moment, investors may not only have a good entry point, but also an attractive period of entrance. Sometimes buying during the dips requires investors to hastily throw their cash in before prices correct. However, in this case many are expecting silver prices to remain under pressure in the near term.
But that near-term outlook presents the flip side of the coin. Investors who are committed to going long will likely need strong stomachs. They are advised to be both financially and psychologically prepared for a ride that could be extremely volatile, with deep dips and deceptive glimmers of recovery.
Securities Disclosure: I, Michelle Smith, hold no direct investment interest in any company mentioned in this article.
Statistics: Posted by DIGGER DAN — Wed Jun 27, 2012 3:11 am
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The fair play theory of political obligation political obligation goes as follows: We’re all in this together. Every one of us got where we are because of the sacrifices and tax dollars of those who came before. We benefit from the group endeavor that is government and so, when the time comes, it’s only right that we pay our fair share, both by cutting a check to the IRS and not mucking the whole thing up by disobeying laws.
Fair play’s probably the most common argument of the five I discuss in this series. It’s the sort of obligation-creating situation we’ve all encountered. The neighborhood collects money for a playground. If you enjoy it, you should pitch in. Your church group hosts a potlatch. If you plan to eat, you should bring something to share.
To put it more formally, if we benefit from a cooperative scheme, we need to abide by its rules or else we’re free-riding. Here’s H. L. A. Hart’s useful capsule version from his 1955 essay, “Are There Any Natural Rights?”:
When a number of persons conduct any joint enterprise according to rules and thus restrict their liberty, those who have submitted to those restrictions when required have a right to a similar submission from those who have benefited by their submission.
In Anarchy, State, and Utopia, Robert Nozick sets out an example: Imagine that your neighbors have all agreed to use the town’s public address system as an entertainment outlet. Each day, a new person spends several hours broadcasting music, amusing stories, and community news. You don’t actively seek out these broadcasts, but because you live in the neighborhood and it’s summer, so you’re often outside or have your windows open, and you hear quite a lot of it. Most days, the programming’s pleasant enough and, in some case, you enjoy it greatly.
Then your day comes around. Clearly you’ve benefited in some way from this cooperative scheme, and those benefits came via sacrifices made by your neighbors (they gave up their time to run the system). So are you obligated to pick out old records, polish off your anecdotes, and spend the day entertaining your peers?
Whether you are will depend an awful lot on what choice you had in benefiting. If your neighbors, counter to your wishes, decide to form a mob and wander from house to house cleaning cars, and if they come in the middle of the night or when you’re out of town and clean your car, it’s difficult to see how this would obligate you to become part of the car-cleaning mob yourself.
For fair play to create obligations, the benefits must be accepted. They can’t merely be received. If you never had a choice about rejecting the benefit, how can you possibly be compelled to repay it? In the public address example above, it’s clear you as the listener received the broadcast entertainment, but not at all clear you accepted it. For if you hadn’t wanted to hear the broadcasts, how would you have avoided them? Closed all your windows? Never gone outside?
With this in mind, the issue for fair play and political obligations becomes one of whether state benefits are typically accepted or just received. Do we have a choice about accepting the services our tax dollars pay for? What would be involved in avoiding them if we decide we don’t want to contribute to this particular cooperative scheme?
Another problem has to do with the kind of obligations fair play creates. It may be true that benefiting from the sacrifices of my neighbors and fellow citizens means I’m obligated to sacrifice similarly on their behalf. But does this moral obligation rise to a political obligation? Do I owe it to the state–or just to my fellow citizens? Because we can readily imagine a situation where, while my peers benefited me by paying taxes, I’d benefit them more (and thus improve the whole cooperative scheme to a greater degree) if I do something other than pay taxes. I might offer my services as a carpenter. Or take the time now afforded me because of state programs to invent a cure for cancer.
In short, even if fair play suffices to create obligations, it remains an open question whether it creates political obligations and whether the obligations it creates must only be fulfilled by paying taxes and obeying the law. It remains an open question, in other words, whether fair play applies to the state.
That’s a question I’ll explore next time.
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Jim Sinclair – Fed Minutes, Gold Manipulation & Fool’s Play
On the heels of the release of the Fed minutes, today legendary trader and investor Jim Sinclair told King World News the release of the Fed minutes and subsequent market reaction in gold was orchestrated. Sinclair also said this is government manipulation against the tide of the bull market and it will be overrun. Here is what Sinclair had to say about what transpired today in the gold market: “The tactic is always the same. The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years. Immediately, the locals (pit traders) try to run in front and hit any bids they happen to have on their book or are out there in order to get the price down.”
“Gold tanks down to the $1,640 level and now the brokers for the gold banks begin to enter the market to cover shorts to reduce the short position taken, and most likely to completely flatten it on the day. This has been going on from 1968 to 1980 and it’s also been going on from 2001 to today.
The net effect is absolutely nothing. The idea that there is a significant, improving economy directly in front of us is absolutely, completely and utterly a fabrication. The only reason car sales are firm is because they are giving away easy credit out there, so much so that even my dogs could buy a Cadillac Escalade….
“The markets are being run right in front of your eyes. Trading gold has never been easy and if you can’t stand the heat, you have to get out of the kitchen. You have to have courage and know that you are right. You have to look at today as a fool’s play.
This was completely orchestrated and enhanced by mainstream financial media. It was operated on the exchange and covered by the close. Shame on them. QE to infinity is as sure as death and taxes and all the way through this saga of QE to infinity there will be denial of its use.
You have had, right up to now, many and different modes of QE, including filling the holes created prior to the default by Greece. The whole thing is a play working its way out. You have to remember there is no way in the world that management of perspective economics will be able, even with coercion in the market, to turn around the business cycle which continues relentlessly to the downside.
I’ve been doing this for 50 years and it was almost obvious today when the standard list of gold shares got hit around noontime. The setup was known in advance and this was such a farce. It’s totally transparent. This was so technically and perfectly timed that anyone who thinks what took place is happenstance, is lacking vision. This was executed almost without camouflage.
This is pure manipulation, but the one thing the gold banks know is that you cannot manipulate a market, for any length of time, in the direction it does not want to go. You can only manipulate a market in the direction it wants to go.
So all of this fighting has been very profitable in the short-term and is a result of the government thinking in terms of a ‘weak gold policy.’ The ‘weak gold policy’ being to make sure that gold didn’t roar up when things were going wrong.
This is manipulation against the tide of the market and it’s going to fall back on its face because the institutions that will make the most money in this gold market are the gold banks and they will accomplish this by being long of gold. Any true professional knows what is going to happen, gold is going to go to Alf’s number of $4,500.”
Statistics: Posted by DIGGER DAN — Wed Apr 04, 2012 4:18 pm
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