jmorgan comex debt ceilings earthquakes osama bin laden QE3 QE4 QEwhatever in the 2 years I'm on the silver way I've seen dozens reasons being declared as a silver pop and everytime afterwards a profitgrab brought back the start position. I guess that's what is bound to happen when other/general prices dont follow.
But for those who have not fallen asleep at the wheel, this is the stark reminder that banks are not to be trusted and that any other savings vessel needs to be closely considered, i think gold is the most logical place to house your wealth during these times, we are not immune to contagion down under as the same entities have there feelers at play in our financial sector, i will play by market fundamentals even if the market dosent. 1for1
Actually, this entire story about Cyprus is in several aspects a joke. First, the country is known for money laundering. It's on an EU antifraud list, which inflicts people that want to transfer money to Cyprus, the requirement to follow a procedure (I had it myself, I once bought a lunar coin from someone in Cyprus and internetbanking refused without giving a reason, I had to go to the bank to do it, and they gave me an international transfer (while Cyprus is eurozone), without telling me that this had a big 'banking fee'. It turnt out to be the most expensive coin Ive bought, due to this. (And I never received it, the seller was suspended on ebay, had previous cheating occasions, and it took me 6 months and police threat before I was sent my money back, in an envelope...). So it's very clear that this is more against tax evasion from other EU countries than for confisquating savers money. Second, Cyprus is, in terms of economy, like a 0,2% of the EU zone. In real terms, its State and/or economy can visit hell, the effect on the fiatcurrency is close to nothing. Third, Cyprus and other countries saver citizens try to get their money out of the bank, based on a 6,6 to 9,9% loss. But what is this loss? Prices rose a multitude of that, since euro introduction and before. Apparently they accepted this real loss (I accepted it myself until 2011). And then the last element, the chance that people around the euro zone perform bank runs. Well, even IF they do, the excess reserves of the banking system are huge. They are a big multitude (expressed as % of base money) of past peaks. They can meet this cash demand. The only problem that the central planning may have, is that it would mean alot cash that moves out of their direct control scope. In other words: the sterilized status of the cash would end. But as long as people dont spend this cash, it wouldnt cause prices to rise.
I think the market is believing (and probably rightfully so) that this is a once off... I guess if they do it again anywhere else, then the markets will have zero confidence, but for now the ECB is getting the benefit of the doubt. I still expect the EUR to be strong.
A few options as far as I can see. * EU fools made a mistake and are trying to backpedal because Russia is angry. * This is a test to see how the rest of the Euro population handles the theft - divide and conquer. * Parliament votes against the move, Cyprus gets a new administrator and becomes a barren rock devoid of Russian spenders. Note: common sense, the well-being of the common man and morality no longer figure in this.
Well I didn't realise just how angry Russia may be, or just how stupid the EU is: Jim Sinclair today on KWN and on the role of Cyprus
Hi Julie... great work there with those quotes Found the link http://kingworldnews.com/kingworldn...aster_Is_Much_Bigger_Than_Being_Reported.html If you fully buy into what is being said there are very bullish implications for Gold, but if all there money just got taken what money is it they are going to put into gold (*seemed illogical). But if it comes out this is true who will trust a bank in the future.. especially once understanding the concentration of the ownership of the banking system.. Incredible there has not been more movement, how is it ... stable? Maybe the same entites who controll the banks on the markets through hedge funds and PPT, Futures joe
yep.... gold heading toward sub$1600 & silver below $27. doesn't make sense.... but won't stop me from buying either...
I think the market is waiting for Bernanke tomorrow to say that the printing presses will continue to print. I was thinking of shorting stocks after the gap closed yesterday but figured cant fight the fed, so will wait to see what happens tomorrow. Quite surprised gold didn't react more though. I think big players have stops at 1620 levels so we need a decent push through that for a real move to the upside.
Private development initiative under a pseudonym. http://en.wikipedia.org/wiki/Bitcoin#Satoshi_Nakamoto In short - no-one definitively knows.
Ouch.. got on the wrong side of the Euro trade.. yeah i could see the euro going either way.. either the display of fiscal responsibility and not passing the bailout on to the rest of europe should of sent the price up.. but countering that every european worth thier salt is piling into bitcoin with both hands.. sending the euro down.. Both sides of the play... lol 1for1
Somebody has placed $900 million on the Euro to crash vs. the dollar within 2 weeks. Either way, somebody out there will be making a billions over the next 2 weeks.
