Update: up $54 to $1391.90; Gold takes off ~ up $37.00 to $1374.80 as Bernanke admits he is targeting stock prices in QE2
Update: 4:40pm ET – Shiny Precccious ~ Gold up $54.4- to $1391.90~~~Goldy knows where the USDollar is going….Down
It’s been a while, but you know what time it is~
Heh. We saw this coming
If Ben thinks he can force retail investors back into stocks by admitting he is targeting stock prices forget it.
Not now, not after we have seen Government Sachs and it’s betting against its investors with Abacus, and now JPMChase the same (and dont forget their silver market manipulation), after the flash crash caused by High Frequency Traders, after the record high hit by stocks based on absolutely nothing, in direct contradiction in fact to the health of the economy on Main St, well he is shxt out of luck.
We peasants have embraced the shiny precious.
Meanwhile back at the ranch, GS expects QE version XXXXX through 2012
*Preccccious* up an astounding $22.90 right now to ANOTHER record of $1270.00.
It’s been a while, but you know what time it is…
We all know QE2 is coming. If housing takes another 20% hit, which it will, the TBTF are insolvent, again. (IMO :0>) Especially Wells and BofA who have all those HELOCS that are worthless if those homes go into foreclosure.
… JPMorgan Chase analysts lowered expectations of housing recovery in the next four years. Jon Daurio, chief executive at the distressed loan purchaser Kondaur Captial, warned that home prices could fall another 20% as well….
…Freddie Mac expects 4 million new and existing home sales in the third quarter, a possible 20.7% decline from last year and 23% drop from the previous quarter….
FD- We are BofA shareholders (NOT by choice, sadly we are holding the former Merrill shares, mom is very conservative and leery of letting them go). We have many, many posts here on the BofA/Merrill merger.
So, we should be seeing QE2, an ‘all new!’ HAMP or some sort, hopefully the MorganStanley 1 pg refi for CURRENT mortgage payors is in there someplace, nice to TRY TO PRETEND to avoid moral hazard once in a while boyz…
Also consider, we all HOPE and PRAY and WORK for a GOP sweep of House and Senate in less trhan 60 days (yay!), and this will put the brakes on Obamanomics to a large extent, BUT it will also stop fiscal stimulus from the Critters leaving Gentle Ben and his fear of Turning Japanese to step in. This in addition to Obama’s EXPORT plan, which I think is sadly misplaced has the USDollar tanking and GOLD rising as a result.
Another wild card is Chuckie Cheese Schumer, post election axx kicking, trying to grab some good vibes by launching a trade war with China which UNIONS want since Summers and Timmeh cannot get any results from our largest trading partner on the yuan peg.-again GOLD as safe haven/falling USD/helicopter Ben shelter as USD falls…
Anywho the precious knows what is coming and is ready for hit. This outs even sister Silver’s awesome performance in the shade.
Gold going vertical again….and you know what that means….
WSJ reports on the fade the market is experiencing, (Dow futures down 80, 2 mins ahead of opening bell) as traders realize it is all downhill from here, the EU states now have to get the bailout ratified…and they have no mechanism for deciding what state gets what, when in exchange for what austerity.
…The nearly $1 trillion rescue package from the European Union and International Monetary Fund “addresses the short-term needs of funding costs, [but] it doesn’t actually do anything to address the underlying problems,” said Michael Hewson of CMC Markets in London. “It’s just sticking a band aid on a gaping wound.”…
…Credit-default swaps on Greece, Spain, Portugal and Ireland tightened for a second day. The market “is still digesting the impact of yesterday’s bailout. It has bought time…but there are still doubts on whether the peripheral countries can deliver on austerity,” said Gavan Nolan, vice president of credit research at Markit….
It is like TARP all over again but they do not have Hank, Tim and Ben free to do as they will. Perhaps a blessing in disguise, lol….
Goooooold! You know what that means…
Update: Calculated Risk expands on the GDP number and the PCE:
…Here are some Q1 numbers (all annualized):
Personal consumption expenditures (PCE) increased $130.7 billion Personal saving declined $88.5 billion. Government social benefits to persons increased $61.1 billion. So the boost in PCE came from the decline in saving and the increase in benefits. That is not sustainable….
which finally showed some inflation- (hiring costs rising)..
…you know what that means…it’s been a while….
PS it has leaked that the Feds have a criminal probe into Government Slacks…poor bastards really bet on the wrong horse didn’t they? GS down another 7% to 148, several firms putting hold or sell ratings on now…
1Q GDP came in at 3.2%, slightly below expectations
Consumer Sentiment fell in April
Fed head Bullard made noises about not raising rates until..wait for it, 2012! huh? the US Dollar dxy drops under 75 in reaction and Goooold back on a tear, another record $1150.50 an oz..
you know what that means….it’s Bassey time!!!
Courtesy of sveta14:
Queen’s Golden Jubilee.
3 june 2002,
Phil Collins on the drums
Goooooooooold hit ANOTHER high now up $7.5 to $1103.2, you know what that means…it’s Bassey time!
See Zombie Bull Ride.
Ride Zombie Bull Ride.
Who will catch the US Dollar when Zombie Bull realizes he cannot afford to buy feed with his devalued currency?
American minds want to know. Since we LIVE in, you know, the dollar.
Moron market thinking really short term I do not see the future gazing markets of my youth at play here.
DOW about to close up 188.71 now 10,212.13
S & P up 21.85 – 1091.15
NAS up 37.06 to 2149.50
and of course all due to the US Dollar hitting a recent low IMO. 10 yr 3.48% Oil is up $1.75 to $79.18
Update: .DXY (US Dollar Index) 75.04
You know what that means!!
It’s Bassey time!!!!
She still sounds great, this is just last week, clip courtesy of JamesBond007krzycho:
Her name is Bassey – Dame Shirley Bassey.
On 23rd October 2009 Shirley Bassey performed alongside the BBC Concert Orchestra at the London Roundhouse. The three-time James Bond title theme performer is more than 50 years on the stage and still has (as You can hear) an undeniable licence to thrill.