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BOB JANJUAH: Ben Bernanke Is Scared He will be forced to taper. Nomura’s bear Bob Janjuah believes the “why” is fear. From his note last week: So for me, ‘tapering’ is going to happen. It will be gentle, it will be well telegraphed, and the key will be to avoid a major shock to the real economy. But the Fed is NOT going to taper because the economy is too strong or because we have [...] London Gold Market Report from Ben Traynor, BullionVault Wednesday 12 June 2013, 08:45 EDT
“Tug of War” in Gold and Silver, “Blame Bernanke” for Recent Volatility in Markets
GOLD PRICES hovered just below $1380 an ounce Wednesday morning in London, with silver trading around $21.80, after the metals failed to break through $1380 and $22 respectively.
European stock markets ticked higher by lunchtime – with the exception of Germany’s DAX – regaining some of yesterday’s losses, [...] Streaming by Ustream Fed Chairman Bernanke’s press conference is just getting underway. Watch live here. Earlier, the FOMC announced an open-ended QE program of $40B in MBS purchases/month. It’s Coming: One Pro Sees Big Stock Selloff in 10 Days An equity strategist for Goldman Sachs is predicting a September selloff that happens so rapidly he is telling clients to protect themselves before Sept. 14. The reason: Market disappointment over key meetings of the European Central Bank and Federal Reserve—all within the next 10 days. An ECB Governing Council meeting takes place this Thursday amid growing expectations that ECB President Mario Draghi will lay [...] KWN On the heels of Fed Chairman Bernanke’s comments, Spain being downgraded and key meetings taking place in Europe, today King World News interviewed MEP (Member European Parliament) Nigel Farage, to get his take on the ongoing crisis. Farage told KWN that “when I look into the eyes of the leaders of Europe … what I’m seeing now is madness, absolute, total and utter madness.” Farage also discussed the action in the gold [...] by ZH While it appears to us that Bernanke’s message was loud and clear, there are those who need validation and peer-confirmation. Such as that from the firm whose alumni run the Fed, namely Goldman Sachs. Below is Jan Hatzius’ take on the “surprising” Chairman speech which essentially said QE can and will come at any time there is a downtick it the market, masked by the unemployment rate rising to [...] kingworldnews.com Today Michael Pento told King World News Fed Chairman Bernanke will continue crushing the middle class and throwing money out of helictopers all the way until “doomdsday.” Pento, who founded Pento Portfolio Strategies, also noted the price of gasollne has soared 30% in the last 24 months alone. Pento believes that owners of gold can count on Bernanke’s policies continuing to push gold prices higher. Here is what Pento had [...] September 7: The German Federal Constitutional Court is set to rule whether of recent bond purchasing actions by the European Central Bank are in violation of euro zone rules. If the bailouts are determined to be illegal, this has the potential to seal the fate of the monetary union. September 8: Two important speeches come on Thursday. The most notable of the [...] Goldman, which unlike in 2010, did not get its request for a few hundred billion in free money, at least for now, shares its response to Jackson Hole. From Goldman Sachs BOTTOM LINE: Bernanke offers little guidance on near-term policy outlook, but extension of September meeting makes easing at this meeting a bit more likely than before. We continue to think that further easing via manipulation of [...] Please go to ORIGINAL SOURCE to take to C-SPAN3 LIVE Original source Fed Chairman Bernanke told congress today: ‘Gold isn’t money’ But Bernanke’s predecessor – former Fed chair Alan Greenspan – disagrees. As I noted in 2009:
Professor Emeritus of Mathematics Antal Fekete has argued for years that gold is the ultimate – and only – safe haven when things really hit the fan. For example, in 2007 Fekete wrote: The grand old man of the New York Federal Reserve bank’s gold department, the last Mohican, John Exter explained the devolution of [...] JULY 13, 2011 Please Go to Originale Source to view Original source by Tony Pallotta of Macro Story How An Equity Market Prices In Recession I’m not going to even begin to try and make sense out of today’s market. Watching fires burn and teargas fired in Greece, 100 pip moves in the EUR/USD in minutes and computer algos tripping over each other was surreal beyond words. This market right now is a lottery. Calling equities forward looking [...] From Goldman Sachs Questions for Chairman Bernanke Today’s focus article proposes some questions that reporters might ask Fed Chairman Bernanke at the press conference now scheduled for April 26, along with answers that we think Bernanke might give and ones that we would give ourselves if we had the opportunity to comment. By CHARLES HUGH SMITH As prices for commodities such as cotton, sugar and grains skyrocket, many financial commentators have been pointing the finger at Federal Reserve Chairman Ben Bernanke’s “easy money” policies of zero interest rates (ZIRP) and quantitative easing (QE2) as a major cause. The Fed intended these two policies to lower long-term interest rates and to nudge investors into riskier assets, thus stimulating growth. At [...] Commodity inflation, in dollar denominated metrics, is now global and in the case of essential food commodities, it is accelerating. Since food, fuel and fiber(and in Asia cooking oil) are such a large part of consumer spending for two-thirds the world’s population and a significant portion of the household budget for half of all American households, retail inflation is already tangible. Moreover, when energy and [...] Based on his recent public comments, Fed Chairman Bernanke seems determined to give the U.S. dollar the reputation of Egypt’s Hosni Mubarak: an unwanted relic of the past that everyone agrees must go, but stubbornly clings to a privileged position. The dollar is currently the world’s ruling currency, but, as with Mubarak, I believe that growing public discontent will spur regime change quicker than most pundits expect. Clearly, the most significant problem facing central [...] by ZH Yesterday, while we were listening to the Chairsatan (©Bill Gross), we made the following semi-serious realtime translation of Bernank’s presentation to the sycophants’ club: “Let me explain it to you: 9% unemployment: NFLX $300; 8% unemployment: NFLX $500; 6% unemployment: NFLX $1000. Kapishe?” And while we were mostly joking in our correct interpretation of the Fed’s massively wrong understanding of causality between the market [...] From David Rosenberg of Gluskin Sheff U.S. EMPLOYMENT — SNOW JOB? There were so many cross-currents in the January employment report that it is next to impossible to make book on the data. Bullish or bearish, there was something for everyone. All I can say is that the data were not as weak as the disappointing headline would suggest, but there was nothing here to suggest that [...] Congressman Ron Paul doesn’t think we’re going to get real reform at the Fed until there’s a crisis that forces change in U.S. monetary policy. “I think we’ll end up with a real crisis and then they’ll have to stop, think about it, and have a reform,” of Fed policy, he said. As new Chairman of the House Subcommittee on Monetary Policy, Congressman Paul sees informing the public [...] Inflation, Not Here, Not Now January 20, 2011 Commodity prices are flying higher, interest rates are near zero, base money growth is staggeringly high and inflation expectations are going to the moon. It looks like inflation is back, but it isn’t the kind of inflation the Germans worry about or the kind that leads to high interest rates followed by a [...] Interest Rates Are the Key to the Japanese Yen The US will continue to maintain both a stimulative fiscal and monetary policy: Fed Chairman Bernanke claims the economic recovery might not be self sustaining and has doubts the economy will grow fast enough to significantly cut the unemployment rate. Extending the Bush tax cuts as well as additional tax cuts and increased deficit spending. Dollar/yen has shown relatively little strength as [...] By Dian L. Chu, EconForecast Have you noticed the price of oil lately? It’s $90 a barrel in a dismal economy with unemployment hovering around 10%. The problem with Fed chairman Bernanke`s latest QE 2 initiative is that he has just given more access of cheap money to the big banks. Non-Productive Use of QE Money And what are they doing with all this cheap money? Nothing productive [...] |
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