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Doubts around the fate of SolGold’s (LON, TSX:SOLG) projects in Ecuador have been cleared up after the country’s Constitutional Court rejected a fresh request to make mining permits subject to popular approval.
The ruling, covering the southern province of Azuay, said the petition to seek local consultation to ban mining was too broad and potentially misleading. Further, it ruled that any referendum which could result in other nationally enjoyed constitutional rights being restricted, were inadmissible.
There was nothing to worry about with Lehman or Bear Stearns either, I remember Cramers infamous response to a caller on his show when Bear was around $60 a day before it really started crashing – “nothing to worry about” – famous last words.
Although this may be the third day it’s oversubscribed, it’s the 4th day they’ve done the Repo. Something/someone has broken, maybe they’ve printed enough to fix it already, but we’ll be the last to know if they haven’t.
I’ll give the pundits this, the markets don’t seem to be worried and your march to 35K could be in play.
Futures Frozen With $8.3 Billion Expiring At S&P 3,000 On Quad-Witching Friday
One week after Friday the 13th, a far more important for the market Friday has arrived: quad-witching day, when once every quarter we get the simultaneous expiration of contracts for index futures, index options, stock options, and single stock futures, and when increased volatility and an explosion in volumes usually follow. As such, these days are entirely at the mercy of dealer and trader positioning, and as Charlie McElligott pointed out yesterday, as of this moment the S&P is “shackled” by a “Long Gamma” death-grip, with some $8.3BN in expiration at the 3,000 strike, which will ensure that the S&P gravitates around 3,000 for most of the day.
The funding situation is getting better, but pockets of illiquidity still remain.
“The bottom line is that we still don’t know what turbo-charged the market’s funding problems on Monday.”
Which is an odd statement for the world’s largest interdealer broker, considering just a quick scan of fintwit will demonstrate that some of the loudest voices are absolutely confident they know everything that happened, and that there is no reason to be worried any more.
[PREPOSTEROUS!! A mad dash across the Arabian desert? A desert has no tress–no camouflage–they would be. devastated fom the air]
Even before Abqaiq, the Houthis had already engineered quite a few attacks against Saudi oil installations as well as Dubai and Abu Dhabi airports. In early July, Yemen’s Operations Command Center staged an exhibition in full regalia in Sana’a featuring their whole range of ballistic and winged missiles and drones.
The situation has now reached a point where there’s plenty of chatter across the Persian Gulf about a spectacular scenario: the Houthis investing in a mad dash across the Arabian desert to capture Mecca and Medina in conjunction with a mass Shiite uprising in the Eastern oil belt. That’s not far-fetched anymore. Stranger things have happened in the Middle East. After all, the Saudis can’t even win a bar brawl – that’s why they rely on mercenaries.
Look at these two business confidence surveys that cover Trump country. Sinking like a stone and both are at, or below, December 2007 levels, which happened to coincide with the Great Recession – ushering in the Obama presidency less than a year hence (you hear that, Elizabeth?).
Posted by goldielocks
@ 23:16 on September 19, 2019
Authorized by the Fed.
I believe one of the things they’re playing is a old trick to unload to people who think they can make a quick buck but putting in multi orders starting low getting bigger then when lower are bought they drop the higher amounts. One of the tricks they play.
In a investigation while one trader is living with his parents for goodness sake: cahoots with our friends the Fed.
JPMorgan bought Bear Stearns in a marriage arranged by the U.S. Federal Reserve during the height of the financial crisis in 2008.
Already, people inside JPMorgan were using deceptive trading methods, prosecutors said. Their new colleagues brought new ones. In May, the same month the deal was completed, Smith executed the deceptive-layering technique, the indictment said.
The new style involved the layering of multiple deceptive orders at nine different prices in rapid succession that together were larger than the portion visible to other traders in the marketplace, known as “iceberg orders.” Prosecutors said this trading style “took hold of the precious metals desk” at JPMorgan and was adopted by Nowak and other conspirators.
The indictment lays out dozens of trades that prosecutors allege are just a tiny fraction of the the thousands of transactions the conspirators made as part of the scheme. The charges also pull from electronic chats between the traders that prosecutors allege serve as examples of the criminal purpose behind the deals.
In an electronic chat on Feb. 24, 2009, less than a year after Trunz arrived from Bear Stearns, he had the following conversation with a co-conspirator identified only as “CC-7” in the filing:
Trunz: so you know its gregg bidding up on the futures trying to get some off https://www.americanbanker.com/articles/jpmorgan-inherited-spoof-method-from-bear-stearns-us-says
Posted by Richard640
@ 21:36 on September 19, 2019
You know what they say about a market that doesn’t want to go down. In spite of repeated attempts to take the metals sub-$1500 and $18 they keep coming back. It still seems the buyers are every bit as resolute as the sellers. The most likely path is still to $1600/$21, and beyond, cartel hissy fits aside.
Connecting the dots
Bill,
Connecting the dots:
*Deutsche Bank implodes. *Gold and silver begin their ascent and unusual activity. *Treasury yields sink dramatically. *Global CB’s race to ZIRP/NIRP *Crude oil explodes 20% higher in a single day. *The Fed starts injecting near-daily $75b. bank loans via overnight repo.
Conclusion: There is big time systemic risk going on. Various cartel banks have suffered massive derivative losses and are being loaned funds to cover margin calls, along with covering losses. With overnight repo and QE backstopping them they effectively don’t ever have to cover margin calls, or suffer catastrophic losses. Insiders see this systemic risk and have been securing precious metals, or at least with derivatives what they THINK are precious metals. Ratcheting interest rates lower gives banksters more cushion. Everything else you hear is just pure MOPE.
Yesterday’s gold and silver smash was proof positive that in spite of the DOJ/JPM investigation the cartel is still actively in the gold manipulation business. The DOJ going after JPM for spoofing precious metals is like sending building inspectors to Jeffrey Epstein’s properties to investigate building code violations while the heinous crimes were going on in plain sight right under their noses. The DOJ could NEVER investigate the systemic, and heinous gold/silver price suppression because as Chris Powell has documented JPM is authorized to do so by the government.
Posted by Alex Valdor
@ 20:13 on September 19, 2019
You missed one major category in the first sentence … Ivory Tower Academics .
They are illogical , impractical ( no real world experience ) , and have huge egos .
They also wield undue influence in classroom settings warping the minds of those who are the future of civilization .
Posted by Alex Valdor
@ 19:41 on September 19, 2019
Maybe it was your handle here that gave me the idea that you were in law practice .
Can you imagine the consternation among the banksters if all of us , and all of the failed mining companies sued for damages ? I’ve been whipsawed so many times I’ve lost count .
Thanks for sharing. Kind of funny sarcasm as a hit at Captain Hook.
I don’t remember you as a disruptive personality but sometimes people change.
The mark of a man is his ability to admit when he’s wrong, you’ve thrown your hat in the ring with a bearish prognostication for pm’s. Maybe you’ll be proven right, time will tell.
If you’re wrong, which we all are from time to time, will you reappear to admit it?
I’m actually happy to have you posting here if we can make sense of your post and you treat others well.
Posted by Alex Valdor
@ 14:33 on September 19, 2019
What are the chances of success of a class action suit by investors in PM related instruments for damages , against the fraudulent actions of JPM et al ?
If the DOJ finds JPM guilty in the courts , can JPM strike a plea deal which protects them from civil suits for damages ?
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