678 replies to this topic

[Smithy]

GSR hit 102 overnight, c.f. the all time high of 102.1 in 1991.

 

[Smithy]

38% retrace of the upmove from 1180 to 1703 is 1504 -- Friday's low to the dollar.

[dougie]

Seems to me this forum went from raging bullishness to raging bearishness.

Are we good or what

[Smithy]

Global markets in real time

 

https://www.investin...indices-futures

[linrom1]

Seems to me this forum went from raging bullishness to raging bearishness.

Are we good or what

It's the beginning of the new supercycle in silver, but, putting money into the sector is another thing. There are so many more better opportunist everywhere, that's why the sector got killed.

[linrom1]

SLV is trading at same amount it is was trading in Jan-April '09....coincidence?

[linrom1]

Unlike silver, I don't think gold has bottomed.

[Smithy]

Increased my SILJ shares, daily chart looks key reversalish. We'll see.

[Smithy]

The Moment When Monetary 'Shock and Awe' Finally Fails Has Arrived: What Do We Do Next?

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 17, 2020

 

Central banks have exhausted almost all their usable ammunition under existing rules yet still failed to calm markets or to unfreeze critical parts of the global financial system.

 

This moment what we all feared. The danger now is that global recession -- it is no longer "if," as we are weeks into it already -- will morph into something more intractable: a deflationary depression with a wave of defaults that breaks the capitalist system as we know it.

 

So what can be done? Let me take an instant stab. Either the rules are changed fast or we risk uncontrolled global liquidation. The Federal Reserve must be unshackled to act as a buyer-of-last-resort for the corporate debt markets, for great swaths of the credit system, and for Wall Street equity indexes.

 

The European Central Bank must acquire powers to act as a genuine lender-of-last resort for eurozone sovereign states. It must do exactly what Christine Lagarde refused to do when she blurted out last week that “the ECB is not here to close bond spreads” -- an expression lifted word for word from the German board member, Isabel Schnabel, which tells us who is in charge of that institution in the post Draghi era.

 

This must be backed by a fiscal blitz even greater than in 2008-09, with pledges to “socialize” the drastic losses faced by industry and private firms. What was done for banks last time despite misconduct must now be done for others.

 

There must be tax holidays, sweeping state guarantees for firms, credit forbearance, a temporary suspension of mortgage payments (pushing out the maturity), and moral hazard be damned -- all under the umbrella of financial repression. ...

[Smithy]

Fire up the helicopters!

------------------------

NYT today   ...

With big pieces of the U.S. economy rapidly shutting down because of the coronavirus outbreak, President Trump urged Congress to “go big” with a stimulus package that would include sending checks directly to many Americans.

The details were in flux. Steven Mnuchin, secretary of the Treasury, told Republican senators privately that the administration wanted to pump about $850 billion more into the economy. About $250 billion would be used to give all but the highest earners about two weeks’ pay each. The checks would go out sometime in April.