The Phaserl


Here We Go Again

from TF Metals Report:

Another week in the barrel begins. There’s a lot going on so come on in.

Jeez, where do we start on this fine Monday? Maybe we should start this week where last week ended? You’ll recall that, back on Thursday, some hedge fund deltabravo whom nobody had ever heard of, posted a tweet that Jon “BernankButtBoy” Hilsenrath was about to release an article discussing how The Bernank might go about “tapering” QE∞. Though clearly the real object of this scam was to talk down an overheated stock market just a bit (think Mr. Andrea Mitchell and his “Irrational Exuberance” talk back in the 90s), the impact it had on gold was instantaneous. The Comex closed on Thursday at 1:30. The offending tweet came out at about 2:00. Before gold could re-open on the Comex at 8:20 on Friday, it was down over $40. Very nice. And then, of course, in order to not dampen the spirits of the HFTs too much, the ButtBoy article didn’t actually get released until after the NYSE close on Friday. The impact? As I type, gold is still down about $35 from Thursday’s close. Equities, of course, are about unchanged.


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