The Phaserl


Desperate Bank Shorting Continues

by Turd Ferguson, TF Metals Report:

Again, the paper derivative price of gold can only go up if there are is more demand for the derivative than there is supply. And with The Banks increasing supply by nearly 9% on Friday, and God only knows how much again today, you get a gold price that is only up a few dollars, despite crashing equities and soaring bonds.

So, what are you going to do? STACK! THAT’S WHAT YOU DO! In the meantime, here’s a rundown of some of the carnage market action so far today. Let’s start with forex where we’ve got the all-important USDJPY down 2/3 of a point while the British Pound is making new lows versus The Pig…even lower than early Friday!

This while global bond markets are soaring. You might read this from ZH: But then check these charts. Here are the 10-year and 30-year US rates. So far today, the 10-year note is down 10 bps at 1.48% (the alltime low is 1.38%) and the 30-year Long Bond is down 14 bps at just 2.30%! Two point two nine percent!!!

Check out the German 5 and 10 year bunds! The 5-year is down 1 bp at -0.55% but the 10-year is off 6 bps at -0.11%!! WOW!

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