Selling in Asia Worsens, Korea's KOSPI Index Now Down 7% (click to read)
Maintaining social order will motivate another global QE. Headline: British riots spread on third night of violence LONDON (Reuters) - Riots spread to new areas of London on Monday while looting also erupted in the city of Birmingham as Britain's worst unrest in decades escalated in a third night of violence. British Prime Minister David Cameron cut short his holiday to fly home to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Harvey Organ, Monday August 8, 2011
Good evening Ladies and Gentlemen: Today was a humdinger of a day. Gold closed the comex session at $1710.00 up a huge $50.10. Silver on the other hand rose by only $1.29 as this metal is trying to assert itself as money and not just an industrial commodity. At 5:45 pm here are the following gold and silver prices: gold: $1717.20 silver: $39.03 As most of you are aware, the Dow plummeted
As Asia opens, with both the Nikkei and the Kospi printing well below 4%, a number likely to end far lower, we take a quick look at our own futures, where we notice that following a rather substantial dump which saw nearly 400k ES contracts change handles at around 6:10pm bringing the stack 10 handles lower, ES is now just barely above 1100, or 1105 to be specific at last check. The major positional offload also sent gold surging by over $7 and the shiny metal has just hit another record high in the $1723 ballpark. The overnight session should be relatively quiet aside from a Chinese CPI print which is expected to come at 6.4% but which will be goalseeked to indicate that the economy is slowing down, a move which will probably be attributed to the ongoing "revaluation" of the Yuan, which we expect will again be fixed by the PBoC at a new record high price against the USD shortly. We anticipate quite overnight trading until Europe once again opens, at which point Italy will as usual be the focus of numerous halted stocks if not entire markets.
British riots spread on third night of violence
Maintaining social order will motivate another global QE. Headline: British riots spread on third night of violence LONDON (Reuters) - Riots spread to new areas of London on Monday while looting also erupted in the city of Birmingham as Britain's worst unrest in decades escalated in a third night of violence. British Prime Minister David Cameron cut short his holiday to fly home to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
China CPI Comes Hotter Than Expected At 6.5%: Highest Since June 2008
Following hotter than expected Chinese CPI, futures have taken another major, with ES now down 1.7%, same as the DJIA, and NQ down 1.8%. The reason: Chinese July CPI which came at 6.5%, hotter than the consensus 6.4%, and indicative that contrary to expectations, the politburo is still focusing purely on dealing with Bernanke's exported inflation. It also means that there will be no joy in Mudville and China will not serve as the much needed growth dynamo to push the entire world out of the re-depression. The breakdown in component shows that food inflation jumped 14.8% versus non-food inflation rising 2.9%. Elsewhere PPI came in line with expectations at 7.5%. "China’s rising inflation is likely short lived given falling food prices, especially pork," Bloomberg economist Michael McDonough says. True, however the much needed panacea for the overnight malaise that has gripped the world market is not forthcoming, and the ball is now squarely in the Chairsatan's court.Harvey Organ, Monday August 8, 2011
Gold skyrockets to record levels/Dow plummets 634.76 points.
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 1 hour ago
Good evening Ladies and Gentlemen: Today was a humdinger of a day. Gold closed the comex session at $1710.00 up a huge $50.10. Silver on the other hand rose by only $1.29 as this metal is trying to assert itself as money and not just an industrial commodity. At 5:45 pm here are the following gold and silver prices: gold: $1717.20 silver: $39.03 As most of you are aware, the Dow plummeted
Size Seller Of Futures Sends Spot Gold To New All Time High Of $1725
As Asia opens, with both the Nikkei and the Kospi printing well below 4%, a number likely to end far lower, we take a quick look at our own futures, where we notice that following a rather substantial dump which saw nearly 400k ES contracts change handles at around 6:10pm bringing the stack 10 handles lower, ES is now just barely above 1100, or 1105 to be specific at last check. The major positional offload also sent gold surging by over $7 and the shiny metal has just hit another record high in the $1723 ballpark. The overnight session should be relatively quiet aside from a Chinese CPI print which is expected to come at 6.4% but which will be goalseeked to indicate that the economy is slowing down, a move which will probably be attributed to the ongoing "revaluation" of the Yuan, which we expect will again be fixed by the PBoC at a new record high price against the USD shortly. We anticipate quite overnight trading until Europe once again opens, at which point Italy will as usual be the focus of numerous halted stocks if not entire markets.
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