To sum up the day, there is no question that the Fed hit the panic button as the long bond fell to the 28 year up trend line. The reason the bonds came apart testing that level was the statement by Russia, China and Brazil that they wished to switch US Treasuries for IMF SDR bonds when, and if issued in size.
The Fed, in my opinion, bought the last 30 year auction, indicating to them the need to QE at a rate beyond your wildest imagination.
At the G8 yesterday it appears there was a request to attempt to reverse the Russian statement which was attempted by the Russian Finance minister. Actions however overcome statements. Russia, China and India reduced their purchases of US paper consistently in the past months of reporting.
June is historically a month of change. It appears the equity markets may have caught on to that. Gold will seek its low in this month, and the dollar its high. I suspect neither of those are far off in time or price.
Here are the remarks made by the President of Russia and a Chinese representative prior to this weekend’s G8 get together.
It is remarkable to see the reversal from raging dollar bears to full and unquestioned confidence in the dollar. The whole world has fallen into the spin trap that has brought the financial disaster we live in now to you.
You can fool fools. You do not have to fool algorithms because they are foolish anyway.
You cannot fool us.
If every government on the face of the planet practices deception, the move will not only be out of dollars, but out of paper and into gold.
Stay the course. We will navigate for you.
This month will be a turning point in Gold and the financial sector.
What about storing metals with the seller or buying ETFs. No! No! No! That’s paper metal, and there is no way to ensure they are actually putting aside the metal and its easy for gov. to confiscate it all?
The price of gold can be volatile in the short term, gold has always maintained its value over the long term. Through the years, it has served as a hedge against inflation and the erosion of major currencies, and thus is an investment well worth considering....
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