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What else did you expect from the Fed?

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NYBob Member Level  Tuesday, 03/05/13 04:52:42 PM
Re: Montanore post# 394
Post # of 456 
What else did you expect from the Fed?
In The News Today

March 5, 2013, at 1:03 pm
by Jim Sinclair in the category In The News |
Jim Sinclair’s Commentary

QE is going to infinity. All that anti-gold, pro-dollar interest can do is add outrageous volatility to the gold market. They cannot deny gold’s price at $3500 and higher.

Fed’s Yellen: Full steam ahead on QE3
March 04, 2013|Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — A key member of the Federal Reserve on Monday gave her clear support for continuing the central bank’s policy of buying bonds at current levels.

“At present, I view the balance of risks as still calling for a highly accommodative monetary policy to support a stronger recovery and more rapid growth in employment,” Federal Reserve Vice Chair Janet Yellen said Monday in a speech to the National Association for Business Economics.

While there are some potential costs to the purchases, “at this stage, I do not see any that would cause me to advocate a curtailment of our purchase program,” she said.

Yellen is seen as a possible replacement for Fed Chairman Ben Bernanke if he steps aside when his second term ends in January 2014.

Bernanke also endorsed the Fed’s current policy, in a speech on Friday night.

“A premature removal of accommodation could, by slowing the economy, perversely serve to extend the period of low long-term rates,” Bernanke said in a speech to a Fed research conference in San Francisco.

Yellen’s comments add weight to the idea the Fed will maintain an $85 billion-a-month bond purchase program at its next meeting on March 19-20.


Jim Sinclair’s Commentary

All the talk is just that, talk. With the dollar firmer because of the currency wars, there is absolutely no limit to the amount of QE that the Fed can do.

Since interest rates are nothing other than the product of the US treasury instrument’s market, he remains in full control. The stock market is making new highs based on LIQUIDITY while the gold banks for the Fed have manipulated gold lower to camouflage the real situation.

Gold will trade at $3500 and higher. Good gold shares can mine money cheaply. Major mines are built on production loans, not share issuance.

The experiment is would the Great Depression have occurred if you lied about everything. The answer is yes, greater, and later.

Jim Sinclair’s Commentary

The Financial Times should know that high frequency trading has but one purpose and that is front running real buy and sell orders. That is totally illegal right now. The only reason the exchanges look the other way is because the exchanges as pubic companies benefit from volume traded, and therefore they see no evil.

If the FBI really wanted to do their jobs they ought to look at the gold and silver markets, but they do not.

FBI joins SEC in computer trading probe
By Kara Scannell in New York
March 5, 2013 5:41 pm

The FBI has teamed up with securities regulators to tackle the potential threat of market manipulation posed by ultra-fast computer dealing methods such as high-frequency trading that have taken markets beyond the scope of traditional policing.

FBI agents have joined forces with a new unit within the Securities and Exchange Commission that examines hedge funds and other firms that are using algorithm trading strategies.

The SEC’s Quantitative Analysis Unit is focusing on the emergence of high-frequency trading firms and the rise of dark pools. Traders using these methods can manipulate the market by flooding it with quotes, known as quote stuffing, or placing millions of orders that are quickly cancelled, to drive others to trade in ways that benefit their position, a practice known as layering.

Some of these trading strategies have been accused of destabilizing the market and putting retail investors at a disadvantage. Their supporters have said they increase liquidity in securities and reduce volatility.

The FBI has historically investigated cases of market manipulation but people familiar with the matter said the collaboration with the SEC was an attempt to beef up the agency’s expertise and catch up with fast-changing technology-driven trading strategies.


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