A lot of buyers came in at the close on Friday. The GLD chart is one minute.
The indicators below show money and buying power coming back in to the market.
The Volume is good as the On balance Volume. Use 50 and 100 MA's for one minute
charts. I also use VWAP at times too.
Let's see what Monday holds...Shaz
Eurozone finance ministers have held a conference call to discuss possible loans to shore up Spain's banks.
The International Monetary Fund (IMF) estimates that Spain's "vulnerable" banks need at least 40bn euros ($50bn; £32bn). But reports say the banking system could get loans of up to 100bn euros.
The Spanish economy ministry is to hold a news conference shortly.
The Eurogroup is then expected to release details of an agreement.
Spain has so far resisted pressure to ask for a bailout. Its government wants the aid to go directly to the banks.
"What we're working on at the moment is the recapitalisation of the financial entities that need it, nothing else," said Spain's Development Minister Ana Pastor.
The IMF said on Friday that a "stress test" showed that while some of Spain's financial sector was well managed, measures were needed to help those hardest hit by the property crash and recession.
By Simon GompertzPersonal finance correspondent, BBC News
Lending via three websites that link savers with borrowers - bypassing the banking system - has topped £250m.
The "new age" finance carries no protection for deposits, but is being tipped as a serious threat to traditional banks.
The peer-to-peer sites are led by Zopa, which has lent more than £200m since it started in 2005.
Funding Circle, specialising in business loans, has topped £34m, and RateSetter has reached £24m.
Last month the government said it would lend these sort of firms £100m to help expand their own lending to businesses.
"It's a marketplace, the eBay for money," says Lynne Martin from Hertfordshire, a foot technician in her late 50s who has been using Zopa to build up a nest egg for retirement.
Higher returns
Lynne was fed up with the returns she was getting from banks and pension plans.
So she has lent a substantial part of her savings via the website, spreading it between hundreds of borrowers and by-passing the banking system.
The interest from the latest £5,000 is 7.4% a year before tax but after taking into account Zopa's 1% charge.
That is substantially more than is available on a typical savings account at a bank.
On the other side of the ledger, Jamie Hirst from Chippenham in Wiltshire has borrowed £4,500 through Zopa to cover the cost of a revamp of his kitchen and bathroom.
The 8.4% APR he is paying is 5% less than he was quoted by his bank.
"I thought it was brilliant," he told the BBC's Your Money.
"The fact that there wasn't some fat cat taking the profits, just some guy investing 50 or a hundred quid to get a little return and doing something good for someone else."
The drawbackshttp://www.bbc.co.uk/news/business-18370777
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/tny_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/tny_ag_en_usoz_2.gif)
21 comments:
At least they are being honest and telling everyone the bailouts are for The Banks, rather than for the country and the people who live there. Anybody else here pick up on this point?
Also, one can't help but notice how the positive effects of each successive bailout of Greece lasted for a shorter period of time than the previous one. Why will it be any different with Spain's bailouts?
What is that saying? 'The definition of insanity is to do the same thing over and over again, and expect different results.'
Reality has never stopped a Bankster Failout, and it won't this time either.
I would expect there will be a 'relief' rally tomorrow, and maybe for a little while. Stocks should rise, Bonds and shiny metals will probably decline.
Just another false dawn, as this Failoout, like all others, does nothing to address the real issues.
And it may last no longer than the week, as Greek elections come soon, and the terms of the Spanish Failout seem rather loose, boosting the chances of voters in Greece casting for Syriza who say they will (rightly) re-negotiate their Failout.
Ireland (and Portugal) already are calling for similar looser terms as Spain seems to have gotten. Finland wants collateral, like they got from Greece.
This Spanish Failout, from what has been announced so far, may hasten the end of the EUro, not save it.
If the Greek example is followed, then the EUrocRats just subordinated all Spanish debt holders, who will now fall to a lower priority behind the Failout monies.
Bond holders are well aware of what happened just a few short months ago, and will likely flee Spanish and other week periphery nations Bonds, knowing they will be subordinated and asked to take huge haircuts, while Central Banbksas make a profit - the ECB made out well on the Greek Failout, others not so much.
Germany has not ratified the ESM treaty, which now proposes to directly bail insolvent Banks, which it was not supposed to be for. So the EFSF will be tapped, except that Spain was assumed to be putting in E 93 Billion, which it won't be now, obviously - pushing more of the burden to Germany and France etc - who may now face credit rating downgrades over it.
It' a mess, and despite the MSM hoopla you will hear over it, this Spanish Failout only causes more problems while solving none permanently. Business as usual in EUrocRatia.
THe MSM are already in full "We're Saved!" mode, as you might expect.
Too bad they are delusional, as usual.
But there should be time for a happy smiley rally this week for stocks. This crisis period, like markets, moves in waves, and we are due for a bounce phase.
"Anybody else here pick up on this point?" Mammoth you know by now that I don't read everything and cannot remember much of what I do read. I am also a great selective listener. I think I could teach that in college. Knowing just when to say "aha" or nod your head in agreement. Stuff like that. A whole new career for me and I could do it over the internet on Skype. LOL
Now I will go back and read it because I want to see it for myself. Thanks for picking up on that and Shaza thanks for not retiring either. I think we all love The Hive for what it is. We breath life into it when we can.
Mugabe where for art thou? What is happening in Madrid? You didn't fall in that barrel of Sangria again did you? ;-)
CL you should like this they are having a BBC Marathon of the early days of Merlin and Arthur. It is called "Merlin" and I have seen the first three seasons. Really fun series and just my cup of tea. If you haven't seen it check out the DVD's. It can also be watched on Netflix. I hear they are starting season 5 soon and releasing season 4 that I am downloading from
Merlin Season 4
Some day some one is going to explain to me why banks have to be rescued. Other than the rich bond holders there is no benefit to the people. Actually they take from the poor and give to the rich. Sort of a reverse Robin Hood. It really is amazing to me that we hold these financial terrorists in such high esteem. They must be VIPs of the highest form of humanity. Perhaps we need to breed more of them as obviously we need them or the world will stop spinning and the sun won't come up tomorrow.
"Spain has so far resisted pressure to ask for a bailout. Its government wants the aid to go directly to the banks." There you go Mammoth. We don't need the money for our government debt we need it for the banksters bad decisions to loan us money. Once they are whole, we can borrow from them again and again. Spending revenue that we don't have the taxes to cover. Extend and Pretend that is our motto.
Remember my "Blazing Saddles" example when the Sheriff held the gun to his own head? "Stand back or the ___ gets it."
"The BBC's Tom Burridge in Madrid says it is unclear how any deal that helps the banks directly would work."
Is the guy what the english refer to as a nutter? What exactly is unclear? I thought I just explained it and I don't have even have a financial degree or live there.
I guess that journalism is a class he slept through. The Failout money goes to the banks so that they can loan it back to the government and then the government doesn't have to change or tighten its belt. Can I make it any simpler? GAW that is how it works right? No wonder Germany doesn't want to give it to them. Isn't there a word for that in German? Only a Dummkopf would give the banks that money.
Queen-if OUR Labor dept had planned to force reporters to use GOVERNMENT-ISSUED computers (duh, anyone ever read the first amendment?) then you can't fault these reporters for doing the Sgt. ShultzL "I know nuth-ing, nuthing" bit.
I like the fact the Irish, Portuguese, etc. are all going to stamp their feet and yell that they want a sweetheart deal, too. It's all monopoly money anyway. When the bad guys begin offering camels and Hens you know that no one believes in the monetary system!
The heat is frying my planters on the deck. Will have to give them a BIG drink tonight. I have tomatoes on both plants. My basil is sprouting. My parsley is doing well and my dill plants are growing like gangbusters which brings hope I can use that for pickles. My cucumber plant is growing well, too.
I made a great salad with English cucumber, red pepper, some cooked orzo, a bit of red onion, and basil and flat parsley with a vinegar and olive oil dressing. Nice change from mayo and very FRESH. You can add feta or mozz cheese if you want to up the protein level, too.
Queenbee, you are really on a roll today, keep it up!
"Some day some one is going to explain to me why banks have to be rescued."
= = = = = =
I would explain this to you if I could, without bursting out laughing halfway through at the B.S. that I would be spewing.
CL, Good for you on your gardening success.
Hop over to The Dungheap and look on the previous thread if you want to see the Mammoth purple cauliflower I grew.
For a real Russian treat, slice your tomatoes, lightly spread mayonnaise on one side and the sprinkle some salt, fresh chopped dill and garlic.
A shot of Vodka to wash it down with is, of course, optional.
They are still green, Mammoth. When red I will try that...as long as I won't be around people with all that garlic ;-) That cauliflower is HUGE! Reminds me of the ones we saw in Alaska.
Different parts of the world treat/eat food differently. In Belgium and Holland they like mayo on French Fries.
Queen--explain about the banks..IF they did that people might want explanations about politicians! :-) Just think, for all the environmental hoopla over cows and the methane gas they expel, not ONCE have they considered gagging all the politicians and the raging BS CO2 they produce!!!
I'm not sure how to link this, but good article from UK Telegraph--http://www.telegraph.co.uk/finance/comment/9322861/Europes-democracies-must-not-subcontract-their-destiny-to-the-Bundebank.html
Now we know how to conquer Europe. Open banks in every country and loan money to the politicians that will promise the sky to get votes. Free everything, but it's not really free. The price is hidden in the fine print. I think the sociopathic behavior of bankers who manipulated the all to willing politicians was the ultimate plan. Bankers and politicians are good bedfellows. In the end the bankers will pull the strings of the puppet politicians at all levels of government. They will tax everything and eventually "the state" or "the homeland" will own everything. We will just be renters.
Yes Mammoth I am on a roll today. Woohoo they can open up a theme park in Orlando call it Banker's World. First you have to pony up you credit card and they will jack you for a lifetime of debt just to get in. If you have any lose money when you go on the thrill rides all your money falls out of your pockets and purses into their collection plates.
From the Beatles "You never give me your money."
Out of college, money spent
See no future, pay no rent
All the money's gone, nowhere to go
Any jobber got the sack
Monday morning, turning back
Yellow lorry slow, nowhere to go
But oh, that magic feeling, nowhere to go
Oh, that magic feeling
Nowhere to go
I have a simple explanation when anyone asks me why there's so much effort to "save" banks. (Not that they ASK very often, but I rant a lot, and this is how I put it.)
Banks are the ones that "create" money by loaning it into existence. (If it's someone who's not aware of how THAT system works, no use of talking any further, because it means a detour ionto ECON 201.) And those banks are the cartel that forms the Central Banks of each nation that prints its own money. (Especially in the United States.) If those banks go out of business, the Central Bank that prints the money you carry in your wallet goes out of business. (I don't mention the much larger universe of "credit money" because I want to keep the analogy simple.) If the money in your wallet suddenly turns into worthless Monopoly money, everything in the economy stops, and people start looting the grocery stores."
If the discussion goes any deeper, I mention the bribes that bailed-out banks pay to the politicians who bail them. I have never had a chance to propose alternatives, such as debt-free money issued directly by governments, without borrowing from banks, because most peoples' eyes glaze over when talking about macroeconomics.
While I'm at it, let me relate a sadly amusing anecdote about someone with a pile of money that was lucky to escape from dodgy investments, but who continues to shun gold. My mom.
We were talking on the phone yesterday and she tells me that two of her higher-interest-paying bonds got called in by the issuer. One was for $30,000 with the Johns Hopkins Hospital Authority in Maryland, the other was for $5,000 with the quasi-governmental sports authority that built the National Basketball Association arena in Houston. Don't ask me how she gets these bonds -- her stockbroker steers her into them.
I was happy that she is out of those, especially the NBA one, because those will be the first to default when the crunch comes. My mom is upset, though, because they were paying 5% or so, which is more than current alternatives pay. I'm thinking it's great that she got her principal back, even if the bonds were redeemed early. Better than holding an empty bag.
I suggested, as I have since about 2004, that she buy some physical gold and/or silver. Told her that it's good to have 3% to 5% of your net worth in metals. "But those don't pay any interest" was her response. So she's going to stick it in Maryland state government general obligation bonds, which pay 3% (she thinks; I bet it's less, maybe half that.) It's better than some NBA arena, but still riskier than some phyzz.
But such is the mindset of the typical sheople. That kind of thinking, repeated times tens of millions of people who still have a little excess money, is why precious metals will NEVER be a mainstream investment. They would rather keep their money in something conventional, which can and will be evaporated, rather than the "risky" pieces of gold.
My mom's not going to starve. She might even die before the collapse. If she outlives the U.S. economy and her bonds burn out, no concern to me. I do not need any inheritance. I'm just sad that again, I try to give sensible advice, for nothing. That's why I don't give a fcuk what happens to anyone else. If and when it comes crashing down, I will laugh into my sleeve. No point guffawing out loud, because that makes people angry and they want to take revenge.
Bukko-I understand your mother because she's probably a product of HER parents. Having been raised by a Depression era father I can tell you that it left bitter scars and a wariness. As FDR used the government to get them OUT of it (and you can argue whether he did or didn't, etc. but that was what people in that age were 'sold') many today see the government and bonds as safety.
I am one--having been preached to about how T-notes were safe and if the 'government goes all bets on everything are off.'
Now, having said all that, I was also preached to about staying out of debt AND found a collection of gold coin 'medals' from the mint my parents must have bought back in the 80's.
I know and have shared that with no PENSION I HAVE to seek safety for my investments. I only recently got into stocks. As my t-notes have come due I have put the funds in cash in hopes of 'saving' it, but I still have a bond fund AND savings bonds. I have some stocks and they are varied but...
And my cash is depleting faster than water in a desert due to the $838 a month I pay for medical insurance not to mention the $70 to see a specialist.
That said, I still feel free enough to spare some money for 'fun' and 'charity'. I figure I am still far above many who cannot afford the insurance or any fun so having been blessed I try to return a portion.
But, just as many seniors like to keep huge amounts in their checking account (cause they are worried about medical bills, etc.) I can see why your mom would think these investments are wise. She's fearful. And, they don't see gold as being just like an insurance policy. She probably didn't lock her doors long ago either.
Now, I'm old, cynical, have deadbolts, and don't even keep the door open if hubby is mowing the lawn--and I live in small town suburbia but even that is changing.
Plus, as the old saying goes--a prophet never finds honor in his own country...which can be translated as parents and children never think the other 'knows' anything ;-)
Sad, but true.
Gold-Investment Demand In China To Advance 10%, ICBC
Post a Comment