Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: smolejv@gmx.net who wrote (44509)	1/11/2004 8:16:10 AM
From: macavity	Read Replies (2) of 74559

I think this intervention is completely un-sterilised. I.e. The Yen that they are using is coming straight of the presses. This was a scenario that I have been expecting. The Euro is meant to be 15% gold-backed, or rather 15% of the reserves by value should be bullion. If the US is monetising debt, Japan is using unsterilised intervention then hard assets have only one way to go. This is why I remain bullish 30Y bonds while $TYX<5.50%. The Japanese are prepared to buy US Treasuries, and MR G KBE refuses to let long-term rates rise. We therefore have some pretty serious buyers out there. Japanese CB, The Fed, and the Chinese CB (while it suits them). BWDIK ? -macavity

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