Hello 2mar$, today's report
On Jun 20, 2013, at 5:49 PM, j wrote:
M, Observations? Several.
(1) yes, summer, girls, grade-A office lobbies, hot, heels, translucent blouses, hot pants hiked up so high making an impression, hotel lobby tea, hot hot hot
(2) gold hit 1,303 just now, so we wasted some money buying this batch of gold a few hours early, but a few months just right
(3) deflation striking, even as we are being 'saved' by inflation, or dilution or something-tion
(4) gold in aud terms has not been as horrific as gold in usd measures, and so we approve of new fed chairman to be from the ilk that includes summers, krugman, and the usual wastrels, and together with continuing wastrelism, we encourage a strong dollar policy
Wife and daughter just returned from 3 weeks in New York and Boston.
Wife, who organized the classical music concert attended by kissinger, bloomberg and the chief executive of hong kong, observes she was able to engage university graduates in New York and Boston to babysit Erita, and that as far as infrastructure is concerned, USA is the third world, plus, the food even in good restaurants are crap relative to ... well, Hong Kong, full stop.
Erita loved the metropolitan museum, and natural history museum. The coconut thought Harvard was okay, but loved julliard.
(5) we of the aussie outbacks got our first revenue check this day from Perth Mint of Australia, from the dore bars turned in from queensland second-pour effort of 144 Troy Ozs @ aud 1,434 per oz, that which we produced from dirt-poor dirt of less than a gram per ton rock. We now are doing 4-5 grams per ton rock
(6) we got a call from facilitator to some regional VIP ... interested to look at our tub of gold and pond of silver in Tasmania. Would say that even as base metal mines draw no interest, gold remains gold, alluring, comparative hot, and still seductive, especially to folks who have too much money and not a lot of options
On Jun 20, 2013, at 5:21 PM, M wrote:
I smell Larry Summers.
That man is ambitious enough to prod Obama into firing Bernanke so he (Summers) can run the show.
Me? As Jay, Brook & I discussed over lunch, Jay & I much prefer seeing Paul Krugman becoming the next Fed Chair.
Imagine what would happen to gold prices then with Krugman's "you can never, ever print enough" mentality! <g>
M
On Thu, Jun 20, 2013 at 5:18 PM, K wrote:
http://www.marketwatch.com/story/ex-fed-governor-meyer-obama-has-fired-bernanke-2013-06-19?link=MW_latest_news
On Thu, Jun 20, 2013 at 4:25 PM, M wrote:
Was Bernanke "fired" on TV?
Any credence to this line of thinking?
M
business.financialpost.com
SNIP:
Harvard University economics professor Martin Feldstein said the President’s comments were a clear signal that Bernanke was on the way out and warned the looming departure means Bernanke will want to begin tapering asset purchases this year.
“One of the implications of the fact that Ben is now very, very likely to be leaving at the beginning of the year is that he’s going to want to get the so-called exit strategy under way,” the former chief economic advisor to Ronald Reagan said on CNBC Wednesday. “He’s going to want to start the tapering before he leaves so that he can say, ‘I did all these good things, and I put us on an exit path.’”
“The president more or less said the other day, on television, ‘Your time is up, Mr. Bernanke,’” Feldstein said. “I didn’t think that was a very nice gesture on the president’s part.” “The president has ideas that he’s not sharing with us, but he’s decided to get out there ahead of Ben Bernanke in terms of declaring that Bernanke can go back to Princeton,” Feldstein said.
On Jun 20, 2013, at 2:48 PM, M wrote:
Meanwhile, I'm sure everyone here already reads ZeroHedge on a regular basis, but note the mess going on in China.
If things are this tight / stressful in the Interbank market - imagine how much damage is being done to the Shadow Banking system!
One week at 11%, 2 week at 7.6%.
Jay, Brook & I paid a visit to our favorite local Panda dealer.
She said things were very busy in the first half of May, but had settled down.......until today.
The drop in gold prices today brought in another wave of buyers.....
Interesting that when the price of gold drops, people almost "panic buy."
Meanwhile, when stock prices drop, people usually "panic sell."
There is no leverage in the physical gold market.....and here in Hong Kong / China, people are still buying.....
Jay - Brook- any other observations today? Other than your love of hot weather as it brings out the very short skirts!! (Jay's topic over lunch) <g>
zerohedge.com
It seems liquidity (or counterparty mistrust) is beginning to reach extreme levels in China as the nation's banking system is now quoting overnight repo transactions at 25%. The explosion in funding costs echoes the collapse in trust (and surge in TED spread) among US banks in the run-up to the Lehman bankruptcy. MSCI Asia-Pac stocks are down over 3% with China's Shanghai Composite -2.5% at seven-month lows.- China’s 1-day Repo Rate Climbs to Highest Since at Least 2006
- MNI - CHINA OVERNIGHT REPO FIXING AT RECORD HIGH
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