Politicians Speak Markets Plunge
Schaeuble: “Being a
member of EU is a voluntary decision”.
German Finance Minister Checklist:
Step 1: Ok, first tell mistress to sell EURUSD at 17:00
[check],
Step 2: Tell mistress to cover EURUSD after the drop and
before she goes shopping [check].
Step 3: Go find a TV camera and say something stupid [move
the market lower] [check],
Step 4: End interview and go meet mistress with Dominique
Strauss Kahn [check].
Sounds like an awfully productive day. Use the cover of a
U.S. NFP report as cover so you can deflect blame for the move. And who says
these guys are stupid?
Meanwhile ……….. at the U.S. BLS [Bureau of Lies &
Statistics]
Chief Statistician BLS
More lies, damned lies and then statistics out of the U.S.
today that sent gold and other financial markets on a double reversal move
guaranteed to allow you to pursue those 2012 tax loss strategies you have been
thinking about.
Add to that the du
jour “loose lips sink ships” talk from Europe,
the Central Planners lurking about, and you have markets that are approaching
mental breakdown.
This chart [courtesy of zerohedge.com] pretty much sums up
Amerika today:
It’s easy to lower the unemployment rate when the number of workers
in the economy plunges compared to the number of jobs lost. Duhhhhhhhhh.
I weep for the future.
And, as all this plays out gold sits precariously right at
support in the 1620 – 1630 range. I don’t like the action right now in gold;
maybe I’m wrong, but my guts tell me gold is about one inch away from getting
clobbered to the downside. We’ll see next week, but with the break in oil and
the dollar rallying, it’s going to be tough to get this stuff back over 1680.
Have a good weekend everyone.
-vegas
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