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Thursday, February 12, 2009

US Dollar and Gold BID on Secret Meeting

Uh oh! The US dollar went bid AND Gold... at the same time... when this story broke.

Looks like nobody believes in Timbo "TurboTax" Geithner.

Timmmy! Urglaraugarala!

Wall Street's Double Secret Emergency Meeting: "Charlie Gasparino reports that hours after the Congressional bitch sesh yesterday, a top secret meeting entitled "The Goldman Sachs Roundtable" was held at 85 Broad. And if you're thinking this was a clubhouse meeting run by a couple of first years, how wrong you are. According to Chaz, this was not organized by some "low level schlubs," but Goldman's Milton Berlinski, and run by co-presidents Gary Cohn and Jon Winkelried. On the agenda? "Solving this problem because the government isn't going to."

The task-force apparently included "top 20 hedge fund and private equity executives," and while we've got nothing but love for Ken Griffin, I want to hear the Big Guy* was there or it doesn't count. While we wait on confirmation, a few more details. Griffin reportedly made some "fascinating comments," including the bold call to get at the root of the cause, the mortgages themselves; the prevailing sentiment was that while it's better to wait for a good plan, as opposed to "a quick and dirty bad one," time is of the essence; there's no confidence in Geithner; they want more Volcker; and the representative from Bain Capital made off like a bandit, stuffing free fruit and cookies in his purse, when he thought no one was watching.

*Try and tell me he's not the White Knight we've been waiting for. And he'd look great on horse, you know this much is true."


Vijay said...

How bout that end of day moral hazard rally huh? They're really looking to fuck the shorts at every opportunity aren't they?

I bet they've got a bunch of leaks at the ready for moment like today when the market looks like it's going to puke its guts up.

Anonymous said...

Last year goldman sez "oil to 200"; time soon therefore to short it.
This year goldman sez "buy puts"; time soon therefore to.....

Anonymous said...

Ben, I live in Kenya where I have a satellite feed (too slow) and can't get video content. It would help me if you could give a brief description of the contents of the video.
BTW, we have been monitoring the Goldman short position on TOCOM where there is the transparency that COMEX does not have. This has gone steadily down from 60,000 contracts about two years ago to just 69 today. Of course this does not say what they are doing on COMEX. The biggest players in the gold market are GS and JPM, but C, BAC and HSBC have been perennial shorts. The point I am making is that their short positions are largely naked, and they are being defeated by the current demand in PHYSICAL which is forcing them to find the gold to deliver. Furthermore there are leases, swaps and loans involving all these banks which are under water and held off balance sheets. The gold itself has already been sold. This activity has been encouraged by the worlds central banks in order to create a strong dollar policy. Rubin under Clinton being one of the chief architects. This is blowing up now I believe and the central banks are realising it has been a mistake to part with their gold so readily. Notice all those banks are already in serious financial difficulties with their mortgage backed securities. Their gold derivatives add to their pain in a big way.

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Anonymous said...

In addition I thought you might be interested in this, from Bill Murphy's blog. (Subscription needed)

"The AM Fix was steady at $944 as was the PM Fix at $943.25.

The gold open interest rose 5,859 contracts to 356,717, which is NOTHING for a $30+ move in gold. Clearly, the resistance to the price of gold going higher has decreased DRAMATICALLY. In the past the open interest would have risen 40,000 contracts on such a move. This is more confirmation that The Gold Cartel is losing its allies.

The silver open interest went DOWN 123 contracts to 95,896. This tells us the silver price managers are also losing their allies. It also means the specs are nervous piling into silver after a rally like we have had because they have been flushed out time and time again by the bad guys.

The day before....
"The gold open interest fell 100 contracts to 350,860. This is SIGNIFICANT. For gold to rally $20 and open interest be flat is almost unheard of and never would have occurred in the past. What it tells us is that some in The Gold Cartel, or other major shorts, were covering. We know the bums were in there yesterday, so it tells me the leaders of the cabal are losing sycophant allies... rats leaving the sinking ship.

The silver open interest rose 1,113 contracts to 96,015, as the specs continue to re-enter the long side of this battered market. There is room for 50,000 more specs to join the party and take silver through $20 per ounce."

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