Daily Editorials today will start after the FOMC announcement.
Rather than simply ponder the question, our daily editorials will begin after the FOMC announcement. Until then everything is pretty much conjecture.
We will know shortly.
I have to respectfully disagree in that I believe that at least a reference will be made to tapering either now or in the near future.
Bottle of red wine?
Al, I would love to bet you since I am a betting man, but like I said earlier since all these QEs, bottles of fine wine are now selling at 30k a bottle, along with Norman Rockwell paintings in the millions, antique cars, Star Wars collectibles and everything else the 1% can get their hands on.
In all seriousness though I am in completer agreement they will mention taper, that is what they have been doing all along. But to mention it and actually do it are two different things!
Well, The Greater, they did it as I thought they would. Albeit to a minor extent!
I expect some people to get the news early and place their bets.
gold is going to pop!
gold popped, then dropped…
popped, dropped and now popped again!
And now (2:19 pst) dropped again.
What a market!
For months, whenever there was even the hint of taper — any discussion of it — gold sold off.
Today, the pundits are giving 50/50 odds that they start today. If not today, almost everyone believes they would do so early next year.
And yet gold is hanging in there. This is a definite change in tone. If they taper and gold rallies, the bottom is in.
The fact that gold has so far rebounded from today’s minor low is also bullish!
No one wants to go on the record?
I believe that I did Har, more than once.
The question that won’t be asked of Bernanke of today, but which must be answered (one way or the other):
Mr. Chairman: when the Fed completes their tapering process and stops buying Treasury bonds, who is going to start buying?
They are hopping that the Eric Cranes of the world will step up to the plate.
Will that happen? Probably not for a while.
A token reduction in money printing to save face as it is all out of control. Fed is really clueless on the economy.
Clueless? Or ‘too stupid to be stupid’?
I am pretty convinced that they are doing the only thing that they can do to forestall a bit of a panic.
I think it would make more sense to take the medicine now, but they do not agree.
Let’s just say they are looking at it differently than most of us on this site are.
Yesterday my guess was down, and if up for just a short while then down.
My thinking is gold is a competitive currency to the dollar, so it must be kept down until the feds minions are positioned to profit from it going up.
Taking all the corruption and china etc into account is too much for me, makes the nind boggle, so I stick with whats easy, down until the fed minions are in position to profit when it goes up.
As I type this, he is lying about improvements in the economy. pointing to a reduction in the unemployment rate, without acknowledging how the numbers have been skewed by the labor participation rate.
Lying is one way to put it I guess. I simply believe that the numbers are looked at in a very different manner. Unemployment numbers are a perfect example!
As I believe Doc predicted, he tapers but announces longer-term zero interest rate policy. In other words, no real taper on a net basis.
The zero interest rate policy gives Congress the cover to continue to pile on federal deficits to the tune of hundreds of billions per year. It will eventually bite them in the butt, for now it’s full speed ahead on the easy money.
Eric,
BINGO!
Be interesting to see just when this potential zero interest rate policy happens.
I read that Chris Martinsons interview with Amanda Lang on cbc was good, he stated “all markets rigged” and gave his reasons why and how he knows, At least the info is slowly working its way into the mainstream. Ted Butler figures JP Morgan is about ready for the price of silver to rise.
One also hears that ‘shadow QE’ is going on… maybe to the tune of an extra $40B / month. E.g. Fabian Calvo with Greg Hunter at usawatchdog.com
i.e. so does ‘taper’ mean anything beyond short-term propaganda value? I don’t think so.
I would like to see that verified, Grady. Not saying it is not true but there are a lot of sites out there that published unsubstantiated information.
Very good point, Al
I agree Grady, if the internet has done anything for us it has givin us an idea as to just how much we are not privy to.
But b, you have to verify ALL the information that you get. We have been burned a couple of times and we now try very hard to verify everything we put on our site.
Hi Al, I was agreeing with Grady that tapering qe is for propaganda. The qe itself,twist etc was simply to rob the people and give it to the banks, the fed.
I have read about the shadow banking system, but I cant verify its existance.
I have also read about a “dark net” I cant verify that either.
Well, there we go, “up for a short while then down”.
Seems every excuse that can be found is used to hammer the metals.
Now we get to find out if it stops at 1200 1180 goes down to 1000 holds there or gets hammered from there.
Better than a reality show, but sure sucks knowing our entire system is corrupt to the core.
Well, it is certainly at least as good as a reality show!
More smoke and mirrors from the fed.Bernanke stated that their objective had been met.
Let me guess,a 12 year low in mortgage applications?
Inflation decreasing?
Give me a break.
Numbers can say whatever the originator wants them to say!
I will play along.
There will be NO TAPER today and gold will begin a rally upto that important $1340 price level I am targeting.
Remember if you dont speculate you cant accumulate!
There, that was easy…