Chris and Doc provide their input on the FOMC announcement
Chris Temple and Richard Postma join us for the market wrap today. After having everyone on the edge of their seats the FOMC did not raise rates. This lead to gold moving up over $10 and the markets jumping but then giving up all of the gains by the close.
Click download link to listen on this device: Download Show
It is like being on one of those 17th Century sailing ships crossing the Atlantic or Pacific and, on day 93, suddenly realising that the captain of the ship has no more clue than you do.
My concern is that the current course of the USS Fed is one of destroying the cash of savers – be it deliberately or accidentally.
Good analogy, Bob — and worse still, the captain is a woman who lurches from cat-ate-the-canary grin, to blank stares, to panicked eyes, all the while bobbing her head up and down and starting her answer to every question with “so.”
Where the hell are the life jackets?
The band is still playing. We may be on the Titanic.
Not only is the band playing, but people are eating cake!
Let them eat cake!
That is what they are doing Wiseguy!
There was so much volatility that I could have traded in and out quickly on my XOP etf for some large profits but I was thinking longer term profits.
what do you think of a rate hike in October.. a strong dollar & strong gold…?
pumping money velocity….????
Rates will not go up in 2015 for certain.
Probably very true!
You know whats funny, I am watching Bloomberg TV and CNBC while while doing my work.
Most of the comments today are “the fed did the right thing”.
Last week these commentators said the fed should raise rates.
Now if the fed raised rates they would say the fed did the right thing.
No rate hike= more QE.
Stanley Fischer …..what a putz
sob voted for NO rate hike. After coming to the airwaves declaring how hawkish he was.
Maybe Doc is right, their credibilty will be lost.
Somehow I doubt it though. Their credibility has remained in tact for years and years.
Fed says jump…market says how high. They can outright lie, and the market participants could care less.
Dave, I personally think that credibility is shrinking.
I lost all faith in the Fed when LBJ called in the silver certificates and took silver from our coins 50 years ago.
Bonzo
Good one….And coincidently right after JFK was shot..ummmmmmmmm
Fischer did say weeks ago, though, that they were worried about inflation; so in a sense, he telegraphed the no rate hike development.
3. The Fed shouldn’t “wait until inflation is back to 2 percent to begin tightening.” Fischer said
Fischer cautioned delaying action to tighten monetary policy until U.S. employment and inflation reach the central bank’s targets would risk overheating the economy
these above comments are from 2 weeks ago.
It really shows how the corporate media really has a lock on the message they want to release for public consumption.
THANKS AL AND ALL……..FOR A GREAT JOB……………….ootb
“Half a brain”…….good one Chris……….
This image captures the situation very well:
http://www.321gold.com/editorials/merk/merk091715.gif
funny
S&P Materials Sector Bullish Percent:
http://schrts.co/jOozg6
Canadian $
http://schrts.co/XsK728
copper:cad correlation is zero
I wonder which one is wrong?
http://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&b=5&g=0&id=p56043466860&a=410147397
I like that biiwii guy but I don’t see copper going that low. I think I swiped the following chart from you awhile back and it does seem to support his view more than mine, though:
http://schrts.co/2ih1Sx
😮
This one seems to support my view but it’s far from a certainty at this point:
http://schrts.co/lYD5B2
If the deflationists are correct that we are only in year 4 of a decade long commodity bear, then this quarterly chart of copper going back to the ’70s looks plausible.
: Jay points out the possibility of trading range ~1.25 to 4.50+
: 1.50 was the upper limit for 30 years, now support (?)
Sixth chart from the bottom.
http://chartingyourfutures.com/historicworksheet.htm
Thanks a lot, those are interesting charts. I sure won’t rule out $1.50 yet but I think it will be rescued by a falling dollar (in real terms not currency terms).
Copper is down 65% since its ’06 high when priced in gold:
http://schrts.co/PdB2U3
Gold needs to take back 1180 and then we’ll see if it can deal with the 1250-60 area:
http://schrts.co/i5EOgd
Anybody pick up any V.FMG yet. Announced the closing of a $350,000 pp today. Only way they fill that pp is by having a deal on the table. Share prices is creeping up and if you want to get in for long term or for a flip I would suggest sooner rather than later. FMG could have their deal timed perfectly with the apparent break out in gold and silver that seems to be developing. Good luck. Bob Moriarty, time for a write up on FMG. You are shareholder and the timing is right.
Donald Trump is not a flash in the pan, he understands more then the other candidates what is wrong with America today. I happen to agree with a lot of what he say’s. DT
Agree or disagree, he is not the man for president. I am saying even though, of course, I agree with a lot of what he says. He just doesn’t know how to say it.
That comment of yours Al sounds superficial, what your are saying is he doesn’t know how to communicate his ideas by being politically correct. I’m surprised and saddened that you can’t see through the problem of the face when it is veiled. DT
AL Silly!
The guy is for a progressive income tax. That alone makes him a RINO.
When are the masses going to wise-up to such socialist scams? The goal of such taxation is to crush legitimate competition (usually millionaires) for the benefit of an elite, connected few (billionaires). They (the cronies in gov and big business) harness the economic ignorance and jealousy of the masses to make it happen. It kills jobs, it does not create them.
At least Trump is right about vaccines.
Do you still think his goal is to get Hillary elected.
Yes I do and I’m sure they’re having a good laugh about it too.
The more believable his criticisms are the better. His job is to split the R vote and he needs to be credible in order to do that. Pulling punches with Hillary would not make him credible. If he succeeds, she’ll win by default as the brainless left (I know that’s redundant) will vote for her and that will be enough. Conversely, many Republicans will not vote for Trump under any circumstances.
Do you really respect the guy for blaming everyone in the world but the real culprits for America’s problems? That’s oldest political tactic in the book when the going gets tough and it only works because the masses don’t know anything.
He is 100% establishment/mainstream/etc. in every noteworthy way.
Agree
Agree with Matthew’s comment.
Completely
Agree with what?
While the “live charts” in top left corner add a nice touch to the site, the prices tell a fairy tale. The REAL price is what it costs to get the stuff into my pocket.
For example:
Today spot silver is bid C$19.88 / ask C$20.01
one oz silver round (999) bid C$19.88 / ask C$22.78
shipping and ins C$0.33 per oz for <100 oz
Real Price of silver = C$23.11
(prices from BorderGold)
Best we can get.
#1 Al
Al, I got stopped out on my S&P bear position. I might buy back in tomorrow.
No one running for office in this day in time is qualified to be in office as the president. The republicans have no one. Maybe it’s Carlie? Don’t know, need more DD on her.
Bernie is the only dem to vote for, , …And…. He’s a socialist that actually tells the truth! How weird is that? A friggin socialist that tells the truth?!
Bottom line is, none of them ( republican or democrat ) actually know WTF is going on, , they talk about a democracy because they are stupid and brainwashed. They don’t mention what a ” REPUBLIC ” is, because they are stupid and brainwashed.
And YOU are stupid to think a democracy is not an oligarchy.
The word democracy is appalling,( if you actually knew..
There are only 2 forms of government PERIOD!
1. A Republic ( the rule of law )
2. An oligarchy ( “democracy”, socialist, communist, totalitarian, marxist or dictatorship )
Bernie is the only dem to vote for? You lost me there, Chartster! (To put it VERY mildly.)
Matthew,
I know you are not saying, Hitlery?
And no, I didn’t say I was voting for Bernie.
I said, ” he’s the only one telling the truth”.
No, of course not. What I am saying is that Bernie is a horrible choice and not worthy of anyone’s vote. That goes for every candidate on both sides but to choose a socialist at a time when socialism is destroying the world is nuts.
The flip side is, that you vote for a republican that keeps the Ponzi scheme going. At least Bernie want to dismantle the top 1% that are the real thieves.
Woah, you don’t buy that, do you? The Ponzi scheme is a socialist tool and no one benefits more from socialism than a very elite few. Try .0001%. Socialism IS thievery.
It’s probably a discussion for most discover and dissolve. The fact is, that the top 1% are thieving from all of America. It has no semblance of capitalism. It’s corny capitalism in the guise of a free market which is and has been BS for many years. And the folks that don’t get that, well, the jokes on them..
Ok, I call it crony capitalism, could be called corny tho, based on some of their habits. Lol
I think to say 1% is to include way too many innocent people but I agree that it is not capitalism. Cronyism is a form of socialism as it relies on government favors for its advantage. All forms of involuntary wealth redistribution at the hands of the government is a form of socialism.
Why Nazism Was Socialism and Why Socialism Is Totalitarian
https://mises.org/library/why-nazism-was-socialism-and-why-socialism-totalitarian
Always remember that: “The average man is both better informed and less corruptible in the decisions he makes as a consumer than as a voter at political elections.”
― Ludwig von Mises
Exactly, and the dream ( or trance ) continues..
Here’s what the left can’t grasp: “If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action.”
And: “A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism: is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.”
And: “Liberalism (not to be confused with modern liberalism-Matthew) and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.”
—Mises
Mises has more advice for Bernie fans, Democrats and even most Republicans at this point:
“There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way.”
“There are many socialists who have never come to grips in any way with the problems of economics, and who have made no attempt at all to form for themselves any clear conception of the conditions which determine the character of human society.”
“Socialism and democracy are irreconcilable.”
“The critics of the capitalistic order always seem to believe that the socialistic system of their dreams will do precisely what they think correct.”
“The nationalization of intellectual life, which must be attempted under Socialism, must make all intellectual progress impossible.” Hello USSA!
“Socialism… is not the pioneer of a better and finer world, but the spoiler of what thousands of years of civilization have created. It does not build; it destroys. For destruction is the essence of it. It produces nothing, it only consumes what the social order based on private ownership in the means of production has created.”
“Every socialist is a disguised dictator.”
Agreed!
But the delusional public has no clue of what needs to happen to change the course. Including most on this site! But, at least there is a discussion.
Interesting CRB action:
http://schrts.co/xX0q62
If tomorrow is decent for gold/silver then next week will probably be very good.
http://schrts.co/4bljIx
It would be nice if silver can close above 15.60 tomorrow.
http://schrts.co/h2wKHi
…Or at least 15.30:
http://schrts.co/1NAXXQ
The bears continue to keep the S&P in check. Tomorrow’s close will be important.
http://schrts.co/i6Zsga
Dollar bulls better sharpen their fingernails because they’re slipping!
http://schrts.co/lND4he
A strong close tomorrow is just what the Canadian dollar needs right now:
http://schrts.co/jGkzIk
The Venture Exchange is still ugly but it has to start somewhere:
http://schrts.co/0NQ0P4
CLGRF
http://schrts.co/mLhI8k
I believe the Euro has bottomed.
http://schrts.co/b56WPk
I’m officially convinced that you read more charts than a historian at a maritime museum Matthew!
Gold priced in Dow needs to finish the month above the fork-n-falling wedge and I think it will:
http://schrts.co/l0hhxC
Chris Temple, always enjoy the humorous reference and now Bears enter the fray (haha). Well, there’s one last great hope; Back To The Future III — “Cubs Win World Series 2015”.
Actually his latest comment was that the Bears would win the world series.
I mean, who know, Refrigerator Perry would probably make a great catcher as no one could get past him coming in from third base!
LOT OF GREEN ON THE MINING STOCKS FRIDAY………..KER MINING A RED FLAG…., Thanks FRANKY ..for the heads up….several weeks ago………..OOTB
Morris agrees, the dollar is a short:
http://www.superforcesignals.com/video/2015sept17dollar/2015sept17dollar.html
The assertion that they didn’t raise rates because of problems with the world economy does not really hold that much water because the US dollar has not been very strong in the last couple of months.
If the USDX was still above 100 then maybe they couldn’t raise rates but the USDX has been in a correction and is at 96, so it was a window of opportunity and the best chance to raise rates that they will get. Chance not taken, perhaps to be regretted later.
This chart is very important:
http://quotes.ino.com/charting/index.html?s=NYMEX_GC.Z15_M21.E&t=l&a=0&w=1&v=dmax