The legendary Jim Sinclair has just sent an alert to email subscribers advising that Romney’s statement that he is against QE3 and will fire Bernanke if elected is majorly bullish for gold, and that the statement speaks for ‘huge stimulus fast and an end of the standoff between the Federal Reserve and the US legislative‘.
From Jim Sinclair:
Stay the course! The current pressure on gold shares by hedgies is because Romney says, if elected, he will fire Bernanke and will not want to see QE 3.
Now what impact does that have to have on Bernanke? I would say he now really wants to see Obama elected. That speaks very well for huge stimulus fast and an end of the standoff between the Federal Reserve and the US legislative.
The hedgies hate gold so they interpret Romney’s statement bearishly. In truth it is the opposite, bullish for gold.
Bernanke has been considered good for the dollar up to now as much as that is mistaken.
Regards,
Jim
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Romney’s 2 biggest contributors: Goldman Sachs and JPMorgue. He will do whatever they want. Low level bagman Bernank may take a fall, but that will not stop QE to infinity.
Interesting and yet didn’t we hear or read a month ago from Mr. Sinclair stating “May” expect QE this weekend. Never materialized. So we will just wait and see what happens.
I agree with Jim Willie that QE has never ended, it is just continuing under the table.
NetRanger I am in love with your avatar.
You are exactly correct, repurchase agreements.
Ron Paul had this same question for Geithner. Dr. Paul asked Geithner why doesn’t the Fed just purchase treasuries directly and stop the charade of purchasing them through Goldman a few days later. Save the taxpayer the commission. Geithner said direct purchase would be monetization of the debt and the Fed is careful not to do that. A distinction without a difference.
The bankers have Romney by the balls & he will bend over while they #$%k the GDP ( generaly DUMB public ) just watch & see
I am sure we all want a three to four digit price in silver, but those days will not be realized until a serious violation takes place that cannot be covered up. When the powers that be have an endless supply of money, what prevents them from throwing more money, or false ounces of silver and gold to affect the public perception of PM?
The President can only remove the Fed Chairman for ’cause’. I’m just not sure if ‘clueless’ satisfies the legal standard. Romney might have trouble making good on this promise. For ’cause’ implies a criminal or immoral action. Certainly, sedition and treason fit that definition. But, if Bernanke chose to fight his dismissal, it could get ugly.
please don’t call it stimulous. that’s like a crackhead approaching you on the street and asking for some stimulous. call it what it is, counterfeiting! or heroin shooting. it doesn’t stimulate anything except the possibilities of a total collapse. as gerald celente would say “they’re money junkies!”
http://www.google.ca/imgres?imgurl=http://i.qkme.me/36iff2.jpg&imgrefurl=http://www.quickmeme.com/meme/36iff2/&h=400&w=524&sz=91&tbnid=YKy6ss7mROJRGM:&tbnh=94&tbnw=123&zoom=1&usg=__SLeIjkZeZWccdpt7cyyZslA2fmY=&docid=arfltn9KSc24hM&hl=en&sa=X&ei=d-M2UPS0FJOp0AHBmYDwCg&ved=0CDcQ9QEwBA&dur=329
we have two viable options in the u.s., either qe to infinity, or default. do you think anyone in washington has the intestinal fortitude to tell the truth, that being, that it would be better long run, to default now and go back to a gold standard? no, the jellyfish will keep the bread and circus’s running as long as possible, until you can’t live without them. what’s scary is, that’s actually part of the elites plan. the road to serfdom…
Mr. Sinclair’s logic makes sense. This is now just one more poke in Bernanke’s arm to get on with dishing out even more monetary crack. Given the need to support the bond market and the fact that we’ve got a massive amount of new taxes coming that Obama seems to want to let stand given his class war election platform and the fact that the taxes hit after the election, as Senator Charles Schumer said, the Fed is the “only game in town,” and that Uncle Ben needs to “get to work.”
On another note: Tomorrow may be a good day to look for an opportunity to stack a smackdown.
I’d put odds that we’ll have a silver correction tomorrow at 70%. Mining equities were somewhat signaling correction during Thursday’s trade. The RSI blasted almost to 80. Gold was capped by the cartel today at the typical 1% up rule, which shows the scumbags are lurking around and active. The daily trend leveled and we should look to see if there’s weakness in the overnight session in advance of the COMEX open. Inflation trade commodities other than PMs sold off today and we may have an improvement in weather coming, which will temporarily take the heat off the ag sector.
The 200 DMA in the very near-term doesn’t mean much, and in fact the cartel has often attacked when technical milestones are reached just to piss people off and to attempt to squash technically positive signals. This is all the more likely this time around given all the other factors I noted above.
So, the guy that told you very early this month that this bull move was imminent is now underscoring the risk of a small correction. Odds are, this will be totally insignificant when looking at a one month chart 30 days from now. I think the uptrend will resume sometime next week and by Friday, August 31st, we’ll see silver close the week well into the low $30s, and with what I said earlier this week is still on target for next week. If the cartel manages to shave more than a buck off the price on an intraday basis and we move below $29.50, that $29.50 area should act like a magnet and suck the price back up to around that level an hour or so after a possible spike down attack (picking that number based on the 72 hour bot technical analysis theory I’ve been developing that I talked about earlier this week). There would even be a chance we’d manage to close above $30 anyway, post attack. My $30.08 SilverDoctors contest selection just might hit if I’m lucky
Time will tell…
I have been waiting for a cartel slap down all week. QE or no QE will make no difference in the economy. Without jobs it is headed for a great depression.
“Bernanke has been considered good for the dollar up to now as much as that is mistaken.”
Man, is it ever! Bernanke and his mentor, Greenspan, have personally presided over the complete disembowelment of the US dollar. To say anything less is a complete misrepresentation of the observed and recorded historical facts.
“IF” Romney were to be elected and he is in the hotseat, he will do the only thing that can be done, PRINT! All the roads are down hill and lead to to the same place, collapse of the system and crash. The brakes of the financial system vehicle have burnded out and the drums and rotors are white hot and melting down. QE is the equivalent of taking it out of gear and leaving it in nuetral as the the engine revs untill it blows up.