Friday May 11, 2012
I don't sense a sort of maximum fear level yet.
The Market Perspective Thursday May 10, 2012 after market close, late afternoon in the US.
An alert reader of TMP had already sent me an e mail about JPM, thanks! Just yesterday afternoon I observed that we did not have, in the words of our reader, the Bear Stearns moment yet, she putting it better than I!
Jesse has some great links in his post this morning on the story. It seems just last month Jamie Dimon was complaining of excess regulation. Blythe Masters the JPM darling head of commodity trading claimed to 'own' the derivative market, and was bragging how much better she was at it than here counterpart Isabelle at Goldman.
Well Blythe, meet Mr. Market. Or as my Dad oobserved years ago, most of these people are not as smart as they think they are. Speaking of which, read the comments Pierre Rinfret makes on the Myth of Alan Greenspan.
Jesse regularly asserts that the big banks conduct short raides on gold and silver. The derivative blow up and shorts in silver that JPM admits would seem to support this claim.
We have lower and lower ordres to buy more CEF. Remember that gold will bottom before the general stock market.
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