Loading ...From the #1 Guy in the godtent poll…..behind NOBODY
This is too much. I am going out for a beer. Just when you think this market manipulation nonsense can’t get any worse, it does. Dog gone, what a farce:
*The dollar fell .40 to 73.08 (who still says gold trades with the dollar?)
*The euro went up a steep .0149 to 1.5583.
*Crude oil went berserk, leaping $5.36 to $127.66 per gallon.
*Silver put in a solid 23 cent gain.
*Corn took off to a new high, rising 28.75 cents per bushel to $6.4375:
July corn
futures.tradingcharts.com/chart/CN/78
Yet gold gets tanked. And here’s why it got tanked:
AP
June 4
No inflation if people don’t expect it, Bernanke tells Harvard grads
…Since 1975, the energy required to produce a given amount of output in the United States has fallen by half,” he said.
Over the years, Fed policymakers also have learned more about inflation and how to fight it, he said.
Bernanke’s remarks come just one day after he said that the Fed’s rate-cutting campaign was coming to an end because of increasing concerns about inflation. He took aim at the role of the weakened dollar in pushing prices higher. It was a rare public pronouncement by a Fed chairman about the U.S. greenback.
The Fed is paying attention to the extent to which consumers, investors and businesses believe prices will rise in the future. Monitoring those “inflation expectations” are important. If people believe inflation will keep going up, they will change their behavior in ways that aggravate inflation — thus, a self-fulfilling prophecy….
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For the dingbats out there who still don’t get it as far as the gold manipulation drill, the dampening of inflation expectations is one of the main reasons the US Government suppresses the price of gold … and they get away with it because the Muppets out there on Planet Wall Street, and in the mainstream gold world, are too busy chattering rather than getting into what is really going on.
Why the euro took off today:
09:26 Trichet says ECB may raise interest rates as soon as next month — wires
Wires, citing a press conference by European Central Bank President Jean-Claude Trichet saying ‘It’s not excluded that, after having carefully examined the situation, that we could decide to move our rates for a small amount at our next meeting,’ ‘I don’t say it’s certain. I said it’s possible.’ Recall the ECB raised its inflation forecast earlier. (see comment) - SA London
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Euro gains after Trichet cites risk to prices
