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“And She’ll Have Fun, Fun, Fun, ’til the Bankers take the Punch Bowl Away

Thursday, September 6, 2012 13:12

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(Before It's News)

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

traderdannorcini.blogspot.com / By Dan Norcini / Thursday, September 6, 2012

Pardon an old Beach Boys fan for taking Liberties with one of their classic song’s titles but this popped into my mind today watching the market response to the ECB’s bond buying announcement.

US economy in the toilet? No problem – new 52 week high in the S&P 500. While you are at it, give that ‘ol Japanese Yen the Whack-A-Mole treatment. Time for that carry trade again. RISK ON! Damn the Torpedos, Full Speed Ahead!

I really think that some creative genius should make a spoof of the Star Trek, the Next Generation series, involving Draghi and Bernanke as a combination of the Borq Queen pronouncing those fear-inspiring words, “RESISTANCE IS FUTILE!” At least for today, the markets have been absorbed into the Borq Collective and are now assimilated. All sense of individualism has been annihilated leaving only the will of the hive supreme.

Once again the Central Bankers of the West have unleashed another torrent of hot money flows right smack dab into the commodity sector guaranteeing that higher energy prices are here to stay. Did anyone check out what happened to gasoline, heating oil and crude oil today? WTI is now less than $3.00 from the $100/bbl level while gasoline is back over the $3.00/gallon level wholesale. Keep in mind that this is well after the end of the traditional “Driving Season”. Anyone expecting or hoping for a bit of relief at the gasoline pump should get disabused of that notion.

Gold and Silver of course wasted no time in promptly blowing right through overhead resistance levels on the chart as the metals are now functioning exactly as they should function whenever a set of Central Bankers decide to further debauch their currencies. Take a look at gold priced in terms of the euro, or Euro-Gold. It moved within 14 euros of its all time high. The ECB’s actions are certainly not being lost on European based buyers of the metal. They know damn well what this idiocy is going to precipitate.