Lord Palmerston, speech, House of Commons, 1 March 1848
"On Tuesday following the [1987] crash, with the futures market indicating a significantly lower open, Alan Greenspan and the Fed came in buying SP 500 futures in order to turn the markets around. And it worked. And it continued, with the Fed supporting the equity markets with jawboning, persuasion, and occasionally direct intervention, so that by the end of the year all was well with the markets. On the advice of his financial advisors, President Reagan formed The Working Group on Financial Markets (colloquially referred to as the Plunge Protection Team) was created by Executive Order 12631, signed on March 18, 1988. And thus came the era of bubble-nomics."
Jesse, All Is Well: 1987 and It's Consequences, October 19, 2017
The Working Group On Financial Markets consists of:
- The Secretary of the Treasury, or his or her designee (as Chairperson of the Working Group);
- The Chairperson of the Board of Governors of the Federal Reserve System, or his or her designee;
- The Chairperson of the Securities and Exchange Commission, or his or her designee; and
- The Chairperson of the Commodity Futures Trading Commission, or his or her designee.
Wikipedia, Working Group on Financial Markets
Washington: The Trump administration is arranging a phone call on Monday with top regulators to discuss financial markets amid a rout on Wall Street. Treasury Secretary Steven Mnuchin will host the call with the president's Working Group on Financial Markets, known colloquially as the 'Plunge Protection team.'
Jason Lange, 'Plunge Protection Team' to convene amid Wall Street rout, Reuters, December 24, 2018
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
Edward George, Governor Bank of England 1993-2003, from Reg Howe v. BIS, JPM et al.
Stocks were in rally risk on mode today, with the big cap tech bubbles leading the way. The broader market was just so-so.
Washington: The Trump administration is arranging a phone call on Monday with top regulators to discuss financial markets amid a rout on Wall Street. Treasury Secretary Steven Mnuchin will host the call with the president's Working Group on Financial Markets, known colloquially as the 'Plunge Protection team.'
Jason Lange, 'Plunge Protection Team' to convene amid Wall Street rout, Reuters, December 24, 2018
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
Edward George, Governor Bank of England 1993-2003, from Reg Howe v. BIS, JPM et al.
Stocks were in rally risk on mode today, with the big cap tech bubbles leading the way. The broader market was just so-so.
VIX has fallen now to the area which, like a low barometer reading, suggests some stormy weather may be heading our way.
Gold and silver rallied higher, but were pressed a bit into the close.
Tomorrow is an option expiration for precious metals futures on the Comex.
Shenanigans are usually expected, either tomorrow or the day after. Or both.
Bear in mind that the wiseguys not only see what each other are doing, and will signal their intentions in various ways to the lesser denizens of the pits, but they also are able to see in the aggregate what you are holding in your hand.
It does matter. And that's why they don't let you see it, but pay well for their own ability to watch the order flows and reconstruct relative positions.
Yeah, it's not fair. That's the point. And its very confusing to 'bull market geniuses'.
So let's see how the next couple of days go. I think a drop in stocks is in the wind, as well as a gut check for the precious metals.
But timing these sorts of things for those who are playing the game according to 'the rules'.
Empires and the powerful do not have friends, or allies, or favorites.
Those who worship money and power have abiding interests of their own. And you are not one of them.
But there is One who loves you, as you would love yourself, if you were wise..
Have a pleasant evening.
