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The EU Energy Chief made some comments about the likelihood of a major radiation disaster in Japan, which may be underway. This caused US equity markets to plunge dramatically.
Energy Commissioner Günther Oettinger said the situation is 'effectively out of control' ...
The markets are getting very mixed news on this, depending on the source. There are weighty papers from MIT saying the risks are minimal, and the US Ambassador in Tokyo issued reassuring words this morning.
Therefore traders are jittery because of the uncertainty regarding the quality of information being released from a variety of sources, and some thinking that there is understatement of the risk by the Japanese government and Tokyo Electric in order to avoid a panic. So the bias is to act first and fact check later.
This is what is called a "trader's market." Triple black diamond slopes IF you can handle them. Danger, une chute dans cette piste peut entrainer de graves lesions et meme la mort. Most people should stay off the slopes and enjoy their coffee in the lodge.
EU Official Warns of Possible Catastrophe In Japan
This is known as the 'Humps and Chumps' Paper Metals Conference.
If you short enough bullion, you get a free ticket, but Bullion Banks are permitted to bring in 100 attendees on 1 ticket.
Business attire required, but hedge fund managers may prefer to wear a wire and have a prior grant of immunity.
Do you think Andrew Maguire will be giving the Keynote Address?
Wow, 'networking' with the boyz. Sounds great.
Oh you're a silver bull. Gold too, huh?
So, you like Huey Lewis and the News?
Their early work was a little new wave for my tastes...
Try getting a reservation at Dorsia now...
Certainly hedge fund liquidation was seen today. As Dennis Gartman advised, "Better to panic and remain liquid." And Dennis should know because he is being whipsawed recently in his metals trades, judging by his acknowledged trades and advice at any rate. I am sure his investors feel safer in cash as well.
Could it be more than that? There has certainly been a keen desire in some quarters to keep silver below $36 and gold below $1430 the past few weeks.
"You never want a serious crisis to go to waste," Rahm Emanuel, Mr. Obama's new chief of staff. "Things that we had postponed for too long, that were long-term, are now immediate and must be dealt with. This crisis provides the opportunity for us to do things that you could not do before." WSJ, 21 Nov 2008
Does Crisis = Opportunity? Only for the nimble and those highly experienced in risk management. The average person would probably be better off waiting for the current situation to clarify.
