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Confirming that this is a market for idiots, by idiots, was the 4 am response in the price of gold, which following the SNB's Swiss Franc peg announcement did not surge, as it should have considering that the SNB just singularly changed the role of the CHF from a "flight to safety" to a carry currency, making gold the only island of stability in a world of fiat insanity, but instead plunged by over $50. Subsequent attempts to regain the $1900+ level were met with constant program selling for no other reason, than just because someone 'else' was selling. Of course, the logic is completely and totally the opposite. But don't take our word for it: here is Reuters: "Switzerland's decision to peg the erstwhile safe-haven franc to the euro may finally give gold bugs the chance to see prices hit the once-unimaginable $2,000 an ounce mark, as the metal holds on track for its strongest annual rally in three decades. By buying euros in unlimited amounts to weaken the franc, the SNB is in effect putting more of its own currency into circulation, which threatens to trigger inflation. It has also impacted the Swiss currency's status as a haven in its own right. While gold prices initially dipped as the move sparked a rush to liquidity in the form of other currencies such as the dollar, the SNB move is likely to lend firm support to gold in the medium term, analysts said." Precisely. And it is not only Reuters: Bank of America's MacNeill Curry said that Gold will probably rise to $2,050 this year. The rationale - identical to the above: SNB decision to peg franc to euro should also support gold. "They have taken out one of the big safe-haven assets, which is the Swissie." As for the amount of time the idiots will need to realize that QE3 coupled with the SNB action means that gold is now valued somewhere well over $2000: at least a few days...Which everyone who looks for even the smallest golden pullback will be happy to take advantage of.
It is "impossible" to exclude Greece from the euro as some people have been suggesting, German economy minister and deputy chancellor Philipp Roesler said in a newspaper interview Wednesday.
Here's a graph the Nick Laird over at sharelynx.com just whipped for us. It shows that the intervention in the gold market started about 4 minutes before the Swiss broke the news on the devaluation yesterday.
[ To see the Chart,see Link to Article ]
It should be obvious to just about anyone that the intervention in the gold market and the revaluation of the Swiss franc was a co-ordinated move by the central banks of the world.
Medicare: 91 charged over $295m US health fraud
Ninety-one people, including doctors and nurses, have been charged with making fraudulent US Medicare claims totalling $295m (£185m).
Some of the 91 are said to have billed the US government for health services to people who had already died.
About 400 law enforcement officials were involved in the arrests, the justice department said.