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Rick Santelli continues:
“A process then ensued where they are trying to bail out Spain. But there is conditionality, Eric, and conditionality means yes, he wants to fire this bazooka, and indeed they helped him build it, but they are not passing out the fuse yet.
I think what’s going on in Europe definitely continues to have a very large effect on US markets. Today both central banks of Europe met....
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“The MPC (met), which is the Monetary Policy Committee of the Bank of England, but no surprises there, and the ECB met. They have a press conference, and the (ECB press) conference started about 8:30 EST and that’s when the euro currency took off. That’s when yields on safe harbors like bunds and the 10-Year moved higher.
So they were really dictating much of that market movement. The problem really is, still, a kicking of the can down the road. We don’t know when he’s going to be able to fire this bazooka, or if Spain is even going to request the bailout.
Beyond that, we are talking about issues that are trying to stabilize conditions in Europe, mostly on funding. In other words, if your family needs to borrow money, and somebody facilitates a line of credit, that’s great. But in the end, for that family to make to really make it the breadwinner has to get a job that pays enough to pay their bills because the credit line isn’t the answer. It’s a temporary, stabilizing factor.
That’s really where Europe is right now. I think Europe is 5 or 6 years away from showing a consistent, growing, secure, non-anxious environment for their economies. We could be looking at many, many years where the globe is kind of in this retrenchment mode.
As for the US, they could change that. The US could help pull the world out of this malaise, but we certainly can’t do it when we are imitating Europe. We have to lead, not follow.”
Santelli had this to say regarding gold: “I can’t tell you the best time to get into gold. Whether you are supposed to buy dips or whether you are supposed to buy strength. But in the end, the gold trade really is an anti-printing trade, and I would be surprised if the direction of gold doesn’t remain to the upside.”
This is Rick Santelli at his finest. Santelli discussed key markets, Europe, the US, bonds, inflation, and what investors should expect next. The KWN audio interview with Rick Santelli is available now and you can listen to it by CLICKING HERE.
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
The interviews with Gerald Celente, Rick Santelli, Michael Pento and Don Coxe are available now. Also, be sure to listen to last week’s line-up of other KWN interviews which included, Pierre Lassonde, Rick Rule, Nigel Farage, Ben Davies, Dr. Keith Barron and Jean-Marie Eveillard by CLICKING HERE.
Eric King
Santelli - Gold Headed Higher As It’s The Anti-Printing Trade
Today Rick Santelli told King World News that “... in the end, the gold trade really is an anti-printing trade, and I would be surprised if the direction of gold doesn’t remain to the upside.” Santelli also warned, “We could be looking at many, many years where the globe is kind of in this retrenchment mode.” Here is what Santelli had to say: “The big thing with the global economy where everything changed was on July 26th, when Mario Draghi, head of the ECB, basically said, ‘I am going to do whatever it takes to save Europe.’ He said it in a very convincing way and the markets believed him.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
October 4, 2012
