Albert Edwards warned investors to brace for a retest of the 2009 lows as the crash in the stock market continued with the Dow collapsing another 3,000 points (12%)! More wild trading took place in the gold market, which saw a jaw-dropping $124 range today as physical gold shortages are now appearing.
WTF?
March 16 (King World News) – Sven Henrich: “How fragile must our financial system be that it requires zero rates, $700B in QE, $500B in repos not even 4 weeks from all time highs and still it is not enough?”
The Big Surprise
Stephanie Pomboy: “The surprise isn’t that the Fed has lost all credibility and that the markets are waking up to their sheer ineptitude and impotence, the surprise is that it took this long! p.s., $6 trillion more (in market cap destruction) to go (on the downside) to neatly revert to the mean. (as if that ever happens).”
Almost 7 Years Of Stock Gains Wiped Out
Peter Schiff: “The Russell 2,000 is down about 40% from its 2018 high. Almost 7 years of gains have been wiped out. Given the severity of the recession we just entered, the 2009 low is in play, which means another 60% crash from here. Adjusted for inflation the real loss will be much greater.”…
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Retest Of 2009 Lows
Albert Edwards, Former Global Strategist At Societe Generale: “It might be an appropriate time to re-send my 2018 Barrons Ice article explaining why I believe the S&P would re-test 666. Actually I said “That would put the S&P lower than the 666 low of the previous crash.”
The Physical Gold Shortage Is Here
Simon Mikhailovich: “The physical shortage is here… I just got this from a top Swiss refinery: “We are working normally for the time being. …it may possible that we do not have any availability in a short period and this will depend on the quantities asked.”
Gold & Silver Are Badly Mispriced
Alasdair Macleod: “I understand that a combination of staffing problems and airline logistics have restricted shipments from major gold and silver refiners. That being the case, gold and silver are badly mispriced. Might persist as the Comex Apr20 contract runs off the board. But after that…
Better To Let Them All Fail
Peter Schiff: “The airlines are officially asking for a Federal bailout. Unfortunately they will get it. The lesson is leverage up as much as you can to buy back stock and pay huge bonuses to your CEO. Then whenever something goes wrong the government will bail you out. Better to let them fail. If we let the airlines fail, it will not mean an end to air travel. The planes will still be here. The companies will go bankrupt, existing stock and bond holders will lose money, and new owners will buy up the assets, and run the airlines much better without the moral hazard.”
Gold Trades In Wild $124 Range Today
Ole Hansen, Head of Commodity Strategy at Saxo Bank: “Gold found support at $1450/oz on a day that yielded the biggest trading range ($124) since April 2013. (See below).
Wild Trading In The Gold Market ($124 Range)
As Gold Finds Support At $1,450
Global Market Panic
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