With everyone focused on the FOMC decision, here is a look at the Fed’s emergency injection and why gold may be setting up ahead of the FOMC.
Fed’s Emergency Injection
September 17 (King World News) – Peter Schiff: “The financial media and Wall Street are downplaying the significance of the N.Y. Fed’s emergency injection of 53B into the banking system to prevent interest rates from rising. The Fed can’t suppress rates forever, and the longer it does, the greater the crisis when it gives up!”…
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What The Hell?
Holger Zschaepitz: “What the hell is going on? Fed to inject $75 billion into financial system after funding squeeze. (See below).
US Overnight Repo Rate Skyrockets!
Fed Way Behind Seriously Escalated Situation
Jeff Snider at Alhambra Partners: “The Fed’s just concluded overnight repo operation isn’t comforting, it shows, yet again, how they just don’t get it. They are way, WAY behind what’s already escalated to very serious proportions. The Fed funds range yesterday was all the way up to 3%! So much for IOER. (See below).
When Will They Admit There’s A Serious Problem?
The Fed ONLY reacts to fed funds, which in the grand scheme of things means very little. The standing repo operation(s) is meant to get fed funds back in line and has nothing, NOTHING to do with what’s really going on in repo. Which has been, you know, considerable.
Lehman Ring Any Bells?
By the way, for those claiming “technical factors” in repo; everyone and their brother knows about the calendar bottlenecks the middle of Sept (Lehman ring any bells?) These happen EVERY Sept. The only question you should ask is, why this particular one? What’s really different?
China Industrial Production Contracting Sharply
GOLD: May Setting Up For FOMC Tomorrow
Graddhy out of Sweden: “Price has crawled along my resistance line for 6 trading days. This does look like a bear flag (pink), sitting right before the larger thin zone. Maybe setting up before FOMC tomorrow. Trading view had 1502 at end of day and SC is showing 1513 here. (See below).
CAUTION ON GOLD: Possible Bear Flag Forming Ahead Of FOMC Meeting
The Fed Will Definitely Cut Rates
Sven Henrich: “You really think that a central bank that’s forced to conduct a $75b liquidity injection the day before its next policy decision is gonna risk a negative market reaction by not cutting rates? A repo here a repo there and before you know it you’re running full QE.”
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Gold Back Above $1,500
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More articles to follow…
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