Gold stands tall as 2022 is one of the worst stock markets in history, plus Swiss National Bank may be liquidating US stocks.
To Bring Energy Prices Down…
June 16 (King World News) – Stephanie Pomboy: Anyone else stunned that (1) no one in the press room bothered to ask Powell how he thinks he can successfully bring down inflation if, by his own admission, most of it is out of is out of his control (energy)?
And (2) that he himself refused to implicate the administration’s energy policy in any way for making the fed’s already-miserable task infinitely harder?
The amount of demand destruction required to bring non-energy prices down enough that it lowers the headline number absolutely requires a recession… and a big one.
Gold Stands Tall
Fred Hickey: Mirror, mirror on the wall, who’s the truest “store of value” of them all? I think many are starting to find out, as all the pretenders (speculative objects) that came into existence when the Fed turned on the QE money printing presses (2009-2022) collapse, while gold stands tall…
To find out which gold & copper explorer just hit significant mineralization click here or on the image below
Worst Stock Market Years In History
Charlie Bilello: The S&P 500 is now down 22.5% year-to-date (total return including dividends).
Worst calendar years in history:
1) 1931: -43.8%
2) 2008: -37.0%
3) 1937: -35.3%
4) 1974: -25.9%
5) 1930: -25.1%
6) 2002: -22.1%
7) 1973: -14.3%
8) 1941: -12.8%
9) 2001: -11.9%
10) 1940: -10.7%
Swiss National Bank May Be Liquidating US Stocks
Art Cashin, Head of Floor Operations at UBS: The early selling turns rather ugly as we move into mid- morning. The S&P clearly broke below the reported supported level 3,700. The move by the SNB at 3am stunned the market. But, it was worsened because other Central banks are being forced and I mean forced to follow-through all because of the Fed and what it’s got to do with the late start on inflation.
SNB has been rumored to own US equities particularly some text that is adding to the selling pressure. Other banks are moving up and I believe South America, one of them moved their rates into teams. So let’s see if they can circle the wagon in front of the massive expiration tomorrow or will that act like a magnet in the afternoon trading.
In the short run we will watch S&P at the 3,640 level which is minor support, more of a bus stop than anything else. The newsticker can become important, there are rumors about the things like excessive profit tax in the energy sector, as well as the government considering putting price caps on energy levels that could possibly pull the plug on the market.
So we will watch very carefully, the afternoon trading will be very important, does it get ugly in front of the massive expiration. Some chance that Washington drops an anvil on its foot, there’s another risk. So let’s look and see where the Bulls circle the wagons but for now it’s a bit ugly and rumors that earnings are about to be slashed in the next couple of weeks.
They are rumors nevertheless and always remember a rumor is not responsible for who believes it.
Watch Apple and Bitcoin if either breaks it could lead a spill- out.
Watch the newsticker, keep your seatbelt fastened, and very nimble and say.
JUST RELEASED: PANIC: We’re Seeing Panic-Like Selling On A Scale Rarely Seen During The Past 40-60 Years CLICK HERE.
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JUST RELEASED: Michael Oliver – Open Letter To Gold Bears CLICK HERE.
JUST RELEASED: Fed Will Hike 75 Basis Points Tomorrow! Art Cashin Says If We See Some More Aggressive Selling… CLICK HERE.
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JUST RELEASED: Cashin Says There Are No Signs Of Capitulation As Dow Tumbles To New Low And Bitcoin Hits $22,600 Before Rebounding CLICK HERE.
JUST RELEASED: Fed May Surprise As Gold And Miners See Major Upside Reversals CLICK HERE.
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