If you listened closely this morning, you could hear humanity vomit as JP Morgan CEO, Jamie Dimon began to speak at Davos. In what amounted to some of the most egotistical and delusional statements heard at a conference filled with egotistical and delusional participants, Mr. Dimon didn’t disappoint.
Here are a couple highlights courtesy of Twitter:

The long-anticipated collapse of the euro is here.   When European Central Bank president Mario Draghi unveiled an open-ended quantitative easing program worth at least 60 billion euros a month on Thursday, stocks soared but the euro plummeted like a rock.  It hit an 11 year low of $1.13, and many analysts believe that it is going much, much lower than thisThe speed at which the euro has been falling in recent months has been absolutely stunning.  Less than a year ago it was hovering near $1.40.  But since that time the crippling economic problems in southern Europe have gone from bad to worse, and no amount of money printing is going to avert the financial nightmare that is slowly unfolding right before our eyes. 

YellenFOMC
  • The Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate
  • Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy
  • Fed expects lower inflation
  • After a slight delay, it appears the classic cartel gold and silver raid has begun

Full FOMC Statement below: 

bernanke

The move by the Swiss National Bank (SNB) to unpeg from the Euro has caused a massive reaction/disruption around the world. Not only in the markets themselves, but suddenly central banks are coming under attack from all sides. Even from sources normally friendly to them.
This will be something to follow this year. Is this just a one time “gut reaction” because the SNB caught the world by surprise?
Or, is this the start of a campaign to discredit individual national central banks as “too small” to deal with global problems?

Parabolic_Rise_in_2015

Bo Polny joins Wall Street for Main Street discussing his 2015 outlook for gold.
With gold failing to make a big move in 2014, does cycle analysis still suggest a big move is coming for gold and silver?
Polny advises he sees significant price moves for gold in 2015, and states that the direction right now for gold is UP, and explains that gold has already BROKEN OUT against most world currencies

Polny’s full interview is below: 

cyber_warThe threat posed by cyber war to our increasingly complicated, technologically dependent and vulnerable financial institutions, markets, banks and indeed deposits becomes more clear by the day.
British and US agents will carry out a mock cyber attack or ‘cyber war games’ on the Bank of England and commercial banks in City of London and on Wall Street in the coming months as part of tests on critical, but vulnerable financial infrastructure.
Should banks be hacked and customers deposit accounts compromised then the vista of potential bail ins becomes a real one.

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The US dollar has staged a massive rally against most currencies in early 2015, but it has fallen sharply against gold in the same time frame. Why is that?
The simple answer is that India, and its gold-focused citizens, will dominate the world in the coming decades, and I’m predicting that dominance will begin within 18 months.
As the year 2015 gets underway, the US dollar is almost in free-fall against the rupee. Only the actions of the Indian central bank are preventing the dollar from suffering an outright crash.
As good as gold & gold stocks look, silver stocks look even more spectacular.
There’s a bullish inverse head and shoulders pattern in play on the daily SIL-NYSE chart, and my immediate term target is $13.25, if SIL can close above $11.25 for two consecutive days.
This should be a spectacular year for enthusiastic silver stock investors.

HarveyOrgan

The open interest for the upcoming February contract month remains extremely high at 130,026 with 3 days to go.
I cannot recall ever seeing such a high OI with 3 days remaining coupled with extremely low volume on the COMEX. 
Something sinister is happening behind scenes in COMEX gold. 

Russia’s response to a possible cut-off from the SWIFT international banking payment system will be “unrestricted,” Prime Minister Dmitry Medvedev vowed.
The West is pushing for hitting Moscow with more sanctions as the Ukraine crisis deteriorates.

“We will see what happens, but of course if such decisions are made, I want to note that our economic reaction and generally any other reaction will be unrestricted,” the Russian prime minister said on Tuesday, calling on the government to “work out concrete decisions which would help our economy in those conditions.”

gold

Anyone who has been paying attention to the global economy the past years can agree with me our central bankers have conducted miserable monetary policy and have taken the insufficient measures to fight crises.
All major economies have embarked in printing unprecedented quantities of money, but the only thing they bought was time. Quantitative easing on such a scale is like kicking the can determined to reach the end of the road. The future looks anything but sanguine.

Where is this going?  Are our leaders truly going to allow the international monetary system to implode?
Is there no plan B? And we are supposed to believe gold isn’t of any significance in economics?