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Thread: The NY Fed spent $53 billion to rescue the overnight lending market

  1. #1

    The NY Fed spent $53 billion to rescue the overnight lending market

    Borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices but that is critical to the functioning of the global financial system.

    The spike in overnight borrowing rates forced the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets.

    It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008.

    "It's unprecedented, at least in the post-crisis era," said Mark Cabana, rates strategist at Bank of America Merrill Lynch.

    On Tuesday morning, the NY Fed launched what's called an "overnight repo operation," during which the central bank attempts to ease pressure in markets by purchasing Treasuries and other securities. The goal is to pump money into the system to keep borrowing costs from creeping above the Fed's target range.

    The first attempt by the NY Fed was canceled because of "technical difficulties." Minutes later, the NY Fed successfully injected $53 billion into the system.

    The episode demonstrates evidence of emerging strains in financial markets and raises concern that the Federal Reserve could be losing its grip on short-term rates.

    "The funding markets are clearly stressed," said Guy LeBas, managing director of fixed income strategy at Janney Capital Markets. "It's going to require Fed action."

    The NY Fed announced plans late Tuesday to hold another repurchase agreement operation on Wednesday that would aim to repurchase up to an additional $75 billion.
    https://www.cnn.com/2019/09/17/busin...fed/index.html


    $53 billion in 15 minutes.
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken


    I don't hate you. You're just some person on the internet who believes in things that aren't real.



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  3. #2
    The rate on overnight repurchase agreements hit 5% on Monday, according to Refinitiv data. That's up from 2.29% late last week and well above the target range set in July by the Federal Reserve, which is 2% to 2.25%. The surge continued Tuesday, with the overnight rate hitting a high of 10% before the NY Fed stepped in.
    Hmmm. Overnight rate hits 10%, and Mnuchin wants a 50 year with a rate near zero? Good thing the overnight is not factored into the yield curve.

    So supply and demand says that there was demand for overnight loans, but not enough money to loan, so rates went up. Thus the Fed buys Treasuries, which are competing to borrow money, to reduce demand and help lower rates. Seems that there is too much borrowing going on, and the government borrowing is distorting markets to the breaking point.

    Nothing to see here, move along.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
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    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  4. #3
    The rate on overnight repurchase agreements hit 5% on Monday, according to Refinitiv data. That's up from 2.29% late last week and well above the target range set in July by the Federal Reserve, which is 2% to 2.25%. The surge continued Tuesday, with the overnight rate hitting a high of 10% before the NY Fed stepped in.
    Hmmm. Overnight rate hits 10%, and Mnuchin wants a 50 year with a rate near zero? Good thing the overnight is not factored into the yield curve.

    So supply and demand says that there was demand for overnight loans, but not enough money to loan, so rates went up. Thus the Fed buys Treasuries, which are competing to borrow money, to reduce demand and help lower rates. Seems that there is too much borrowing going on, and the government borrowing is distorting markets to the breaking point.

    Nothing to see here, move along.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    “They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  5. #4
    This is actually a pretty big deal, good catch @TheCount, totally missed it.

    It's pretty amazing that there could be a liquidity problem in a world absolutely swimming in newly printed money.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  6. #5
    Quote Originally Posted by r3volution 3.0 View Post
    This is actually a pretty big deal, good catch @TheCount, totally missed it.
    I'm not sure why it wasn't bigger news. Too complicated, maybe.
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken


    I don't hate you. You're just some person on the internet who believes in things that aren't real.

  7. #6
    Quote Originally Posted by TheCount View Post
    I'm not sure why it wasn't bigger news. Too complicated, maybe.
    Well, there's no obvious connection to either "furriners r bad" or "whites is oppress," so no network has much of an interest in discussing it.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  8. #7
    Quote Originally Posted by TheCount View Post
    I'm not sure why it wasn't bigger news. Too complicated, maybe.
    They don’t want to spook the market.

    Kind like what happened when some money market funds busted the buck last time around. No need to unnecessarily scare people.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    “They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  9. #8
    Quote Originally Posted by TheCount View Post
    I'm not sure why it wasn't bigger news. Too complicated, maybe.
    They don’t want to spook the market.

    Kind like what happened when some money market funds busted the buck last time around. No need to unnecessarily scare people.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    “They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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  11. #9
    Quote Originally Posted by Brian4Liberty View Post
    They don’t want to spook the market.

    Kind like what happened when some money market funds busted the buck last time around. No need to unnecessarily scare people.

    Yet they'll give 24x7 coverage of mass shootings, showing spooky photos of the shooter, sharing manifesto letters, and the tally of death tolls, stories of killed children - they just cant get enough of that sh!t. They could cover these events, much in the same way they do shaky finance - in order to prevent copy-cats.

    Gulag Chief:
    "Article 58-1a, twenty five years... What did you get it for?"
    Gulag Prisoner: "For nothing at all."
    Gulag Chief: "You're lying... The sentence for nothing at all is 10 years"



  12. #10
    https://www.cnn.com/2019/09/17/busin...fed/index.html

    It's unclear what exactly is causing the stress in the overnight market, or how long it will last.
    "No one knows why this is happening," Jim Bianco CEO of Bianco Research, said on Twitter. "If it persists more than another day or two, it will be a problem."

    There are some theories.

    Cabana, the Bank of America analyst, blamed the spike in overnight lending rates on the Fed badly underestimating the amount of cash needed to keep the financial system operating smoothly.

    "The Fed just made a policy mistake," Cabana said. "There is not enough cash in the banking system for the banks to meet all of their liquidity and regulatory needs. I'm not that worried, because the Fed will fix it."

    The catalyst for the stress, according to Cabana, was the fact that US companies withdrew vast sums of money from banks to make quarterly tax payments to the US Treasury Department. That forced banks to draw down their reserves at the Fed.

    The rate spike may also be a symptom of the sharp increase in Treasury bonds being issued to fund the federal government. The federal deficit has spiked to $1 trillion this fiscal year because of the tax cuts and surge in government spending.

    Banks typically buy Treasuries by borrowing in the overnight market. The jump in Treasury issuance caused a large increase in demand for short-term financing.
    "The fundamental issue is there are just too many darn Treasuries out there," Cabana said. "Both parties are to blame. The $1 trillion deficit will keep this an issue."
    more at link.


    https://www.bloombergquint.com/onweb...most-in-months

    A combination of factors are behind the latest drive higher, including the settlement of the mid-month Treasury coupon auctions that pushed more collateral into the repo market. At the same time, cash is leaving the funding space as corporations withdraw from banks and money-market funds to make their quarterly tax payment.

    This is expected to push Treasury’s cash balance higher while depleting the amount of bank reserves in the system. The drop-off in reserves and fund outflows are driving up funding rates and starting to spill into the fed funds market because repo’s attractive yields can draw some lenders away from the unsecured market.
    Last edited by Zippyjuan; 09-17-2019 at 07:45 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  13. #11
    It's
    Happening?

    why I should worship the state (who apparently is the only party that can possess guns without question).
    The state's only purpose is to kill and control. Why do you worship it? - Sola_Fide

    Baptiste said.
    At which point will Americans realize that creating an unaccountable institution that is able to pass its liability on to tax-payers is immoral and attracts sociopaths?

  14. #12
    I'm doing my part . I made no withdrawal or any tax payment .
    Do something Danke

  15. #13
    Nope

    Banks aren't run by compete morons.

    They know when taxes are due.

    And this has nothing to do with retail clients.

    Some bank(s) was/were desperate for lending.

    In markets (Oh No!), rising prices mean increased demand or reduced supply.

    Somebody was willing to borrow at nearly five-fold the federal funds rate.

    That's frankly shocking.

    Show me the last time interbank lending hit those levels Zipster.

    ...I expect citations.
    Last edited by r3volution 3.0; 09-18-2019 at 02:25 AM.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  16. #14
    Quote Originally Posted by r3volution 3.0 View Post
    Nope

    Banks aren't run by compete morons.

    They know when taxes are due.

    And this has nothing to do with retail clients.

    Some bank(s) was/were desperate for lending.

    In markets (Oh No!), rising prices mean increased demand or reduced supply.

    Somebody was willing to borrow at nearly five-fold the federal funds rate.

    That's frankly shocking.

    Show me the last time interbank lending hit those levels Zipster.

    ...I expect citations.
    https://www.bbc.com/news/business-49746350

    What was going on? Could it be a warning sign of serious stress somewhere in the financial world? The crisis a decade ago has made people more sensitive to that kind of possibility.

    Mr Powell said it was due to companies needing a lot of cash for tax payments and for investors buying government bonds. Although the Fed and the markets knew these developments were coming, Mr Powell said they "had a bigger effect than most folks anticipated". He said these issues have no implications for the economy. So, flap over? Maybe. Let's hope so.
    (Powell of course being the Fed Chairman) I have seen different figures as to what the rate spiked to. I saw one claim it topped out at 2.75 and I saw one claim of eight percent for a brief moment.

    Today the Fed lowered the interest rate they charge on excess reserves.



    https://www.reuters.com/article/us-u...-idUSKBN1W30EJ
    Last edited by Zippyjuan; 09-18-2019 at 02:35 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  17. #15
    https://www.fxstreet.com/analysis/us...n-201909171725

    U.S. money-market interest rates surged for a second day Tuesday as cash reserves in the banking system remained out of balance with the volume of securities on dealer balance sheets.

    Amid the squeeze, the effective fed funds rate rose to 2.25%, in line with the top of the Federal Reserve’s target range of 2% to 2.25%.

    The rate on overnight general collateral repurchase agreements soared by more than 600 basis points to 8.75%, based on ICAP pricing, before settling back around 7.25%. Surges are commonplace only around quarter- and month-end, so market participants had expected things might return to normal.

    On Monday, the rate on overnight GC repo soared by as much as 248 basis points to 4.75%, the highest level since December, according to ICAP pricing, amid the settlement of Treasury coupon auctions and the influx of corporate quarterly tax payments, possibly aggravated by last week’s bond-market selloff, in which investors sold securities back to dealers.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  18. #16
    Quote Originally Posted by Zippyjuan View Post

    [
    QED

    This is not normal activity.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken



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  20. #17
    Fed announced ongoing repos for the next few weeks, including some termed longer than overnight. There's multiple reasons this could be happening, or combination of them. Someone is trying to get rid of a lot of Treasuries (Chinese?) and the Fed is soaking them up fast so they don't distort the open market. High debt issuance by the Treasury is loading up the primary dealers with Treasuries to the point they're running out of cash and need to offload to the Fed asap. A few banks are having liquidity problems (DB?) and need to offload Treasuries for cash. That's just three likely possibilities.
    Last edited by devil21; 09-21-2019 at 11:09 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  21. #18
    The elites don't necessarily agree with the issues they support. The reason the globalists push smoking bans, homosexuality, feminism, wars, debt, slavery reparations, tyranny, illegal immigration, abortion, global warming, vaccines, and the minimum wage is that the ruling class wants to divide and distract the 99%.


    Once the ruling powers have turned the US into a Communist country, the useful idiots who supported the elites will be lined up in front of a wall and shot.

  22. #19
    Quote Originally Posted by tn1776 View Post
    The elites don't necessarily agree with the issues they support. The reason the globalists push smoking bans, homosexuality, feminism, wars, debt, slavery reparations, tyranny, illegal immigration, abortion, global warming, vaccines, and the minimum wage is that the ruling class wants to divide and distract the 99%.


    Once the ruling powers have turned the US into a Communist country, the useful idiots who supported the elites will be lined up in front of a wall and shot.
    You know some history, at least. I'd argue that the mid-level operators, the ones who know too much but aren't in the inner circle, are the first to be eliminated by the low-level foot soldiers. The mid-levels become liabilities. Only the inner circle and the low-level foot soldiers who actually do the dirty work remain. Then comes the elimination of the "useless eaters" at the behest of the inner circle and carried out by the low-level foot soldiers.

    Any way, the Fed is up to something and metals have resumed their moonshot today.
    Last edited by devil21; 09-23-2019 at 09:47 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  23. #20
    Quote Originally Posted by devil21 View Post
    You know some history, at least. I'd argue that the mid-level operators, the ones who know too much but aren't in the inner circle, are the first to be eliminated by the low-level foot soldiers. The mid-levels become liabilities. Only the inner circle and the low-level foot soldiers who actually do the dirty work remain. Then comes the elimination of the "useless eaters" at the behest of the inner circle and carried out by the low-level foot soldiers.

    Any way, the Fed is up to something and metals have resumed their moonshot today.
    Gold is presently down $4 an ounce so far today.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  24. #21
    Quote Originally Posted by Zippyjuan View Post
    Gold is presently down $4 an ounce so far today.
    I have no idea what chart you are looking at but gold and silver both have been up today, 1% for gold and almost 5% for silver.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  25. #22
    Quote Originally Posted by devil21 View Post
    I have no idea what chart you are looking at but gold and silver both have been up today, 1% for gold and almost 5% for silver.
    At the time, I was viewing Kitco. Up about $6 right (0.42%) now which isn't exactly "soaring". Gold is below where it was at the beginning of the month. If it is a "moonshot", at this rate it could take a few years.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    At the time, I was viewing Kitco. Up about $6 right (0.42%) now which isn't exactly "soaring". Gold is below where it was at the beginning of the month. If it is a "moonshot", at this rate it could take a few years.
    Mainly meant silver with another big 5% move but there's no way gold wouldn't go along also, regardless of what you saw for a moment this morning. Doesn't take a Fed analyst to predict that...

    As you know, the G/S ratio is stupid high and silver has a lot of ground to make up.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  27. #24
    Quote Originally Posted by devil21 View Post
    Mainly meant silver with another big 5% move but there's no way gold wouldn't go along also, regardless of what you saw for a moment this morning. Doesn't take a Fed analyst to predict that...

    As you know, the G/S ratio is stupid high and silver has a lot of ground to make up.
    Yes, the gold/ silver ration is stupid. There isn't a "historic ratio"- some figure it is "supposed" to be. It is all over the place. But if it were, it would not tell you if one was too low priced or if the other was priced too high.

    Last edited by Zippyjuan; 09-24-2019 at 11:31 AM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  29. #25
    Quote Originally Posted by Zippyjuan View Post
    At the time, I was viewing Kitco. Up about $6 right (0.42%) now which isn't exactly "soaring". Gold is below where it was at the beginning of the month. If it is a "moonshot", at this rate it could take a few years.
    Bookmark this Zippy:

    http://goldprice.org/

  30. #26
    Quote Originally Posted by Zippyjuan View Post
    Yes, the gold/ silver ration is stupid. There isn't a "historic ratio"- some figure it is "supposed" to be. It is all over the place. But if it were, it would not tell you if one was too low priced or if the other was priced too high.

    Looking at a 100 year chart, the historical average ratio is around 35:1, with major moves down to the 20:1 range just prior to major economic system changes and/or recessions. Your chart only includes post 1971 fiat currency. What, then, might we deduce from today's current major economic changes underway (end of petrodollar/1971) regarding the behavior of the G/S ratio? I would expect at least a reversion to the average and most likely a return to the lower end of 20:1. Heck, even the chart you posted shows the current ratio to have only been higher at one few year period in the early 90's. Hardly refutes my claim that the ratio is stupid high. It's only been more stupidly high twice in the last 100 years.

    100 year ratio chart
    https://www.macrotrends.net/1441/gold-to-silver-ratio
    Last edited by devil21; 09-26-2019 at 01:34 PM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  31. #27
    Quote Originally Posted by devil21 View Post
    Looking at a 100 year chart, the historical average ratio is around 35:1, with major moves down to the 20:1 range just prior to major economic system changes and/or recessions. Your chart only includes post 1971 fiat currency. What, then, might we deduce from today's current major economic changes underway (end of petrodollar/1971) regarding the behavior of the G/S ratio? I would expect at least a reversion to the average and most likely a return to the lower end of 20:1.

    100 year ratio chart
    https://www.macrotrends.net/1441/gold-to-silver-ratio
    The 100 year chart is all over the place as well. Where do you get an "average" of 35:1? It seems to have been above that for most of the last century according to your chart- only going below it once since 1983. The "modern ratio" seems to be closer to 65:1. Thanks for sharing though.

    https://seekingalpha.com/article/420...level-27-years

    The average gold/silver price ratio during the 20th century, however, was 47:1.
    Last edited by Zippyjuan; 09-26-2019 at 01:42 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  32. #28
    Quote Originally Posted by Zippyjuan View Post
    The 100 year chart is all over the place as well. Where do you get an "average" of 35:1? It seems to have been above that for most of the last century. Thanks for sharing.
    You see, there's this thing called "averaging". It's a mathematical concept that attempts to eliminate outlier bias and find a median. You should look it up. It's a helpful logic tool.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  33. #29
    Quote Originally Posted by devil21 View Post
    You see, there's this thing called "averaging". It's a mathematical concept that attempts to eliminate outlier bias and find a median. You should look it up. It's a helpful logic tool.
    I know how averaging works. But 35:1 isn't the average of your chart. To average 35:1 you need figures both above and below it. Most of the figures in your chart are above that. Only once in the last 35 years has it been below 35:1.

    https://seekingalpha.com/article/420...level-27-years

    The average gold/silver price ratio during the 20th century, however, was 47:1.

    https://www.providentmetals.com/know...explained.html

    Throughout the twentieth century though, the gold-to-silver ratio has averaged about 47-50 and has fluctuated wildly at times
    Last edited by Zippyjuan; 09-26-2019 at 01:53 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  34. #30
    Hence why I said "around". But again, you're not exactly disproving my statement that the ratio is stupid high.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

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