As the FX markets came to life last night after a tense weekend in the middle east, it is clear that anxiety about the Saudi Riyal is at the forefront.
Forward bets on devaluation/depegging surged most in 7 months as shares in bin-Talal's Kingdom Holdings continued their slide to the lowest since Dec 2011.
The round-up risks overwhelming local and foreign investors struggling to get their heads around the rapid changes shaking the kingdom, but for the second day in a row, any selling was met by instant panic-buying as we suggest Saudi's very own Plunge Protection Team stepped in...
Advice from the US "magnificent twelve", I suppose.
Amazing how these arrogant inbreds have managed to fuck up the greatest blessing of nat resourses ever enjoyed by a nation.
Welcome to the natural state of humanity. Sometimes it can be avoided but most times this is the course that events take.
If ‘Plunge Protection Teams’ can intervene with every little correction and central banks can print money from thin air at will, is there any value at all in tracking markets?
https://olduvai.ca
Just leave a c-clamp on your nuts, and give it a 1/4 turn everytime reason and logic tells you to go short. Spare yourself the pain.
At a glance I thought the headline said "Purge Protection Team."
Saudi PPT?
I am Simon Potter's complete lack of anonymity.
I can't decide who hold the US balls in their hands more, Saudi Arabia, or China.
One each.
China is the current threat to the empire. China is deversified and have the largest labor force on earth. Saudi's import everything other than oil. They are a usless race, without any skills. They buy everything they need. Oil is their life blood. They didn't even pay the 50,000 foreign workers there and they have no money to leave that shit hole. They hire Nannies and keep them locked up, sexually abuse them, Some have escaped to tell their story.
I worked in KSA several years. Justin is spot on with what he wrote about the Saudis.
And they need the cover of the US. They will be chopped to pieces by the Iran/Russia duo if left to their own devices.
Certainly times they are a changing. As far as the curtain being pulled back, KSA has the biggest swamp of all on a relative scale.
Dontcha just love "free market" palace intrigue?! ;-)
Those sudden moments when you decide to sell everything all at once are just normal market behavior. I learned this by watching gold and silver charts.
Kingdoms that live by the sword shall die by the sword.
If you live in the US you better hope that adage does not apply
How do we know it's not the Fed?
that reminds me, i need to hedge my riyal based portfolio with some options and derivative put call swap thingies over at goldman sachs. /s
never bet against intervention by anyone.
That 'surge' in riyal devaluation bets looks like a blip. I wonder if the author judges his penis the same way?
a lose-lose
spending money to lose more money...eventually
stop digging,cut bait,walk away from the table,etc,etc
why would anybody play the market in countries that use plunge protection team, which is illegal .
So who is winning in Saudi Arabia? Is this good or bad for the deep state? How is the US involved?
Shoeshine says it is the Chinks.
I'm ready for a population control shows...