Higher demand due to the vacations + the half "aguinaldo" (biannual bonus for employees) starts to get paid in december = some people quickly buy dollars.what is happening on that date?
- The secret to the success of the new Central bank authorities is impeding the contado con liqui operations. Every now and again they suspend a stockbroker (arbolito?) to remind them of the inconvenience of dealing in triangular transactions, pesos and dollars.El secreto del "éxito" de las nuevas autoridades del Banco Central es impedir las operaciones de contado con liquidación. Cada tanto suspende a algún agente de Bolsa para recordarle lo inconveniente de transitar por este camino de triangular acciones, pesos y dólares.
- What is certain is that the "contado con liqui", which is the act of buying shares in Buenos Aires in pesos and selling certificates of possession of these shares in New York in dollars, closed at 12.61 pesos and already has the same value as the dollar bill. Of course, the absence of the brokers means the stock will only sell for 164 million pesos and the index of leading shares fell 1.84 percent.Lo cierto es que el "contado con liqui", como llaman en la jerga a la operación de comprar acciones en Buenos Aires en pesos y vender los certificados de posesión de esos papeles en Nueva York en dólares, cerró a 12,61 pesos y ya tiene el mismo valor que el billete. Por supuesto, la ausencia de los operadores hizo que la Bolsa negociara tan solo 164 millones de pesos y el índice de las acciones líderes cayera 1,84 por ciento.
Welcome back Magic Gonzalez. Your presence has been missed in these hallowed portals.The sell is 12, buy is higher, prob closer to 12.7, and if it is not favourable they may not buy.
Peso slaves are buying at around 10.5 at the minute, official + 20% retention (to be returned at end of yr if your accounts are straight...dont believe the hype, it's very achievable) Most people are using 10 as a reference point, buying at that rate, walking out the door to the street, selling and returning back to lodge 80% in their accounts and trouser the 20.
This is the gap "they" are trying to close, although they'll need to work hard to keep up with the liquidation of aguinaldos into dollars in dec and the holiday season frenzy.
Not sure if I would be confident enough to make any long term predictions as Argentina has a way of making fools of the brave.