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Russians bought an all-time record number of gold bars in 2022, finance ministry data showed on Friday, as tax cuts on precious metals encouraged people to stock up on bullion as a safe asset.
China Foreign-Exchange Reserves Rise $11 Billion to $3.128 Trillion in DecemberFeb 3, 2023 - 07:25:30 PST
China's foreign exchange reserves rose in December, official data showed on Saturday, as the dollar fell against other major currencies.
Services Sector Survey Stupidity: ISM Soars Most Since COVID Rebound, PMI Signals RecessionFeb 3, 2023 - 07:23:31 PST
Is that the picture that the market is clinging to when it prices in rate-cuts this year? And if that's true, why did the BLS just report a massive surge in jobs?
You Think the Global Economy Is Brightening? Beware: The Big Hit Is Yet to ComeFeb 3, 2023 - 05:56:32 PST
If central banks are not stopped from doing what they are doing—causing booms and busts by manipulating market interest rates downward and relentlessly expanding the quantity of money created out of thin air—their actions will eventually lead to a level of inflation well beyond what we have witnessed over the past year and a half. From this perspective, the sharply contracting real money stock in the world economy is—it has to be feared—the harbinger of a new round of super-easy monetary policy and super-high inflation, even hyperinflation, further down the road.
'Good' news on the labor market is a disaster for the 'soft landing' narrative and sent rate-hike expectations soaring above pre-Powell levels...
The bottom line is that there will be no disinflation of the currency supply. Jerome Powell may be partially correct, however, in forecasting price pressures to ease in certain areas of the economy as it softens. We are currently seeing home prices and car prices come down. We could also see downside pressure come to bear on economically sensitive commodities.
January Payrolls Explode To 517K, 8-Sigma Beat To Expectations; Unemployment Rate Tumbles To Record LowFeb 3, 2023 - 05:46:02 PST
Ahead of today's payrolls report, we warned that there is the possibility for a lot more "market whiplash" because as Goldman explicitly warned, there is the risk for an outlier strong report in January due to massive seasonal adjustments...
Fed’s Balance Sheet Drops by $532 Billion from Peak, Cumulative Loss Reaches $27 billion: February Update on QTFeb 3, 2023 - 05:44:51 PST
QT is starting to make a visible dent.
Feb 3, 2023 - 05:43:58 PST
By the end of 2023, about half of the states will have cut rates on income within three years. But some Progressive states are intent on driving away businesses and consumers.
World’s Biggest Pension Fund Posts Loss in Longest Losing Streak in Two DecadesFeb 3, 2023 - 05:33:49 PST
Japan's Government Pension Investment Fund — the world's largest — reported a fourth consecutive quarterly loss on Friday, taking it to its longest losing streak in 20 years.
US Pension Funds Are on the Brink of Implosion – And Wall Street Is Ignoring ItFeb 3, 2023 - 05:30:33 PST
It is a warning that Wall Street executives, busy skimming fees off retirement nest eggs, want you to ignore. The longer the warning goes unheeded, however, the bigger the financial time bomb may be for workers, retirees and the governments that pay them.
Oil headed for a second weekly decline as dimming optimism over a recovery in Chinese demand and rising US stockpiles offered the latest indications that the market remains soft.
Stock Buybacks Race to Record $132 Billion Start as Companies Snub All WarningsFeb 3, 2023 - 05:24:54 PST
President Joe Biden dislikes them. The taxman is coming after them. And Wall Street strategists warn the boom won’t last. Yet against all odds, Corporate America continues to splurge on its own shares — a force that has fueled the new year rally.
The US stock rally has already gone too far, and investors face brutal declines if economic growth crumbles in the second half of the year, Bank of America Corp. strategists say.
Late to the global interest-rate hiking party, the European Central Bank is trying to convince everyone that it will also be one of the last to leave.
Bullish markets are increasingly pricing in a second-half reversal of the global monetary tightening wave, making it tougher for central bankers to vanquish inflation once and for all.
Bond traders are growing ever more confident that central banks are nearing the end of their tightening cycle.
The Labor Department is set to release its monthly jobs report for January at 8:30 a.m. ET on Friday. Economists expect employers added 190,000 jobs in the month.
Stock Futures Fall Ahead of Jobs Report, After Big Tech Results DisappointFeb 3, 2023 - 05:07:52 PST
U.S. stock futures languished in morning trading Friday as earnings misses from Big Tech giants discouraged recent optimism over interest rates and as investors awaited key monthly employment data.
Do you believe your eyes? Or do you believe your ears? That’s the dilemma you face as you try to make sense of the latest Federal Reserve meeting and Jerome Powell's messaging. It’s also a question to ask yourself if you’re evaluating the performance of gold over the last year. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explores this dilemma in both contexts.