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Later in the afternoon, US stocks trimmed some of their gains while the 10-year bond yield dipped to 2.87%. The DX faded to 96.60, but gold didn’t advance – and dipped to $1173.50. Gold was $1174 bid at 4PM with a loss of $1.
Turkey has been in the headlines over the last few weeks as a currency crisis has rocked that country. But as Peter Schiff pointed out in his most recent podcast, all of the things commentators are frying Turkey over are happening in the US as well.All of the criticism that is being leveled against Turkey - that their deficits are too big, that they have a current account deficit, they're keeping interest rates artificially low, they're keeping interest rates below the rate of inflation - all of that criticism can be applied to the United States."
We have declared 2017 as the "Year of the Bubbles." We've reported on the stock market bubble. We've reported on the student loan bubble. We've reported on the auto bubble. We even told you about a shoe bubble. And then there is the mother of all bubbles - the debt bubble. All of these bubbles are still floating around out there. Of course, at some point, one or more of them will pop.All of this is the result of federal reserve monetary policy. Easy money blows up bubbles. Bubbles pop and set off a crisis. Rinse. Wash. Repeat.
Keith has a very important update on the potential for the state of Nevada to issue gold bonds, and Keith also makes a call to action...
As Emerging Market Currencies Falter, the Market Eyes Systemic Risk in AsiaAug 16, 2018 - 13:04:27 PDT
"Sovereign credit ratings have reached the lowest range since the Financial Crisis. Yet, despite the rising risks, investors have allocated large amounts of their portfolio allocations to EMs relative to Developed Markets (DMs).”
Gold To Soar Between $5,000 - $12,000: Keeping The Big Picture And The Long Term In PerspectiveAugust 16, 2018
The short term outlook has been bearish for gold, but by looking at the big picture and the long term, gold has explosive upside potential. Here's why...
"RBS's chief credit officer described the products he was selling to investors as 'total f****** garbage' loans with 'fraud [that] was so rampant … [and] all random. He wrote to colleagues saying that loans were being pushed by 'every possible … style of scumbag,' and it was 'like quasi-organised crime."
"Approximately 14 percent of all listings in June saw a price cut, that's up from a recent low of 11.7 percent at the end of 2016, according to a new report from Zillow. In addition, home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets."
Harvey says there has been a massacre with raids on both the base metals and the precious metals. Here are the details...
Broken math equations are the fundamentally flawed quicksand upon which the US financial system is currently built. Nowhere is this more apparent than in hopelessly insolvent public pensions. The only two sides that can't admit this? Willfully blind pension recipients and the politicians who lie to them to get votes.
New Housing Starts With a Giant Miss: 0.9% Reality vs. 7.4% ExpectationsAug 16, 2018 - 06:05:36 PDT
For the second month in a row, expectations of a robust and resilient housing market meet the firm reality of a market that is realizing its bubble days are drawing to a close.
Just Like 2008: FBI Investigating Multi-Billion-Dollar Mortgage Fraud CaseAug 16, 2018 - 05:23:20 PDT
And, of course, the mortgages in question involve Ginnie Mae and Freddie Mac, meaning they're guaranteed by the American taxpayer. It's a system so broken and so lucrative to defraud, bubble-level prices make it a near-inevitability. "If borrowers or their mortgage brokers choose, they can easily submit and certify false numbers."
Russia, Turkey...now Japan. $18.4B in Japanese capital flowed out of US debt in June. China and Germany also joined the trend as net sellers for the month.
In perhaps the least surprising development yet in the ongoing lira crisis and the increasing ill will between Turkish and US administrations, Turkey has sold over half of all their USTs since the beginning of the year.
"Just as serendipity in life can arrive over a multitude of positive events all linked side by side in rapid succession, that same good fortune can also..."
Gold can't seem to catch a break right now, but there is more than one indicator flashing that contrarians might want to consider. Here are the details...
The 10-year yield climbed back to 2.866%, and the DX hovered between 96.66-96.72. However, residual selling in gold continued, and support at $1,175 was eventually broken. It traded down to $1,173 – a fresh 19-month low – and was $1,175 bid at 4PM with a loss of $19.
We continue to see amazing new technical applications for gold.Now scientists have used the yellow metal to develop thermal camouflage that can make a person invisible to night vision cameras.
You've probably heard about economic troubles in Turkey. But what's really going on and what caused it?In simplest terms, Turkey is in the midst of a currency crisis. The value of the lira has dropped to record lows. Year-to-date, the Turkish currency has fallen 45% against the US dollar. The official inflation rate is over 15%, but economics professor Steve Hanke said the real annual inflation measured for today tops out at 101%.
Aug 15, 2018 - 11:23:54 PDT
Maduro's tap-dancing, 3-card-monte-esque shell game rollicks on, as he is now pegging the country's pension and salary systems to the Petro, the country's universally derided crypto (headlines include "The Petro Is The Ultimate ICO Scam" and "Venezuela’s Cryptocurrency Is One of the Worst Investments Ever").