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The Relentlessly Dwindling New Gold Supply: Production Down 15%, Costs UpJul 31, 2018 - 05:33:11 PDT
The macro gold supply story plods along behind the scenes and far from the headlines. Costs are rising and new discoveries are few, small, and far between. Existing mines are yielding less and less. It is a burgeoning supply shortage awaiting a demand increase and a long-term catalyst for higher gold prices.
Stop the Presses: Permabull Jamie Dimon Warns of Potential QT-Driven Market PanicJul 31, 2018 - 05:24:55 PDT
A rare moment of candid clarity from one of the market's most tireless cheerleaders: "I don't want to scare the public, but we've never had QE," Dimon said. "We've never had the reversal. Regulations are different. Monetary transmission is different. Governments have borrowed too much debt, and people can panic when things change."
What Deficit? "Trump Considering Unilateral $100 Billion Tax Cut On The Wealthy"Jul 31, 2018 - 05:13:45 PDT
Hot on the heels of the US Treasury indicating/announcing/confessing they will need to print a horse-choking $1.33T in new debt this year alone to make up for enormous tax shortfalls, another potential initiative to cut taxes even further, aiming to hand such freshly printed federal debt money directly to the wealthy.
From Bad to Worse to Farce: US Treasury Now Says $1.33T in New 2018 Debt NeededJul 31, 2018 - 04:57:10 PDT
Because cutting taxes while spending recklessly does have consequences. But until that shock and awe moment when the world realizes this debt is never getting paid back, the executive branch will have fun, fun, fun, 'til the market takes its t-bills awaaaaaaaaaaaaaay...
"Rising debt servicing costs will be a far bigger political problem than the economic costs of the rate increases. If Chairman Powell wishes to get out ahead of the presidential tweets then he OUGHT to raise rates tomorrow."
And demand at the latest auction was still weak. Over time, earning a pittance for the mirage of safety will reveal itself to be an especially unwise bet. But for now, how long can the Fed continue to walk the "must-raise" anti-inflationary tightrope in the face of a weak economy and an openly antagonistic president?
This open letter to the CFTC's Chairman brings up four issues with gold & silver futures trading, and asks two very pointed questions to conclude...
Keith has come to make a dire warning, and it's not about gold or silver but about debt. Here's the details...
The second quarter GDP number released Friday came in at 4.1%. It represents the fastest rate of growth since 2014. President Trump called the number "amazing," bragging that, "We've accomplished an economic turnaround of historic proportions."Peter Schiff wasn't quite as impressed. In his latest podcast, he said this "peak GDP" is an aberration and it's setting the stage for a major economic fail.
The International Monetary Fund dissed the dollar in its annual External Sector Report, saying the greenback is overvalued.According to a Reuters report, the IMF report also said that "nearly half of global current account balances are now excessive, adding to growth risks and trade tensions."
In the afternoon, US equities pared some losses (S&P finished -16 to 2803) as the 10-year yield ticked up to 2.98%. The DX recovered to 94.37, and gold drifted down to $1221. Gold was $1221.50 bid at 4PM with a loss of $1.50.
MS Part 2: "Selling Has Just Begun; This Correction Will Be The Biggest Since February"Jul 30, 2018 - 12:56:57 PDT
"Morgan Stanley was the one bank which on July 8 'went out on a limb' downgrading tech stocks to Sell and as their Chief Equity Strategist Michael Wilson comically added, 'truth be told, we haven't had much interest from clients wanting to follow us down this path.'"
Morgan Stanley: "Short Growth, Short Momentum, Short the NDX, Short the SPX"Jul 30, 2018 - 12:29:47 PDT
MS with a blanket-bearish note recommending shorting...well, damned near everything, either outright or via options by buying puts. "Tech is a potential market issue because it represents the intersection of so many different investor types, including fundamental HFs, quant HFs (who tend to have a momentum bias), and active mutual funds."
Citi uses typical mealy-mouthed banker-speak to say that nothing has been fixed of the real-world issues that justifiably caused the market plunge earlier this year and that stocks are more expensive again because you're all followers. "Absent a catalyst, herding behavior can be very persistent and can feed on itself."
"Falling gold prices in the absence of rising real yields indicate that gold has cheapened relative to other U.S.-denominated flight-to-quality assets, like TIPS and Treasuries. In our view, the recent price moves have been driven by investors placing too much emphasis on the value of the dollar and too little on real yields."
What can learn about blockchain from the centuries-old stone-block currency system of the Micronesian Yap islanders?
For those concerned about furthering cashless future where cash and privacy get further reviled, stories like these serve as an easy pretext...
Bill Holter: When The System Blows Gold & Silver Will Go Into Hiding And They Will Not Be ObtainableJuly 30, 2018
Bill explains what he says will cause the economy to blow-up, and it has nothing to do with banking, finance, or Wall St. Here's the details...
This could be one of those signs of a major cyclical turn, which, for the Gold Bugs, is is great news. Here's the details...
It's 30% More Expensive to Live a Middle-Class American Life Than It Was 20 Years AgoJul 30, 2018 - 06:36:00 PDT
As wages remain essentially the same a generation later and real estate, education, healthcare and other costs continue to spiral out of control in the wake of Fed money printing, more and more Americans find themselves unable to afford a basic middle-class life.