Here we go again. After a couple of big trading sessions, gold – for the sixth time in five years – is approaching the $1,350-ish level that has, each previous time, stopped it cold. It looks like fundamentals, including the Fed’s capitulation to choppy stock markets and trade-war related economic uncertainties, are trumping gold’s usual […]
Top Ten Videos — June 6
Dan Oliver: The next panic will take the dollar down and not up … Why Julian Assange is a hero, not a criminal … Marin Katusa: Governments fear deflation more than anything else … David Morgan: There’s no place else to go but gold and silver … Peter Schiff: Rate cuts will stimulate inflation not […]
The Fed Dusts Off “Whatever It Takes”
The most consequential words ever spoken by a central banker are, without doubt, ECB chair Mario Draghi’s 2012 promise to “do whatever it takes” to stop the bleeding of the Great Recession and keep the eurozone from spinning apart. Specifically: “Within our mandate, the ECB is ready to do whatever it takes to preserve the […]
A Troubled World Means A Stronger Dollar – For Now
You’d think that the more trouble the US causes around the world, the weaker the dollar would trade. Who, after all, wants to own the currency of the country perceived by most to be the source of today’s long list of trade conflicts and dirty wars? Apparently everyone, in a dynamic that’s been defying logic […]
Slowing Economy, Plunging Stocks Are Forcing The Fed’s Hand
A few short weeks ago, the economy seemed to be growing, the trade war looked winnable and the Mueller Report appeared to take presidential impeachment off the table. And then… The economy hit a rough patch. Auto sales are down and home sales are way down. This morning: Pending home sales fall, marking the 16th-straight […]
This Cycle’s Most Dangerous Bubble, In Three Charts
One of the lessons of the past few decades’ boom/bust cycles is that each financial bubble emerges in a different asset class. In the 1970s it was precious metals, in the 1980s junk bonds, in the 1990s tech stocks and in the 2000s mortgage-backed bonds. Today the only one of these with a reasonable chance […]
Top Ten Videos — May 29
Silver Shield: Dollar to silver ratio is crazy! … Chris Martenson: Out of control debt is outpacing economic growth … McAlvany: Gold/silver ratio is highest in 25 years … Bo Polny: A new financial era begins in 2019 … Lynette Zang on “hyperinflation and gold” […]
Stumbling Towards Chaos: All This Happened In Just One Week
Every week is eventful these days. But the most recent one stands out for sheer edge-of-the-abyss when-it-rains-it pours diversity. Some of the highlights: US stocks fell for the 5th straight week “logging the longest weekly losing streak since June 2011.” The US yield curve inverted decisively as long-term Treasury yields plunged. Past yield curve inversions […]
Financial Markets To Federal Reserve: Time To Start Cutting Rates
In late 2018 the US stock market tanked, in effect holding a gun to its own head and threatening to pull the trigger unless the Fed stopped raising interest rates. The Fed, painfully aware that an equities bull market is an existential threat in today’s hyper-leveraged world, quickly caved, promising no more rate increases if […]
Silver Speculators Say It’s Time To Start Buying
The gold futures market took a big step towards bullish — or at least neutral — in the past week. Speculators (usually wrong at big turning points) scaled back their long bets while commercials (usually right at turning points) reduced their net short positions. This is progress, but still leaves speculators long and commercials short. […]
Negative Interest Rates Spread To Mortgage Bonds
There are trillions of dollars of bonds in the world with negative yields – a fact with which future historians will find baffling. Until now those negative yields have been limited to the safest types of bonds issued by governments and major corporations. But this week a new category of negative-yielding paper joined the party: […]
Top Ten Videos — May 23
Peter Schiff: Will Tesla crash the corporate bond market? … Chris Martenson: We work for the company store … Gerald Celente: The woes of the status quo … Lynette Zang: How much gold is enough in a reset? … David McAlvany: US GDP growth would be negative without soaring debt … Alasdair Macleod: What will […]
The Terrifying Truth About Negative Interest Rates
Pushing interest rates below zero is both an act of desperation and something that in theory should have a huge, immediate impact of the behavior of borrowers and savers. The fact that negative rates have become the new normal in big parts of the world but haven’t caused the expected behavior change should scare the […]
Beef Just Lost Its Place In The Fast Food Burger World
Last year I read an article about the Impossible Burger, a plant-based patty that was supposed to rival the real thing. Intrigued, I called a friend who lives in a neighboring town and appreciates strange but environmentally cool things, and we met at a restaurant that served Impossible Burgers. They were good. Close to meat […]
Brutal Gold Futures Action Explains Last Week’s Big Price Decline
Just when it looked like gold futures — which still, unfortunately, dictate the price of physical precious metals — were ready to turn bullish, last week’s commitment of traders report (COT) revealed that commercial traders (usually right at big turns) had gone massively short while speculators (usually wrong at turning points) went aggressively long. That […]
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