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by Phoenix Capital Research
Japan should serve as a lesson to central planners around the world. Japan’s stock market/ real estate bubble burst in the early ‘90s. Since that time Japan has launched NINE QE efforts equal to roughly 25% of its GDP. And GDP growth has worsened despite these efforts from 2% to 1%. Ditto for employment. Japan elected a new Prime Minister Shinzo Abe in September 2012. Since that time, his [...] Central banks create all modern financial bubbles. Real market interest rates will destroy the US stock market prices, bond market prices, commodities market prices and so-called recovering housing market prices. Volcker showed us what raising interest rates will pop bubbles. Bernanke is showing us that forcing down interest rates through monetizing the Treasury and GSE markets blows bubbles everywhere. Remember when the market would tank and the FED came to rescue always, [...] by GoldCore
Today’s AM fix was USD 1,548.00, EUR 1,186.30 and GBP 1,008.60 per ounce. Gold rose $2.50 or 0.16% yesterday to $1,561.00/oz and silver climbed to $27.84 and finished +0.07%. Cross Currency Table – (Bloomberg) Gold is down by 2.2% in dollar terms for the week after denied reports regarding Cyprus being forced by the EU and ECB to sell [...] by GoldCore Gold Bullion Today’s AM fix was USD 1,648.25, EUR 1,246.97 and GBP 1,014.56 per ounce. Silver is trading at $29.89/oz, €22.73/oz and £18.49/oz. Platinum is trading at $1,551.25/oz, palladium at $673.00/oz and rhodium at $1,040/oz. Cross Currency Table – (Bloomberg) Gold was down $20.60 or 1.23% in New York yesterday and closed at $1,648.70/oz. Silver dropped to as low as [...] by GoldCore Gold Bullion Today’s AM fix was USD 1,703.00, EUR 1,300.79, and GBP 1,057.90 per ounce. Silver is trading at $33.15/oz, €25.46/oz and £20.67/oz. Platinum is trading at $1,597.00/oz, palladium at $681.00/oz and rhodium at $1,075/oz. Cross Currency Table – (Bloomberg) Gold fell $18.50 or 1.08% in New York yesterday and closed at $1,696.70/oz. Silver slid to as low as $32.66 [...] by WashingtonsBlog
Less People Voted than in 2004 or 2008 AP notes: Preliminary figures suggest fewer people voted this year than four years ago, when voters shattered turnout records as they elected Obama to his first term. In most states, the numbers were even lower than in 2004, said Curtis Gans, director of American University’s Center for the Study of the American Electorate. Every state but Iowa is showing a smaller turnout than in 2008, Gans [...] CATHERINE RAMPELL While a majority of jobs lost during the downturn were in the middle range of wages, a majority of those added during the recovery have been low paying, according to nytimes.com The disappearance of midwage, midskill jobs is part of a longer-term trend that some refer to as a hollowing out of the work force, though it has probably been accelerated by government layoffs. “The overarching message here [...] It Is Not Just Your Imagination – American Families ARE Getting Poorer by Michael Did you know that median household income in the United States is lower today than it was when the last recession supposedly ended? If we are in the middle of an “economic recovery”, how can this possibly be happening? Stunning new statistics compiled by Sentier Research show that the U.S. economy is not nearly as healthy as we have been [...] Norton Dam, Kan., hit 118 F. on Thursday, and 32 communities from Colorado to Indiana just posted their highest temperatures ever. Forecasters say back-to-back La Niñas are partly to blame. Across the US, high-temperature records are falling like beads of sweat, thanks in part to back-to-back La Niñas and a current jet-stream pattern that is steering storm systems coming off the Pacific well up into Canada. These records appear to be falling into step with [...] From Sober Look: Deutsche Bank’s latest research on U.S. consumer leverage suggests that the deleveraging process may have another couple years to run. They determined the long-term trend line based on consumer debt to GDP ratio from 1953 to 2003, thus excluding the bubble years. Then they compared the current leverage to this line and looked at the rate of convergence. The intersection with the trend line is expected to take [...] From Crossing Wall Street: It’s still too early to say if this is a trend, but for the first time in four years, stocks and oil are headed in different directions… Read full article (with chart)… The U.S. dollar is now facing a falling 10-year resistance line, and dollar bullish sentiment is almost reaching 80%. Despite these high bullish readings, if the dollar succeeds in a breakout, odds move up considerably that… Read full article (with chart)… Robert Reich, Contributor
Members of the Class of 2012, As a former secretary of labor and current professor, I feel I owe it to you to tell you the truth about the pieces of parchment you’re picking up today. You’re f*cked. Well, not exactly. But you won’t have it easy. First, you’re going to have a hell of a hard time finding a job. The job market you’re heading into is still bad. Fewer than [...] by Dynamic Hedge Caution is the name of the game at this point. The most sensitive version of the MAMO indicator is turning bearish. This is a HUGE warning sign. I am still very bullish this market for the long-term trend but it feels like the market wants to auction lower. We went from caution tape to cautiously bullish and now just plain cautious. To sum things up, we have: Sovereign fears reentering the market (although nothing [...] There is growing chatter in economics circles about the unsettling possibility that the nation may never recover completely from the recent recession. Recessions are generally regarded as abnormal disruptions and recoveries as inevitable returns to normalcy — in large part because that is how the economy has behaved for more than a century. Even after the Great Depression, growth returned to its long-term trend; it just took a while. The bleaker view – [...] There is growing chatter in economics circles about the unsettling possibility that the nation may never recover completely from the recent recession. Recessions are generally regarded as abnormal disruptions and recoveries as inevitable returns to normalcy — in large part because that is how the economy has behaved for more than a century. Even after the Great Depression, growth returned to its long-term trend; it just took a while. The bleaker view – [...] There is growing chatter in economics circles about the unsettling possibility that the nation may never recover completely from the recent recession. Recessions are generally regarded as abnormal disruptions and recoveries as inevitable returns to normalcy — in large part because that is how the economy has behaved for more than a century. Even after the Great Depression, growth returned to its long-term trend; it just took a while. The bleaker view – [...] Employment Data Saga Continued: Krasting Says Larry Summers Misstates; Stockman Says It Goes Deeper Courtesy of Wall Street Examiner By David Stockman Bruce – Great job on the Summers catch, but I’m wondering if this goes much deeper. I don’t particularly believe in tin foil hats, but all of these mainstream economists treat the BLS and BEA data like it’s holy writ—when it’s evident that the reports are so massaged, estimated, deemed, revised, re-bench marked and seasonally adjusted that any month-to-month [...] Are Bonds about to plunge? And if so (or if not), what are the implications for stocks and precious metals? Let’s have a look at TLT, which is the iShares Barclays 20+ Year Treasury Bond Fund. Back in 2008, at the climax of the financial crisis, TLT was very stretched above the 200MA, and the RSI was very oversold on a weekly basis. OECD says entire global economy is slowing: The Organisation for Economic Co-operation and Development (OECD) says that every economy it monitors suffered a slowdown during September. The OECD’s leading indicators index for the month is designed to highlight turning points in economic activity. The data showed growth slowing in all OECD countries and major developing economies monitored by the group. The OECD represents developed economies including the US, UK and Japan. The index [...] From GoldCore US Mint Gold Coin Data and Research Casts Doubt on ‘Gold Bubble’ Gold is trading at USD 1,790.10, EUR 1,300.60, GBP 1,114.30, CHF 1,606.20, JPY 139,690 and CNY 11,362 per ounce. Gold’s London AM fix this morning was USD 1,794.00, GBP 1,114.49, and EUR 1,301.51 per ounce. Yesterday’s AM fix was USD 1,764.00, GBP 1,102.78, and EUR 1,286.65 per ounce. Gold remains firm in all currencies after yesterday’s sharp gains which saw gold rise [...] The scale of Hurricane Irene, which could cause more extensive damage along the Eastern Seaboard than any storm in decades, is reviving an old question: are hurricanes getting worse because of human-induced climate change? The short answer from scientists is that they are still trying to figure it out. But many of them do believe that hurricanes will get more intense as the planet warms, and they [...] From GoldCore Bailout euphoria has returned to markets with Asian and European stock indices rising on renewed risk appetite. Gold has recovered from yesterday’s slight sell off (0.6% in USD) and the firm gold price in all currencies suggests that market euphoria is again misplaced. Gold is down only 20 euros per ounce in the last 24 hours. Gold is trading at USD 1,596.10, EUR 1,108.1, GBP 978.50 [...] http://www.theaustralian.com.au/news/world/accidentally-released-report-reveals-embarrassing-extent-of-chinese-corruption/story-e6frg6so-1226076938605 The stock market is now on a speculative surge again, the chartists’ downtrend that was aiming the Dow toward long-term trend support at 11,400 clearly broken to the upside on June 29th. With trends broken and countertrends in place, the market is likely to be driven by news events about money flows. This means stock prices may rise after all this summer [...] |
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