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TOP NEWS End of Year Reminder: Sell ETF Losses & Buy Physical Metals — No Wash Sale Rule

End of Year Reminder: Sell ETF Losses & Buy Physical Metals — No Wash Sale Rule Do you have paper losses in a gold ETF for tax year 2018? If you act by December 31, you can capture that loss on your taxes without losing your exposure to metals. Here's how.

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Dec 14, 2018 - 10:30:51 PST
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Why Owning Shares of a Gold or Silver ETF Is Not the Same as Owning Physical Gold or Silver

On the surface, buying a bullion-backed exchanged-traded fund seems harmless. Gold ETFs track the price of the metal, don’t require you to store any bullion, and even list the serial numbers of the bars on their website. But similar to the old joke about “waterfront” land in Florida that turns out to be swampland, so too are these products once you glance under the hood.

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Dec 14, 2018 - 15:39:50 PST

Gold Traders' Report - December 14, 2018

Later in the afternoon, US stocks took out their earlier low (S&P finished off 51 to 2600), while the 10-year yield moved down to 2.882%. The DX remained steady around 97.45, and gold was $1,238 bid at 4PM with a loss of $4.

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Dec 14, 2018 - 09:27:54 PST

Daniel LaCalle: "It Is Not About Trade War. It Is Global Debt Saturation"

"While global debt soared above 300% of GDP and the vast majority in countries worldwide increased fiscal deficits, global debt rose almost 5% and growth estimates fell 10% in the Jan. to Nov. period. Debt saturation. More debt, less growth."

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Dec 14, 2018 - 07:07:22 PST

Sven Heinrich: "Stock Investors, You Have Now Been Warned for the Last Time"

"First, let’s be clear what happened in 2018: After liquidity infusions of $5 trillion in record global central bank intervention between 2016 and 2017 and the U.S. tax cut that followed, we witnessed a global blow-off top in January and then a 10% correction off historic overbought levels."

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Dec 14, 2018 - 05:35:36 PST

Poker Face? Market Betting Powell Will Fold on Further Rate Hikes in 2019

"Federal Reserve officials will pull the trigger on another interest-rate increase next week before slowing the pace of hikes in 2019 as risks to the U.S. economy mount, according to a new Bloomberg survey of economists."

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Dec 14, 2018 - 05:28:12 PST

70% of Singaporeans 21 to 37 Live With Their Parents Due to Crazy Real Estate Bubble

"Residential prices in the city-state increased almost 7 percent in the first half of 2018, and 88 percent of Singaporeans are dissatisfied over the state of the property market, with respondents citing high home prices as the key concern."

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Dec 14, 2018 - 05:22:36 PST

Bloomberg: "The Long-Anticipated New York Area Housing Slump Has Officially Arrived"

“It’s a great time for buyers, so it’s not all doom and gloom. But you have to manage sellers’ expectations that what they could have gotten two years ago, a year and a half ago, they can’t get now.”

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Dec 14, 2018 - 05:16:45 PST

Barclay's Lied to Customers About a $396M Precious Metals Trading Loss for 7 Years

"In 2011, Barclays denied reports that it had suffered significant losses in metals trading. 'The reports of big losses are nonsense,' a spokeswoman for Barclays said at the time. 'There has been no abnormal trading in the commodities business.”

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Dec 14, 2018 - 05:14:59 PST

Jack Ewing: "Europe’s Central Bank Ends One of the Biggest Money-Printing Programs Ever"

"One of the biggest money-printing programs of all time, a geyser of cash that may have prevented the collapse of the eurozone, will officially end in a few weeks in a slow-motion wrap-up that reflects lingering risks to the region."

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Dec 14, 2018 - 05:09:32 PST

What LA Port Traffic Can Tell Us About the Ever-Increasing Trade Gap

As imports continue to go up and up and up, exports are dead in the water. As the trade deficit continues to hit all-time highs in the face of tariffs that are designed to achieve the exact opposite, when does a failing policy get reexamined?

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Dec 14, 2018 - 04:55:42 PST

As Global Uncertainty Ratches Higher, Investors Ditch the Short US Treasury Trade

"Many investors said they now expect Fed officials will reduce their forecasts for interest-rate increases next week, when they are expected to raise rates for a fourth time this year."

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Dec 14, 2018 - 04:50:31 PST

SRSrocco: "A Very Rare Setup: Who Will Win the Tug of War in the Oil Market?"

"If the oil price continues to fall to $40 and possibly $30, it will destroy the already weak U.S. shale oil industry. To make matters even worse, the companies producing shale in the North Dakota Bakken are receiving a whopping $25.75 a barrel."

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Dec 14, 2018 - 04:48:06 PST

Foreign Investors Buy Record Amount of Japanese Bonds, Betting on Eteranl BoJ QE

“The BOJ has also drawn a line in the sand in terms of allowing yields to leak higher -- given they’ve doubled down on their bond buying, there’s relative stability in the market. In a world with a lot of uncertainty, that can be attractive to some global investors.”

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Dec 13, 2018 - 13:19:51 PST

Gold Traders' Report - December 13, 2018

Later in the afternoon, US stocks trimmed some losses (S&P ended unchanged at 2651), while the 10-year yield edged up to 2.913%. The DX was steady between 97.05 – 97.10, and gold was $1,243 bid at 4PM with a loss of $3.

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Dec 13, 2018 - 12:00:43 PST

US November Budget Deficit Largest Ever; Expenses Outpace Revenue 2-to-1

"November outlays surged 18.4% to $411 billion last month from $347 billion a year ago, while receipts actually declined 1% to $206 billion from $208 billion in 2017, the Treasury Department said in a monthly report on Thursday."

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Dec 13, 2018 - 10:57:21 PST

Toronto New Home Prices Post Largest Drop in 22 Years

"Statistics Canada’s price index for new Toronto homes fell 1.4 percent in October from a year earlier, the most since September 1996."

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Dec 13, 2018 - 10:53:44 PST

Las Vegas the Latest Used-to-Be-Hot Housing Market to Enter Sharp Decline

"Angela Hutchins, a Las Vegas realtor, said price cuts of up to tens of thousands of dollars are now common. 'Any property that we’re pulling up right now, it’s reduction, reduction, reduction,' she said."

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Dec 13, 2018 - 09:23:32 PST

SMART Money Flow Index Hits 13-Year Low as Big Money Heads for the Door

"The Smart Money Flow Index is calculated according to a special formula by taking the action of the Dow in two time periods: the first 30 minutes and the last hour."

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Dec 13, 2018 - 09:17:49 PST

Pimco: Signs of an Upcoming US Recession Are "Flashing Orange"

“The probability of a U.S. recession over the next 12 months has risen to about 30 percent recently and is thus higher than at any point in this nine-year-old expansion.”

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Dec 13, 2018 - 08:49:58 PST

"Insanity" or Just "A Bad Idea": Wall St.'s Vulture Capitalism Pension Pitch

"These are expenses that should be paid for out of the budget -- not bonded out,' said Thad Calabrese, an associate professor at New York University who studies public financial management and called such deals 'insanity."

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