Gold and Silver Industry & Investing News
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Credit Suisse Bankers Leaving by the Hundreds Every Week
Hundreds of Credit Suisse 's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS , two people familiar with the matter said on Wednesday.
READ MOREFed Likely To Pause Tightening - 3.7% Unemployment Implies Target Rate Of 10.12% Versus 5.25%
Don’t kid yourself. The talking heads at The Federal Reserve (more like Feral Reserve) are only about halfway there in terms of rate hikes. There is still over $8 trillion in monetary stimulus sloshing around the economy.
READ MOREJob Quits, a Key Indicator of Labor Market Health, Reveal Signs of Weakness
Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs.
READ MORENative-Born Workers Tumble By 369K, As Foreign-Born Workers Soar To Record High
And so, when Joe Biden takes his daily victory lap, patting both himself and his data-fudgers at the BLS on the back, maybe someone in the press corp can ask the president: is he more focused on creating jobs for Americans, or foreigners?
READ MOREGold Heads for Best Week Since April on Fed Pause Bets
Gold prices were on track on Friday for their biggest weekly rise since early April, buoyed by hopes the U.S. Federal Reserve will not raise interest rates at its policy meeting this month, which also weighed on the dollar and bond yields.
READ MOREBacklash Against Weaponized Dollar Is Growing Across the World
“Without a doubt, de-dollarization is accelerating and will continue for years to come,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The US made a calculated decision to use the dollar to inflict pain, and there’s likely to be long-term consequences.”
READ MOREA Storm is Gathering, the Likes of which we Have Never Seen!
You can thank the Fed and your long-term spendy government for creating this mess. It is what happens when you don’t pay for what you do as you go and fund it all with practically free Fed funds until you can’t anymore because inflation starts burning up your backside. If the Fed jumps back in to buying US Treasuries, thus expanding reserves, and thereby creating more monetary supply, it will be dumping gasoline from its firefighting plane into the fire tornado, and all hell will break loose.
READ MOREA Nation of Junkies: The Empty Future of a Stimulus-Speculation Economy
Now that the US economy is totally dependent on trillions of dollars in stimulus and speculative gains reaped from the stimulus, there is no Real Economy left to pick up the pieces when the credit-stimulus-speculation bubbles all pop.
READ MOREBanks’ Unrealized Losses on Securities Drop for Second Quarter in a Row, -25% from Peak
From huge to somewhat less huge? Because they’re still six times the magnitude of the prior worst-record in 2018...
READ MOREFed’s Balance Sheet Plunged by $348 Billion in the 10 Weeks since Peak Bank Crisis, and by $580 billion since QT Started
From crisis to crisis to raging inflation. This is the long view of total assets on the Fed’s balance sheet:...
READ MOREApple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts: WSJ
Some say it has taken weeks to withdraw their money and that the bank’s instructions have differed.
READ MORECentral Bank Digital Currencies Will Force Traditional Lenders to Innovative
Central bank digital currencies (CBDCs) will disrupt the banking industry, forcing traditional lenders to innovate and helping small businesses access financing, according to a report by Standard Chartered and PwC China. In addition to facilitating cross-border payments, the CBDCs - fiat virtual currencies issued by central banks - are expected to motivate lenders to integrate their traditional services with other payment service providers to provide more innovative products and services to cust
READ MOREUK House Prices Are Falling Again — And There’s More Pain Ahead
The UK housing market is sputtering again, with economists predicting that the downturn has further to run as rising interest rates bite into the budgets of consumers.
READ MOREMay Payrolls Soar By 339K Blowing Away Highest Estimate Even As People Employed Actually Tumble By 310K
With consensus expecting a modest payroll drop from 291K to 195K, the whisper number coming in alittle higher at 225K and Goldman's trading desk nfp matrix as follows: "a print sub 100k likely hits the tape by ~100bps and a print north of 375k hits the tape by 25 – 50bps", literally nobody was expecting a print above 252K which was the highest forecast among economists, moments ago the BLS reported yet another blowout stunner: according to Biden's Dept of Labor, in May the US added a whopping 339K jobs, almost double the median estimate and well above the highest forecast.
READ MOREMay Non-Farm Payrolls Data Isn't So Much About Headline Print
US employers expanded their payrolls by 195k, according to the median forecast, but what is perhaps more remarkable is that the scatter of opinion is the smallest we have seen since the markets convulsed in March 2020.
READ MOREFed’s Harker Says FOMC Should ‘at Least Skip’ June Rate Hike
Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank is close to the point where it can stop raising interest rates and turn to holding them steady in an effort to further bring down inflation.
READ MOREHow Fed’s New Economic Landscape Should Force It to Give Hard Guidance on Hikes
New economic projections to be issued at the end of the June 13-14 meeting will force central bank officials to give the sort of hard guidance through numbers that they've been reluctant to provide through words.
READ MOREJapan’s Govt Will Vow to End Deflation With Bold Monetary, Flexible Fiscal Policy -Draft
Japan's government will pledge to pull the economy out of deflation through bold monetary policy, flexible fiscal policy and a growth strategy, according to a draft outline of its long-term economic policy platform obtained by Reuters on Friday. "The government hopes the Bank of Japan achieves its 2% inflation target in a stable, sustained fashion accompanied by wage growth," the draft outline said.
READ MOREU.S. Consumer Outlook Dims as Upscale Retailers, Discounters Slash Forecasts
Weak profit forecasts from department store chain Macy's to discounter Dollar General on Thursday underscored the fragile health of the U.S. consumer as persistent inflation curbs spending.
READ MOREA $1.5 Trillion Wall of Debt Is Looming for US Commercial Properties
Almost $1.5 trillion of US commercial real estate debt comes due for repayment before the end of 2025. The big question facing those borrowers is who’s going to lend to them? “Refinancing risks are front and center” for owners of properties from office buildings to stores and warehouses, Morgan Stanley analysts including James Egan wrote in a note this past week. “The maturity wall here is front-loaded. So are the associated risks.”
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