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Gold and silver market moving news, curated from the best of GoldSilver's team and around the web. Check back often for updates, or subscribe to get the highlights in your inbox.
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A Good Children's Book Title if It Weren't Trade Policy Fallout: Soybeans Stranded at Sea
"Cargo ships have been sailing in circles because of the ongoing US-China trade war. The Amsterdam-based trading company Louis Dreyfus is reportedly paying about $12,500 per day to keep the Pegasus afloat in an attempt to wait out the trade war."
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Once More Unto the Brink: "Eurozone’s 'Doom Loop' Re-Grips Italian Banks"
Eurozone finance structure is a lot like a half-mile-long shoelace tied in 10,000 knots throughout a woman's long, frizzy hair, all coated with about 5 pounds of chewed bubble gum. It's just a really nasty, beyond-repair situation, and nothing's going to fix it except razing the whole thing and starting over again.
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Contagion: Clear in Retrospect, Impossible to Accurately Forecast, Can Happen at Any Time
As the Turkish lira implodes, market participants are well-served to remember that with all of the smoldering geopolitical, currency, and economic fires sparking and smoldering around the world, we never know exactly which one, when, will fell the dominoes that spell global financial crisis.
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All Signs Point to Full-Speed-Ahead Fed Tightening: Core CPI Soars To 7-Year High
Between Fed language changes indicating an "extremely strong" economy and now rip-roaring inflation from the Fed's favorite indicator, those wishing for further economy-stoking rate cuts, or least a pause in rate hikes, are likely out of luck.
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Increasingly Desperate Erdogan Tells Turkish Citizens to Sell Their Gold and Buy Lira
After admonishing the Turkish people to sell the USD and buy gold several months ago ("Turks Follow Erdogan's Call to Get Rid of Dollars & Buy Gold"), the dictator-in-all-but-title now commands them to sell that gold and buy more-worthless-by-the-day lira in his bid to maintain political control.
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China Digs in for Protracted Trade War: "An Elephant Can't Hide Behind a Sapling"
Asserting its status as an equal, elephantine power on the same level as the US, China offers a sarcastic rebuke to those who have it tone down its response to Trump's tariffs, dismissing the idea it should stand down so "the United States will raise its hand high in mercy."
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The Swiss National Bank Prints Fiat, Buys US Stocks, Rakes in Over $1B in Dividends
Closer and closer to the abyss of fiat no return. The SNB has been buying stock in dividend-yielders like AT&T (in addition to tech high flyers like AMZN and AAPL) on the open US market. With what? Currency they print out of thin air, of course. Then they sit back and rake in fat USD dividend checks.
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Turkish Lira Collapses to All-Time Low Against USD; Erdogan's Response? "We Have God"
As Erdogan adheres to the Maduro corruption and hyperinflation playbook, he continues to get similar results. And in true despot fashion, as he runs the country into chaos and poverty, he tells citizens that starvation and violence won't be problems, because, "God."
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Felder: "The Heroic Assumptions Behind Today’s Unprecedented Equity Valuations"
The stock market is priced for absolute perfection going forward, And even if it's delivered (can't be, won't be), little upside remains to be won. If anything at all goes wrong? Historical averages suggest Dow, S&P, and Nasdaq declines in the 60%-70% range.
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Fire Up the T-Bill Machine: Trump's "Space Force" Wants $8B Over 5 Years
"What is strange is that the U.S. already has a space-based military footprint: The sky is teeming with spy satellites and other platforms that support government surveillance, communications, weather forecasting and other activities. The Air Force also has a top-secret aircraft, the X-37B, built by Boeing Co., which orbits the earth for extended periods. But why spend less, when one can spend more?"
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Another Quarter, Another All-Time High for Consumer Debt: $3.87 Trillion
"Consumer debt rose 4.8% in the second quarter from a year earlier, or by $176 billion, to $3.87 trillion (not seasonally adjusted), the highest ever, according to the Federal Reserve. This includes credit-card debt, auto loans, and student loans, but not mortgage-related debt."
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The Worst Bank Behavior Is Never Revealed: "We’ll Never Know How Bad the Federal Reserve Is"
The central bank first hides its reports on just how vulnerable and overextended big banks are for 30 years, refusing to release them to the public. Then it destroys them.
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Treasury Says Banking Not "Financial Services", Handing ~$2.5B Windfall to Banks
As swampy as swampy gets, as fine-print manipulation sends more billions in fresh debt spending straight to banks. "How many members of Congress, let alone members of the public, understood that ‘financial services' didn’t mean banking, and therefore that bankers would get a massive tax cut?"
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Logistics Challenge: $1 US Will Currently Buy You 925,000 Gallons of Gas in Venezuela
How much is the nicest mansion in America worth post-apocalypse when 1,000 zombies are marching up the driveway? If you can't move an asset out of the way of clear-and-present, immediate danger, it ain't worth much. Physical gold? Highly portable.
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Deader Than Dead: as Mortgage Rates Rise, Refinancings Hit 18-Year Low
Nobody is left to refinance at this point. Homeowners had a solid decade to refi at as close to 0% as the market had ever been, so it's entirely sensible that the refi market is closed. What's a desperate mortgage broker to do? It's hard out there selling bubble-priced houses to bad credit risks.
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China: Spending Money They Don't Have to Build Cities for People Who Don't Exist
Ghost cities. Imagine the outcry if President Trump decided to debt-spend billions to build empty buildings that house no one in the name of "economic progress." Yet that has been exactly what China has done. This ghost city in Baodi District, about 70 miles from Beijing, has an occupancy rate of 10%.
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S&P 500 Median Price to Sales is *Double* What It Was at the Peak of the Dotcom Bubble
At a time when you can throw a rock and hit a "Never in the history of the stock market have stocks been this expensive" metric, this one stands out. A new ceiling for the absurd: an indicator that indicates 100%-greater current overvaluation than at the peak of the biggest bubble ever.
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2,000-Year-Old Gold Earring Found in City of David Parking Lot Excavation
Here before you were born, here long after you're gone. Gold's extraordinary ability to pass on value through 50 generations on display in the form of a horned-animal-design earring dating back to the early Hellenistic period.
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Gold Traders' Report - August 8, 2018
Gold was $1213 bid at 4PM with a gain of $2 – again unable to breach and hold above the key down trendline at $1214.
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US Puts Tariffs on Speedometers, China Puts Tarrifs on Fish Meal
Are we having fun yet? The world's least-exciting, most-damaging, all-loser ping-pong match continues unabated.
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