Return of short-selling bans: market protection or 'war against truth'?

By Lawrence Delevingne, Simon Jessop and Jonathan Spicer. Reuters 11/19/2019 NEW YORK/LONDON/ISTANBUL (Reuters) - New moves to curb short-selling in some countries have set the stage for a renewed battle between free market advocates and authorities aiming to check investors they see as profiteers who destabilize major companies. Turkey's [...] Read more

Gold mid-tiers’ Q3 2019 fundamentals

By Adam Hamilton, Zeal Intelligence 11/22/2019 The mid-tier gold miners just reported their results for a phenomenal gold quarter. In Q3’19 this metal surged after its first bull-market breakout in years, driving much-higher prevailing prices. That should’ve led to soaring profits for these mid-tiers in the sweet spot for stock-price upside [...] Read more

Credit Bubble Bulletin: Weak Link

By Doug Noland 11/23/2019 Last week from The Institute of International Finance (IIF) (a summary from a members-only report): “Global debt has topped $250 billion – 320% of GDP: emerging market debt hits a new record of $71.4 trillion (220% of GDP); With limited room for further easing, debt service costs will be an increasing constraint on fiscal [...] Read more

Why Financial Markets’ New Exuberance Is Irrational

By Nouriel Roubini 11/20/2019 Owing to a recent easing of both Sino-American tensions and monetary policies, many investors seem to be betting on another era of expansion for the global economy. But they would do well to remember that the fundamental risks to growth remain, and are actually getting worse. NEW YORK – This past May and August, [...] Read more

Credit Bubble Bulletin: China Update

By Doug Noland 11/16/2019 We shouldn’t read too much into one month. With a holiday week, October is typically a sluggish period for lending in China. But at $88 billion, the growth in Aggregate Financing was about a third below estimates. It was also the weakest month in years – running about a third of September’s level and 16% below a slow [...] Read more

Credit Bubble Bulletin: Extraordinary Monetary Disorder

By Doug Noland 11/ 09/2019 M2 money supply has increased $796 billion y-t-d to $15.245 TN. With two months to go, 2019 M2 growth is on track to easily exceed 2016’s record $854 billion expansion. Recent M2 growth is nothing short of spectacular. M2 has jumped $329 billion in ten weeks, about an 11.5% annualized pace. Over 26 weeks, M2 surged $677 [...] Read more

GLOBAL WARNING

GLOBAL WARNING

By Egon von Greyerz 10/ 17/2019 “Sic Transit Gloria Mundi” (Thus passes the glory of the world). This phrase was used at the papal coronations between the early 1400s and 1963. It was meant to indicate the transitory or ephemeral nature of life and cycles. As we are now facing the end of a major economic, political and cultural cycle, the world is [...] Read more

Gold ekes gain as economic data, global tumult spur Fed cut bets

Gold ekes gain as economic data, global tumult spur Fed cut bets

Golden Bridge on Ba Na Hills, Danang, Vietnam. By Justina Vasquez and Elena Mazneva, with assistance from Ranjeetha Pakiam, Bloomberg News 10/25/2019 Gold futures pared their weekly gain on Friday as progress in the US-Chinese trade talks weighed against weaker-than-expected U.S. data that reinforced expectations the Federal Reserve will cut [...] Read more

Credit Bubble Bulletin: Whatever It Takes to Never Give Up

By Doug Noland 10/26/2019 Any central bank head that passes through an eight-year term without once raising rates has some explaining to do. To leave monetary policy extremely loose for such an extended period comes with major consequences (can we at least agree on that?). So, what went wrong? How did policy measures not operate as expected? With [...] Read more

Gold Seasonality Turns Positive – Prepare For A Big January

BY JOHN RUBINO 10/24/2019 The gold market has a saying — “sell in May and go away” – for a good reason: Asians like to give gold jewelry as wedding gifts and tend to hold most of their weddings in the Spring. Asian jewelers therefore have to load up on inventory – in the form of gold bullion – in winter. This demand cycle puts upward pressure on [...] Read more

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