• Stocks Jump As Dollar Dumps And Bitcoin Explodes To Record Highs

    Just because it made us laugh…
    As Bloomberg notes, the S&P 500 climbed for the third consecutive session as President Donald Trump’s trip to Saudi Arabia netted deals that lifted defense shares. The euro remains firm having pared gains from Chancellor Angela Merkel’s comment referring to the single currency as ‘too weak.’ The 10-year Treasury yield climbed above 2.25% while gold rose and crude climbed to the highest in a month as Saudi Arabia said all producers agree on extending output cuts. Brazil’s real trimmed losses after the top court suspended its ruling on President Temer, while Mexico’s peso gained as interest rate differentials temporarily overshadow NAFTA concerns.

    This post was published at Zero Hedge on May 22, 2017.

  • Manchester Attack Sees Asian Stocks Fall, Gold Firm

    The appalling attack in Manchester overnight in which over 22 people have been killed has led to a slight uptick in risk aversion in markets.
    Investors are cautious after police said they were treating a bombing at a concert in the Manchester Arena as a ‘terrorist incident’.
    Asian stocks gave up gains after the attacks and European indices had a subdued start.
    Gold rose in the aftermath of the attacks to three week highs prior to giving up some of the gains by mid morning trading.

    This post was published at Gold Core on May 23, 2017.

  • The Foundation Of The Stock Market Is Crumbling

    The S&P 500 and Dow have gone nowhere since March 1st. The SPX had been bumping its head on 2400 until Wednesday. The Dow and the SPX have been levitating on the backs of five tech stocks: AAPL, AMZN, FB, GOOG and MSFT. AAPL alone is responsible for 25% of the Dow’s YTD gain and 13% of the SPX’s. Connected to this, the tech sector in general has bubbled up like Dutch Tulips in the mid-1630’s. The Nasdaq hit an all-time high (6,169) on Tuesday.

    This post was published at Investment Research Dynamics on May 23, 2017.

  • Comey Hearing Delayed: Chaffetz Postpones Hearing So Comey Can Speak With Special Counsel

    Last week, in a frenzied attempt to get to the bottom of the ‘Comey memos’ fiasco, Jason Chaffetz scheduled a hearing for the former FBI Director to appear before the House Oversight Committee this Wednesday at 9:30AM. That said, per the tweet below, Chaffetz apparently scheduled the hearing before even tracking down Comey’s latest cell phone number.
    Officially noticed a hearing for next Wed at 9:30am ET with former FBI Dir Comey. But I still need to speak with him…evidently has a new #
    — Jason Chaffetz (@jasoninthehouse) May 17, 2017

    This post was published at Zero Hedge on May 22, 2017.

  • 22/5/17: Eurogroup and Greece: Wrestling Defeat from the Claws of Victory

    Today’s Eurogroup meeting on Greece ended in no agreement and extends the current tranche negotiations into June 15, the date of the next Eurogroup meeting.
    For the background:
    Greece is an economy brought to its knees by the Eurogroup and the ESM, as detailed in a range of facts well-summed up here: and Greece is now back in a recession, with dire consequences for both, the economy and the Greek society, and for fiscal targets and programs previously agreed by the Eurogroup: The key sticking point so far is the scheduling of future primary surpluses (budgetary surplus before the debt servicing costs are factored in). The Eurogroup insists on these surpluses running at 3.5% of Greek GDP for the first 5 years following 2018, declining to 2% or 2.2% (depending on the version of the draft agreement) for 2023-2060.

    This post was published at True Economics on Tuesday, May 23, 2017.

  • Trump Seeks Historic $3.6 Trillion In Spending Cuts, Including Selling Half Of US Strategic Oil Reserve

    More details of President Donald Trump’s first budget proposal were reported Monday by Bloomberg and Reuters. The leaks add to the picture of what we know about Trump’s budget, which also includes a flurry of leaks published by The Washington Post, the Associated Press and Bloomberg late Sunday, which fleshed out Trump’s plans to slash entitlement spending.
    In total, the budget plans to trim $3.6 trillion in spending over 10 years across all discretionary spending and non-discretionary spending lines, in order to enable tax reductions across the board: if enacted – and remember that the president’s budget is just an initial blueprint which rarely passes in its original form – the Trump administration would implement the deepest cuts to government programs in a generation, delivering the opening salvo in a new round of budget battles in Washington.
    This is key to balancing the budget by the 10th year.

    This post was published at Zero Hedge on May 23, 2017.

  • Gold market rigging sneaks into Bloomberg profile of mining entrepreneur Giustra

    Frank Giustra likes to see big where others think small.
    The Canadian mining maverick’s latest target is a subterranean patch of red earth in southwestern Mexico. In January his new undertaking, Leagold Mining Corp., bought the Los Filos mine from Goldcorp Inc. for $350 million. It wasn’t the open pits churning out 200,000-plus ounces of the precious metal that caught this attention — it was the untapped deposit stretching for roughly 600 meters below.
    ‘We just looked at it and thought: This is a jewel,’ Giustra, 59, said in an interview at his downtown Vancouver office, where a George Rodrigue blue dog painting hangs at the entrance. The plan is to use Los Filos to build ‘a major gold producer over the next two, three, four years,’ he says. ‘Unless the world changes dramatically, I think we’ll pull it off.’
    Giustra has a track record of finding the sparkle in the dirt. He’s used what he calls a grow-by-acquisition model to help build Endeavour Mining Corp. as well as a predecessor to Goldcorp, which is now one of the largest gold producers and Leagold’s biggest shareholder. In his spare time, he founded Lions Gate Entertainment Corp., which became one of the world’s biggest independent studios.

    This post was published at bloomberg

  • From Yukon to Patagonia, gold explorers stir after sleep

    The number of holes drilled at gold deposits has been rising steadily for more than a year, according to S&P Global Market Intelligence. And while early-stage exploration budgets haven’t kept pace with spending at existing mines, prospecting hot spots are starting to pop up in traditional destinations Canada, Australia, and Latin America. In some parts of Argentina, exploration has jumped about 50 percent, mainly for lithium but also for gold in provinces such as Santa Cruz, according to state-controlled energy company YPF SA. Chile’s government also sees a pickup this year with prospectors focusing on both copper and gold. Colombia is also attracting more attention.
    In some parts of Argentina, exploration has jumped about 50 percent, mainly for lithium but also for gold in provinces such as Santa Cruz, according to state-controlled energy company YPF SA. Chile’s government also sees a pickup this year with prospectors focusing on both copper and gold. Colombia is also attracting more attention.
    Drilling successes are adding to the interest. Aurion Resources Ltd. shares have more than tripled since Feb. 1 when it announced a discovery in northern Finland, while SolGold Plc has risen 12-fold in the past year as it drilled out a copper and gold find in Ecuador. This week’s $431 million deal between Eldorado Gold Corp. and Integra Gold Corp. is the latest acquisition driven by a need to secure new ounces.
    ‘We need more exploration in the industry; it’s been such a long downturn,’ Mark Ferguson, head of mining studies at S&P Global Market Intelligence, said in a phone interview from Halifax, Nova Scotia. ‘A lot of producers are going to start facing medium-term shortfalls in their pipeline if they’re not replacing the reserves that they’re actively mining.’

    This post was published at bloomberg

  • Deutsche Bank Woes Deepen in Monte Paschi Fraud Case

    Deutsche Bank AG, on trial in Milan for allegedly helping Banca Monte dei Paschi di Siena SpA conceal losses, must face accusations that it was running an international criminal organization at the time.
    Prosecutors used internal Deutsche Bank documents and emails to persuade a three-judge panel to consider whether there were additional, aggravating circumstances to the charges the German lender already faces related to derivatives transactions. The material included a London trader’s “well done!” message to a banker who is now on trial, evidence seen by Bloomberg shows.
    Allowing prosecutors to argue that the alleged market manipulation crimes were committed by an organization operating in several countries could lead to higher penalties if they win a conviction. Giuseppe Iannaccone, a lawyer for Deutsche Bank and some of the defendants, sought to block the move at Tuesday’s hearing, saying there wasn’t a clear connection between the original charge of market manipulation and the alleged aggravating circumstances.
    ‘The trial for Deutsche Bank managers becomes more problematic after the judge’s decision,’ said Giampiero Biancolella, an attorney specializing in financial crime who isn’t involved in the case. ‘If proven, the aggravating circumstance may increase the eventual jail sentence for the market manipulation to a maximum of nine years.’
    The German bank and Nomura Holdings Inc. went on trial in Milan in December, accused of colluding with Monte Paschi to cover up losses that almost toppled the Italian lender before its current battle for survival. Thirteen former managers of Deutsche Bank, Nomura and Monte Paschi were charged for alleged false accounting and market manipulation.

    This post was published at bloomberg

  • The Gnome Underpants Gold Model – Precious Metals Supply and Demand

    How to Earn Money that Will Soon be Worthless Real Quick There is a often-promoted plan to grow your wealth. Here’s the background. The dollar is going to be worthless. Soon! The reason is because [their peeps in high places tell them / the Chinese / end of the petrodollar / historical fiat currencies / Rothschild Jekyll Island Master Plan Private Fed / Fed printing] will cause the dollar to collapse and gold will rocket to $50,000.
    In fact, it’s a miracle that the price is a mere $1,253 and it hasn’t exploded already. It will, once people discover this One Weird Secret that They Don’t Want You to Know that we have been reiterating every day for decades (by the way, Monetary Metals is about to publish the data to finally shine the full sunlight of disinfectant on this – stay tuned).
    The plan has three phases.
    Phase 1: You gotta buy gold. Now. In fact, call 1-800-BUY-GOLD now! That number, again, is one eight hundred bee yoo wye gee oh ell dee Phase 2: Price goes up Phase 3: Profit!

    This post was published at Acting-Man on May 22, 2017.

  • Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

    As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U. S. shale production will continue to grow along with global demand.
    Robert Johnston, the CEO of one of the world’s biggest political risk consultancies, is unconvinced. In a speech made at the Association of International Petroleum Negotiators’ 2017 International Petroleum Summit, Johnston laid out his concerns for the future of oil.
    ‘What I don’t hear people asking is, ‘then what?’ Are the Saudis going to maintain these production cuts forever, or at some point do they have to start reversing that? I think in 2018 they will be reversing those production cuts,’ he said.
    These important questions aren’t getting enough attention according to Johnston, whose firm Eurasia Group foresees a fast-approaching supply gap that Saudi Arabia and U. S. oil may not be able to fill.
    Eurasia Group forecasts about 7 million barrels per day (MMbbl/d) of new crude supply by 2022. This includes about 5 MMbbl/d of U. S. shale growth and about 2 MMbbl/d from oil sands and deepwater extraction. But by the year 2022, another 15 MMbbl/d of new supply may be needed, as demand trends predict an annual growth rate of about 1 MMbbl/d. With this kind of impending discrepancy between supply and demand, the industry needs to start looking for new sources of oil, and quickly.

    This post was published at Zero Hedge on May 22, 2017.

  • 22/5/17: U.S. Autoloans Market: Careless Lending, Defaulting Buyers

    Auto loans are now coming through as a growing concerns area in terms of U. S. household credit. Auto loans originations have risen, in total volume from $123.9 billion in 1Q 2016 to $132.4 billion in 1Q 2017, an all-time high for 1Q period on record. Total volume of auto loans debt outstanding is at $1,167 billion, up on $1,071 billion in 1Q 2016 and at an all-time record. Year on year growth in auto loans is at 9%.
    However, origination has been more subdued in 1Q 2017 for subprime loans, with issuance for credit score below 620 falling to $25.9 billion in 1Q 2017 compared to $26.9 billion a year ago. Likewise, near-sub-prime originations (credit scores 620-659) also declined, from $16.1 billion in 1Q 2016 to $15.6 billion in 1Q 2017.

    This post was published at True Economics on Monday, May 22, 2017.

  • Manafort, Stone Give Russia Docs To Senate Intel Committee

    While Michael Flynn may refusing to comply with the Senate Intel Committee’s probe of Russian interference, two other former associates of Donald Trump complied on Monday afternoon, and according to NBC, Paul Manafort and Roger Stone have turned over documents to the Senate Intelligence Committee in its Russia investigation, providing “all documents consistent with their specific request.” As reported previously, the committee sent document requests to Manafort and Stone, as well as Carter Page and Mike Flynn, seeking information related to dealings with Russia. So far Page has not yet complied, while Flynn it was confirmed today, planned to plead the Fifth as a reason not to comply with a committee subpoena, citing “escalating public frenzy” as part of the ongoing probe.
    According to NBC, the committee’s letter to Page asked him “to list any Russian official or business executive he met with between June 16, 2015 and Jan. 20, 2017. It also asked him to provide information about Russia-related real estate transactions during that period. And it seeks all his email or other communications during that period with Russians, or with the Trump campaign about Russia or Russians.”

    This post was published at Zero Hedge on May 22, 2017.

  • Trump Turmoil Grows, Prompting Flight to Safety

    Donald Trump has been dogged by efforts to undermine his presidency since winning the election in November. Deep State operators and political partisans have been working around the clock to hang a scandal around the president’s neck large enough to ruin him.
    If markets are any indication, they got some help last week from former FBI director James Comey. Comey’s leaked memo asserting the president tried to interfere with the investigation of Michael Flynn, the former National Security Advisor, prompted a selloff in stocks and a boost in precious metals.

    This post was published at GoldSeek on 22 May 2017.

  • BofA Finally Asks “Is The Tech Bubble Happening Again?”

    While not nearly in the same ballpark as what is taking place right now with bitcoin, and its various alt-coin peers, the ~30% YTD move higher in tech stocks has been just as impressive, and is beginning to result in warnings of “deja vu” among at least among some bank analysts. One such growing skeptic, is BofA’s Michael Hartnett who writes that US growth stocks have just surpassed the 2000 ‘bubble’ highs vs global value stocks and wonders if “the [next] tech bubble has started.”
    Asking rhetorically ‘Alexa, how high can markets fly?’ Hartnett writes that 2017 has seen big global stock (10%) and bond gains (4%), as well as the dramatic resumption of a bullish ‘deflation’ trade. Leadership in stock markets has reverted to the ‘growth’ theme, while leadership in bonds has reverted to the ‘yield’ theme. For example:
    Nasdaq Internet index annualizing a 80% total return CCC rated junk bonds annualizing an 18% gain, while EM sovereign bonds (EMGB) annualizing a 17% gain. Pointing out something we showed one month ago, namely that in a world awash with central bank liquidity “nothing matters”, Hartnett laments that “the lack of tax reform, lack of strong economic growth, no oil recovery, more geopolitical tension, China credit fears, none of it has mattered thanks to the ongoing central bank ‘Liquidity Supernova’: central banks have purchased a whopping $1.1tn of asset YTD.”

    This post was published at Zero Hedge on May 22, 2017.

  • Stocks and Precious Metals Charts – And Where They Make a Desert, They Call It Peace

    ‘He felt that he had known them all, those strange terrible figures that had passed across the stage of the world, and made sin so marvelous and evil so full of subtlety.”
    Oscar Wilde, The Picture of Dorian Gray
    ‘In a nation run by swine, all pigs are upwardly mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely.’
    Hunter S. Thompson
    Stocks were drifting higher today on light volumes and the good news of a very large arms deal with Saudi Arabia. Few things are so immensely profitable for us than war, because its products contain their own need for replacements.
    Gold and silver saw a little upside on weaker economic outlooks based on stagnant wages, weakening demand, and the continuing printing of money by the unproductive bushels in pursuit of mad and discredited economic theories.
    There will be a Comex precious metals options expiration this Thursday the 25th.
    Trump’s budget was revealed in absentia today.

    This post was published at Jesses Crossroads Cafe on 22 MAY 2017.

  • How Do You Prepare The Country For An Economic Collapse, Like This – Episode 1286a

    The following video was published by X22Report on May 22, 2017
    UK threatens to quit Brexit as the ECB demand exit payment. S&P just cut rating of several Australian financial institutions because of a cooling housing market. Greece has imposed more austerity on the people and now they are coming for the safety deposit box. Bill introduced to cancel a billions of dollars worth of student loans, this will allow the government to use tax payer money to collect. NY bankruptcy judge sees a surge in bankruptcies. Loan creation has just taken another major hit and falls to the levels seen right before the great recession. Trump introduces a new budget that will cut many of the entitlement programs, it won’t be pleasant but the people will need to get use to it.