• GoldCore
    05/01/2015 - 08:09
    JP Morgan’s massive silver buying brings to mind the Hunt Brothers' attempt to corner the silver market in the late 1970s. The Texas oil-tycoons tried to corner the silver market by accumulating a...

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Punk Q1 GDP Wasn't Surprising: It Extends A 60-Year Trend Of Exploding Money And Imploding Growth

During the heyday of post-war prosperity between 1953 and 1971, real final sales - a better measure of economic growth than GDP because it filters out inventory fluctuations - grew at a 3.6%  annual rate. That is exactly double the 1.8% CAGR recorded for 2000-2014. The long and short of it, therefore, is that there has been a dramatic downshift in the trend rate of economic growth during an era in which central bank intervention and stimulus has been immeasurably enlarged. How exactly is the Fed helping when the trend rate of real growth has withered dramatically?



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Bund Sell-Off: It's The Supply Stupid

One of the biggest stories of the week has been the great German Bund route as everyone’s new favorite short has sold-off hard on what HSBC calls a “cascade of small events [which has] created a large splash in a structurally ever-thinner mkt, similar to UST flash crash of Oct. 15.” Amid the cacophony of explanations emanating from every credit and rates strategist on Wall Street, BNP is out with a simple suggestion: it’s all about the waxing and waning of supply.



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When Will Apple Stop Screwing The US Economy?

Apple is the Ty Cobb of corporate America. Like Cobb, Apple has set some impressive records. Nine years, a trillion dollars in sales, and almost no taxes paid. Apple risks having a legacy of tainted success and isolation.



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NY Fed Head Of Banking Supervision, And Person Who Handed Over Billions In AIG Profits To Goldman, Resigns

Just three questions here about Sarah Dahlgren's "resignation":

1. Why is she resigning now: is there a crackdown on just how corrupt the Goldman Sachs branch office at Liberty 33 truly is?
2. What will her salary at Goldman Sachs be once she joins the 200 West firm?
3. Which Goldman partner will replace her.

 



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The Swiss National Bank Is Long $100 Billion In Stocks, Reports Record Loss

According to the latest SNB financial release, 18%, or CHF 95 ($102 billion) of the assets held on the SNB's balance sheet are, drumroll, foreign stocks!  In other words, the SNB holds 15% of Switzerland's GDP in equities!



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Albert Edwards On What Happens Next: "More QE - Everywhere!"

"The Q1 US GDP data was a major disappointment to the market as business investment declined due to the intensifying US profits recession. Only the biggest inventory build in history stopped the economy subsiding into a recessionary quagmire. The US economy is struggling and the Fed will ultimately re-engage the QE spigot. Talk is growing that China will soon be doing the same as local authorities struggle to issue debt. But this week we want to focus on Japan, having just made my fist visit to that fine nation for over a decade! Japan, the third largest economy in the world, is also in trouble (see chart below) and will soon be increasing its off-the-scale QE programme to an out-of-this-world QE programme." - Albert Edwards



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Did The Japanese Just Save The World Again?

Suddenly, and with no catalyst whatsoever, "someone" decided to sell JPY, buy EUR and USD and aggressively bid for US equities and European peripheral bonds... just as they headed for an ugly day... Paging GPIF?



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We Are Witnessing A Fundamental Change In The Oil Sector

The world oil market is undergoing a fundamental structural change in response to expensive oil. Producers are trying to survive by limiting expenditures. While analysts have been focused on rig counts, deferred completions have emerged as the initial path to lower U.S. oil production. This unanticipated outcome suggests that others may follow. While everyone is waiting for higher oil prices and for things to return to normal, what we may be witnessing is the end of normal.



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One Heckuva Bull Market

The current equities bull run seems unstoppable. No amount of geopolitical concerns, Greek default fears, rate hikes, US dollar strength, crude oil price volatility, Russian sanctions or whatever else you can think of can put a dent on it. Perhaps we should take a step back and try to understand what is driving this strength. OK, we know that central banks continue to spike the punchbowl, but what is the actual transmission mechanism that directs all this liquidity into equities – as opposed to commodities for instance, which continue to struggle?



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Billionaire Hypocrisy: George Soros May Owe $7 Billion In Taxes

George Soros may owe some $6.7 billion in taxes Bloomberg says, noting that despite the billionaire's call to increase taxes on the wealthy, his fund has employed a loophole that allowed for the deferral of taxes on management fees the reinvestment of which has generated billions in returns. 



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Nasdaq Loses 5000 As Good Data Spooks Liquidity Addicts

"I felt a great disturbance in the Farce, as if millions of fast-money voices suddenly cried out in terror, and were suddenly silenced. I fear something terrible has happened."



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Chicago PMI Bounces

Following ISM Milwaukee's major miss this morning (and income and spending data weakness), and 2 months of significant misses, Chicago PMI printed 52.3 (handily beating expectations of a bounce to 50.0). Employment rose at a faster pace in April but Prices Paid tumbled at a faster pace.



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Bunds & Bullion Bloodbath'd

Well that escalated quickly...



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When The Herd Turns

The ultimate hubris of central banks was their supreme belief in their own powers to direct the herd. As long as the herd was stampeding in one direction, the central banks could imagine that their shouted orders were directing the herd. But once the herd turns, the futility of those orders will be revealed.


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Gold Dumped, Dollar Pumped As Algos Focus On Claims, Ignore Spending

Because what really matters is not spending or incomes for the average American (which both missed dismally), the market appears convinced that the 2nd lowest jobless claims print in history is what matters and the "rate hike is coming" trade is on. Bond yields are higher, dollar is jumping, and gold (and silver) and dumping...



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