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JPM: "Things Have Gotten Out Of Control: People Have More Confidence In Gold Than In Paper Money"

"...gold at $1,200 an ounce, what does that tell you? It tells you that in a flight to quality, in a safe haven, people have more confidence in gold than in bank deposits or paper money. I think things have gotten out of control."

- Bob Michele, Global CIO & Head, Global Fixed Income, Currency & Commodities Group"


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Jeff Gundlach: Gold To $1,400 As Faith In Central Banks Is Lost

In his latest communication with the outside world, Gundlach said that gold prices are likely to reach $1400 an ounce "as investors lose faith in central banks", Reuters reported. "The evidence that negative rates are harmful and not helpful has piled up to the point that the 'In Central Banks We Trust' mantra has finally been laid bare as a hoax,"


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If You Want To Be Wealthy, Don't Buy A House - Build A Business

The key take-away: focus on owning income-producing assets, not a primary residence. Don't finance your assets with debt; finance your income-producing assets with savings and sweat equity, not borrowed money.


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Millennials Now Prefer Socialism To Capitalism

"Feel the Bern"...


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Through The Looking Glass On Rates

Negative interest rates act effectively as a hidden tax funneled directly to banks. They are inherently unhealthy. Currently, they could indicate also a measure of unease among two of the four most powerful central banks. If so, that could well escalate.


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Subprime Auto Is "NOT" The Next Big Short, Citi Insists

"It seems like too many people have seen the movie 'The Big Short' and are starting to think the movie heroes’ short strategy would translate to the ABS market. It’s not wise to believe everything you see in a movie and hit films are not the best source for trade ideas."


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"Billions Lost"

"While buybacks work great during bull market advances, as individuals willfully overlook the fundamentals in hopes of further price gains, the eventual collision of reality with fantasy has been a nasty event..."


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This Is What Central Bank Failure Looks Like (Part 3)

First, it was The BoJ's utter collapse from omnipotence to impotence. Then came the collapse of The Fed's credibility in the short-term. And now, in the most egregious example of total central bank failure - the 'market' has priced out any chance of a rate hike through 2018... and in fact, there is now a greater chance of a rate-cut (than rate-hike) into 2017.


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It Was Never About Oil, Part 2: It Was Always Leverage & Volatility

Unfortunately, we remain stuck in the cleanup phase so long as economists and their ability to direct policy continue to suggest the Great Recession was anything other than systemic revelation along these lines; a permanent rift between what was and what can be. It is and was never about oil; only now that oil projects volatility into the dying days of eurodollar leverage.


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Putting It All Together: When Does The Junk Bond Sell Off End, And When Should One Buy

Bottom line, our conversations with investors suggest yields in the 20 – 25% context could be attractive enough to draw in marginal capital – although several investors noted that is reasonable for triple C risk excluding commodities. In short, we're not there yet.


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Even WSJ Admits OPEC Production Cut Story "May Be Bogus"

"Look, the OPEC thing may turn out to be bogus. Lord knows we’ve heard that line too many times to count, and oil’s at $26/barrel."


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Moments After Oil Crashes To 12 Year Lows, "OPEC Headline" Sends It Surging Again

Seconds after Oil hit the lows and NYMEX closed - and S&P broke the critical 1812 level, this hit:

*OPEC READY TO COOPERATE ON CUT, UAE ENERGY MIN SAYS: WSJ

So, first it was Venezuela speaking for the Saudis, then it was Russia speaking for the Saudis, now it is the UAE.


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"Forget It": Turkey Throws Up On EU Refugee "Plan" As NATO Sends Ships To Nab "People Smugglers"

“We’re surprised that the Europeans should say we should open the borders to Syrians from Aleppo when we’ve been doing that for five years. It is all unfolding, another tsunami. How are we going to cope?


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OPEC Will Not Blink First

An OPEC production cut is unlikely until U.S. production declines by about another million barrels per day (mmbpd). OPEC won’t cut because it would accomplish nothing beyond a short-term increase in price. Carefully placed comments by OPEC and Russian oil ministers about the possibility of production cuts achieve almost the same price increase as an actual cut. The focus going forward must be on the source of the problem. That is the United States and not OPEC.


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