• GoldCore
    07/30/2014 - 18:58
    “But long term...and economic law says, if you keep printing a lot of paper money, the value of the dollar and currency will go down, and things and most prices will go up and indeed gold always goes...

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Ukraine Army Takes Bloomberg Reporter Hostage: Fascinating Report Ensues

Thanks to a 5-word text message to his father, a Bloomberg reporter was taken hostage by Ukrainian soldiers at a checkpoint near Donetsk. What ensued is both frightening and fascinating...



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Is This The Chart That Has High-Yield Investors Running For The Hills?

We discussed the major rotation, overvaluation, and underperformance of high-yield credit markets recently as relevering stock-buying-back firms find their source of funding starting to dry up. The question is - why now? Perhaps this chart of the wall of maturing corporate debt ($3.9 trillion by 2019 which will need massive liquidity to roll-over and will eat earnings thanks to higher coupons) is what triggered the anxiety as the end of QE and start of rate-hikes looms close...



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Japanese Unemployment Jumps To Worst In 2014 As Household Spending & Retail Sales Drop For 3rd Month

Against an forecast drop to 3.5% joblessness, Japan's unemployment rate missed expectations by the most in 10 months and surged to 3.7% (its highest since Dec 2013). That likely explains why household spending and retail sales both dropped for the 3rd month in a row... (and why Abe's approval rating just broke back under 50%).



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Mass Incarceration: 21 Amazing Facts About America’s Obsession With Prison

Nobody in the world loves locking people behind bars as much as Americans do.  The US has more people in prison than any other nation on the planet.  The US also has a higher percentage of the population locked up than anyone else does by a very large margin.  But has all of this imprisonment actually made the US safer?  Well, the last time we checked, crime was still wildly out of control in America and for the most recent year that we have numbers for violent crime was up 15 percent.  The number of people that we have locked up has quadrupled since 1980, but this is not solving any of our problems. 



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You Know Iraq's Bad When...

While Malaysian Airlines may have still been flying over warzones, it appears things have become so unstable and dangerous in Iraq that none other than Emirates Airlines has chosen to "re-route' around the troubled nation:

*EMIRATES TAKING PRECAUTIONARY MEASURES TO AVOID IRAQ AIR SPACE

The re-routing is expected to take a few days according to an emailed statement as Emirates joins numerous other airlines in avoiding playing 'missile launcher roulette' with their passenger's lives to save a few bucks on gas. Of course, with the world increasingly at war, airspace (and energy) needs may soon be at a premium once again.



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NYSE Margin Debt Storms Back To All Time Highs

After dropping modestly from all time highs hit in February, NYSE margin debt has recouped virtually all its losses and is now essentially back to all time highs. And as a parallel to that, investor net worth, defined as total Free Credit Cash and Credit Balances in Margin accounts less Margin Debt, has once again dropped to all time lows.



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Here's How Obama Can Halt "Tax Inversions" Without Congress (& Why It Doesn't Matter)

As the topic of "unpatriotic" 'tax inversions' becomes a political issue, we thought it interesting to examine how big an economic issue it really is. How much income tax do U.S. companies actually pay every year to the Federal government? As ConvergEx's Nick Colas notes, the simple answer is “Not much”, at least as compared to any other major source of revenue. In Fiscal 2013, Colas adds, the total was $274 billion, or just 9.9% of all tax and withholding receipts. Your political leanings will inform your opinion about whether that number is too high or too low, of course; but we point out that, as Reuters reports, a former  international tax counsel at Treasury explains Obama could "slam dunk" dictate an end to 'tax inversions' without Congressional approval (by invoking a little known 1969 tax law)



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Marc Faber Responds To CNBC Mockery, Asks "How Has CNBC's Portfolio Done Since 1999?"

Having provided his clarifying perspective on why the markets are extremely fragile and due for a 20-30% correction, Marc Faber was assaulted by CNBC's Scott Wapner reading off a litany of recent calls that have not worked out as planned. His response was notable: "I started to work in 1970, and over that career, somehow, somewhere, I must have made some right calls; otherwise I wouldn't be in business." What CNBC then edited out of the transcript was Faber pointing out his 22% annualized return in his publicly-viewable funds since then and asking - sounding somewhat frustrated at the anchor's mockery (and background snickers) - "I wonder what the CNBC portfolio would look like since 1999?" The response: silence.



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Why Herbalife Is Crashing After Hours In Two Charts

Here are the two most important charts which explain why the stock is crashing over 11% after hours.



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Most Transparent Insider Trading Congress Ever Tells SEC To Shove it

"Do as we say, not as we do," appears the modus operandi of the current administration's increasingly totalitarian regime. Today's edition of 'wait, what?' comes from The WSJ who report that The U.S. House of Representatives told a federal court Friday it should dismiss a lawsuit filed by the SEC (regarding the long-running insider-trading investigation) because Congress is lawfully allowed to ignore requests to turn over records and testimony to the executive branch agency. Arguing "sovereign immunity" and responding in a rather snarky (almost "do you know who we are?" manner), House attorneys blasted the SEC's "fool's errand."



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Here Are The Most Shorted S&P And Russell Stocks (Yes, Trulia Is One Of Them)

Earlier today, countless investors who still foolishly believe that in the new normal "fundamentals" matter, screamed out in terror when Zillow announced that it would acquire Trulia for $3.5 billion or a 20% premium to the Friday close, and were suddenly silenced. The reason: with 38% of its float short (making it the 30th most shorted stock in the Russell 2000), this was one of the most dramatic confirmations of what we said was the best trading strategy under the Fed's artificial and capital misallocation regime, namely "buying the most hated names to generate the most alpha." So for all those who still believe that the market has quite a ways to go under the yoke of the Fed's centrally-planning before it all crashes into a house of rigged cards, here is the list of the most shorted stocks in the S&P500 and Russell2000, sorted by descending short interest as a % of float.



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High-Yield Credit Hits 10-Week Wides As Stocks Bounceback To Unch

Despite an early dump on dismal data, US equity markets (except Trannies) 'v-shape-recovery'ed back up to unchanged or better (as Europe closed and POMO ended) on the heels of an increasingly more beta-sensitive AUDJPY rampfest. Trannies never really recovered (3rd down day in a row) and Russell was less exuberant in its dead-cat-bounce but the Dow and S&P closed very modestly green. High-yield credit markets continue to widen - now at 10-week wides (up 35bps from tights) - notably divergent from stocks. Away from the shenanigans in stocks, the USD ended unchanged; Treasury yields were up 1-2bps; and gold closed very modestly lower. Oil slipped 0.5% to $101.60. VIX closed unch. Only the Nasdaq is green post MH17 Headlines on 7/17 and The Russell 2000 is -1.9% and Homebuilders -9% year-to-date.



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Peak IPO

For a while the window 'grab-the-greater-fool's-money' had closed... but with stocks surging back to all-time record highs on the back of dismal data and dangerous geopolitics, the IPO bandwagon has once again exploded as 25 new names are expected to attempt to squeeze through the door this week before it once again slams shut. As WSJ notes, this is the highest number of IPOs in a week since August 2000. Is this Peak IPO? Or will it go Peak-er?



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Here's What Wall Street Bulls Were Saying In December 2007

The attached Barron’s article appeared in December 2007 as an outlook for the year ahead, and Wall Street strategists were waxing bullish. Notwithstanding the advanced state of disarray in the housing and mortgage markets, soaring global oil prices and a domestic economic expansion cycle that was faltering and getting long in the tooth, Wall Street strategists were still hitting the “buy” key. In fact, the Great Recession had already started but they didn’t have a clue: "Against this troubling backdrop, it’s no wonder investors are worried that the bull market might end in 2008. But Wall Street’s top equity strategists are quick to dismiss such fears."

 



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Mapping The Global Contagion From Portugal's Systemic Banking Crisis

As multiple entities of one of Europe's largest banking dynasties rapidly crumble into bankruptcy, there are bound to be ramifications. With even the Portuguese President fearing Espirito Santo's systemic impact, we thought the following chart from Thomson Reuters would highlight the fact that is far more than just a Portugal thing... it has notable consequences for large businesses from Brazil to Mozambique.



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