• GoldCore
    08/04/2015 - 06:08
    The headlines are dramatic, ugly and depressing to anyone who holds gold right now. Broad market sentiment has shifted from disdain and dismissive to highly negative. Hedge funds are shorting gold...

Ireland

Tyler Durden's picture

Peter Schiff: What If "They" Are Wrong (Again)?





What if the assumptions about a U.S. economic recovery and Fed rate hikes were wrong? Could observers be mistaken now about the trajectory of the Dollar vs. the Euro as they were back in 2000? Confidence is the only thing that really undergirds modern fiat currencies. But confidence can be very ephemeral...disappearing as quickly as it arrives. The U.S. Dollar benefits from confidence that the Euro currency may just be unworkable, that the U.S. economy will continue to improve, and that the Fed will raise rates throughout the remainder of 2015 and into 2016. If these expectations are unfulfilled, there could be a Euro reversal.

 
Tyler Durden's picture

The Great Greek Fudge





A third Greek bailout involving loans from the European Stability Mechanism (ESM), the eurozone’s bailout scheme, is now being negotiated. The start was quite rocky, with haggling over the precise location in Athens where negotiations need to take place and Greek officials once again withholding information to creditors. Therefore, few still believe that it will be possible to conclude a deal in time for Greece to repay 3.2 billion euro to the ECB on 20 August. Several national Parliaments in the Eurozone would need to approve a final deal, which would necessitate calling their members back from recess around two  weeks before the 20th, so it’s weird that French EU Commissioner Pierre Moscovici still seems so confident that the deadline can be met.

 
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German Economic Council Backs Exit For "Uncooperative" Eurozone Members





The German Council of Economic Experts is out with a new report on euro area crisis management which backs state bankruptcies and euro exits for governments deemed "uncooperative." "A permanently uncooperative member state should not be able to threaten the existence of the euro. In view of this, the Council of Economic Experts recommends that the withdrawal of a member state from the currency union must be possible as an utterly last resort," the council says.

 
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Frontrunning: July 28





  • Fed Officials May Offer More Clarity on Rates (WSJ)
  • Stocks rebound, shrugging off volatile and weak China (Reuters)
  • Three-Day Selloff Knocks 11% From China Shares (WSJ)
  • China shares fall again as Beijing scrambles to calm markets (Reuters)
  • VAT hikes to make Greek destination less popular (Kathimerini)
  • Varoufakis - Something is rotten with the eurozone’s hideous restrictions on sovereignty (FT)
  • EU denies Varoufakis 'tax control' claims (FT)
 
GoldCore's picture

“I Own Krugerrands” Says Legendary Jim Grant





Grant: "I am very bullish indeed". ”Recent fall in prices “terrifically vexing but a wonderful opportunity”; the reasons for owning gold have not gone away.

 
Tyler Durden's picture

When Blind Faith In Memes And Taglines Turn Dangerous





Over the last five-plus years in regard to today’s financial markets, the most revered memes that are recited in unison whether it’s in the form of a silent prayer or, it’s done in a near backwoods revival fashion from the televised financial shows “pulpit” in a “Can I get an …. !!!” stylized homily are: “It’s different this time!” followed with “The Fed’s got you’re back.” However, what they mean today may find those that put all their “faith” into such dogma finding that faith severely tested. For as of today July, 26, 2015 It truly is – different this time. And what else is different is: the Fed. may indeed have one’s back. Only problem this time is – that back may no longer be “yours.”

 
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Global Stocks, US Equity Futures Slide Following China Crash





It all started in China, where as we noted previously, the Shanghai Composite plunged by 8.5% in closing hour, suffering its biggest one day drop since February 2007 and the second biggest in history. The Hang Seng, while spared the worst of the drubbing, was also down 3.1%. There were numerous theories about the risk off catalyst, including fears the PPT was gradually being withdrawn, a decline in industrial profits, as well as an influx in IPOs which drained liquidity from the market. At the same time, Nikkei 225 (-0.95%) and ASX 200 (-0.16%) traded in negative territory underpinned by softness in commodity prices.

 
GoldCore's picture

Gold “Extremely Rare” - All World’s Gold Fits In Average Four-Bedroom House





Some downward risk to the gold price remains due to the momentum of the recent severe correction in price. He points out that GoldCore had suggested on Bloomberg three years ago that a 50% correction in price was not unlikely at that time as is normal in long term bull markets.

 
Tyler Durden's picture

Forget Banks - GMOs Are The New "Too Big To Fail' System





Before the crisis that started in 2007, both of us believed that the financial system was fragile and unsustainable, contrary to the near ubiquitous analyses at the time. Now, there is something vastly riskier facing us, with risks that entail the survival of the global ecosystem - not the financial system. The G.M.O. experiment, carried out in real time and with our entire food and ecological system as its laboratory, is perhaps the greatest case of human hubris ever. It creates yet another systemic, “too big too fail” enterprise - but one for which no bailouts will be possible when it fails.

 
GoldCore's picture

Gold Hammered Down In Sunday Night’s 2-Minute, $2.7 Billion “Unprecedented Attack”





Since yesterday there has been another of wave of negative, misleading and almost triumphalist commentary on gold most of which studiously ignores the clear evidence of manipulation of the price on Sunday night.

 
Tyler Durden's picture

French President Calls For The Creation Of United States Of Europe





French President Francois Hollande said that the 19 countries using the euro need their own government complete with a budget and parliament to cooperate better and overcome the Greek crisis. “Circumstances are leading us to accelerate,” Hollande said in an opinion piece published by the Journal du Dimanche on Sunday. “What threatens us is not too much Europe, but a lack of it.”... Countries in favor of more integration should move ahead, forming an “avant-garde,” Hollande said.

 
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The Bankruptcy Of The Planet Accelerates - 24 Nations Are Currently Facing A Debt Crisis





There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.  The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.

 
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When It Comes To Total Debt, Greece Is Not That Much Worse Than France (Or The USA)





Now that even the IMF has admitted Greece has an unsustainable debt problem with a debt-to-GDP ratio which will soon cross 200% after its third bailout (even if it leaves open the question what the IMF thinks about Japan's debt "sustainability") we wonder what the IMF thinks when looking at Greece's net government liabilities, which as SocGen's Albert Edwards reminds us are rapidly approaching 1000%. Which incidentally means that Greece is only marginally better than the USA, whose comparable net liability is a little over 500%, while its other nearest comparable is none other than France, whose next president may will be "Madame Frexit" and whose biggest headache will be how to resolve government promises to creditors and retirees that are five times greater than the country's GDP.

 
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