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Tag Archives: default

Chinese Satellite Data Hint At Ominous Manufacturing Slowdown

Chinese factory activity contracted last month for the first time in nearly a year when the Caixin PMI dipped below 50, the threshold for growth. And now, early indicators for the month of June – including one satellite-based measure - suggest that there’s more pain ahead for the manufacturing sector in the world’s second-largest economy. A reading published by San Francisco-based SpaceKnow Inc. which uses commercial satellite imagery to monitor activity across thousands of industrial sites...

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Edward Snowden Asks Ron Paul If Intelligence Reports Ever Swayed His Vote

During an appearance on the Liberty Report last week, Dr. Ron Paul interviewed former NSA contractor Edward Snowden about the rise of the Deep State and how intelligence agencies are threatening Americans’ freedom. But in the closing moments of that interview, Snowden surprised Paul with an unexpected request: “I was thinking I could ask you a question Dr. Paul, again about the intelligence stuff…I think it’d be interesting to people and I don’t think we’ve ever heard it from your...

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Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asian markets supported by stronger commodities but mostly European bourses, which are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle which sent the stock up 5%, and finally Germany's Ifo business climate index which hit new all time highs. Risk...

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What Is the Gold Fundamental? Report 25 June, 2017

Steve Saville wrote a post this week, in which he proposed a model that indicates the fundamentals of gold. According to him, these are: (1) the real interest rate, (2) the yield curve, (3) credit spreads, (4) the relative strength of the banking sector, (5) the US dollar’s exchange rate, (6) commodity prices, and (7) the bond/dollar ratio. We consider him a friend, and certainly appreciate his view that when gold moves from an ETF to China or India, it has no effect on the price. However, we...

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New York’s “Billionaires Row” Suffers Biggest Foreclosure In History

In the latest sign that NYC’s ultra-high end property market is on the verge of imploding after a wave of overly aggressive development, another luxury condo at Manhattan’s One57 tower, a member of “Billionaire’s Row,” a group of high-end towers clustered along the southern edge of Central Park, has gone into foreclosure - the second in the span of a month. The 6,240-square-foot (580-square-meter) full-floor penthouse in question, One57’s Apartment 79, sold for $50.9 million in December 2014,...

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“This Market is Absolutely 100% Going To Crash”

By Chris at www.CapitalistExploits.at Him: "This market is absolutely 100% gonna crash." Me: "You sound so certain?" Him: "Just look at the valuations." Me: "Pricey valuations don't always culminate in a market crash. There are other factors to consider." Him: "Trump trade is over, and I'm now 50% hedged on US exposure and net long EMs. Plus, the dollar is finished. It's gonna be ugly." This conversation went on for some time. I was talking with a well known hedge fund manager (who...

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Bill Blain Flips Out: “Not Much Surprises Me Any More About Markets, But Really? Really!?”

On Monday morning, we reported that in a stunning development, chronic defaulter Argentina - which just one year ago emerged from its latest bankruptcy - has found enough willing greater fools to sell 100-year bonds to. One person who especially stunned, was Mint's Bill Blain, who issued an entire note describing his disgust with what the market has devolved to. * * * Argentina 100 Year Bonds: Really? Nobody Believes, But They Will Buy. “Everyone should learn to Tango before they die.. ”...

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An Empire Self-Destructs

Authored by Jeff Thomas via InternationalMan.com, Empires are built through the creation or acquisition of wealth. The Roman Empire came about through the productivity of its people and its subsequent acquisition of wealth from those that it invaded. The Spanish Empire began with productivity and expanded through the use of its large armada of ships, looting the New World of its gold. The British Empire began through localized productivity and grew through its creation of colonies...

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Venezuela’s ‘Goldman Bounce’ In Reserves Is Gone

The boost in foreign reserves Venezuela enjoyed after Goldman Sachs investment arm picked up $2.8 billion of bonds from the state oil company is almost gone. "We're gonna need another boost..." - time for some more Goldman 'swaps'? As Bloomberg notes, the country’s cash hoard has fallen $326 million this week to $10.2 billion, near the 15-year low reached last month before the windfall. Investors follow the level intently, trying to gauge how much time Venezuela has left before its dollar...

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Illinois State Official: “We Are In Massive Crisis Mode, This Is Not A False Alarm”

Last week we reported that as Illinois, a state which now faces over $15 billion in backlogged bills, struggles over the next two weeks to somehow come up with its first budget in three years ahead of a June 30 fiscal year end, and faces an imminent ratings downgrade to junk - the first ever in US state history - traders finally puked, sending the yield on its bonds surging after a judge ruled at the start of the month that the state is violating consent decrees and previous orders, and...

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