Market Talk – August 16, 2019

by Martin Armstrong
Armstrong Economics


Reuters today reported that Chinese ships are reportedly changing their names in order to bypass US sanctions on Iranian crude oil. Meanwhile, China General Nuclear Power Group (CGN) has been placed on a blacklist by the US meaning that no US firm will be allowed to trade with such companies. The Chinese officials responded that they were not surprised and they have already planned for such a situation.

Successful hedge fund manager Ray Dalio has warned that he could envision China using their treasury holdings as a potential weapon against the US.

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We Are Absolutely in a Gold Bull Market – Expert

from Kitco NEWS

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Writing on the Wall

by MN Gordon
Acting Man

Not Adding Up

One of the more disagreeable discrepancies of American life in the 21st century is the world according to Washington’s economic bureaus and the world as it actually is. In short, things don’t add up. What’s more, the propaganda is so far off the mark, it is downright insulting.

The Bureau of Labor Statistics (BLS) reports an unemployment rate of just 3.7 percent. The BLS also reports price inflation, as measured by the consumer price index (CPI), of 1.8 percent. Yet big city streets are lined with tents and panhandlers grumble “that’s all” when you spare them a dollar.

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Opioid Distributors Propose $10B Settlement to Weasel Out of Lawsuits

from RT America

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Elizabeth Warren Releases Extensive Plan to Empower Tribal Nations and Indigenous Peoples

by Hannah Bleau

Sen. Elizabeth Warren (D-MA) released a detailed plan Friday focused on “honoring and empowering tribal nations and Indigenous peoples” that includes numerous proposals ranging from tribal criminal jurisdiction expansion to implementing Medicare for All.

The comprehensive plan, detailed in a lengthy Medium post, aims to protect indigenous people and their land on all fronts– from digital infrastructure to housing to health care.

On housing:

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Gold is Not a Function of the U.S. Dollar Nor is Gold an Inflation Hedge

by Mike ‘Mish’ Shedlock
Mish Talk

Swings in the US dollar have no long-term impact in the price of gold. Nor is gold an inflation hedge.

Three Points

  • December 2004: US Dollar Index 108, Gold $435
  • April 2009: US Dollar Index 108, Gold $883
  • November 2014: US Dollar Index 108, Gold $1182

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Post Market: 8/16/19. (Early Release)… Must Watch…

from Gregory Mannarino

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Stocks and Precious Metals Charts – Jackson Hole: Where the Elite Meet to Bleat – Stock Option Expiration

from Jesse’s Café Américain

Stocks bounced today. There was a strong desire to paint a little better looking candle on the weekly chart, and they were probably short term oversold.

There was no ‘risk on’ mood yet, just a little greed creeping back into the fears of the ‘buy the dip’ crowd.

This remains a highly volatile market, susceptible to endogenous shocks, even ones of a not exactly overwhelming significance in otherwise normal times.

Gold, silver and the Dollar pretty much went sideways, even with the additional volatility of a stock market option expiration.

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It’s Been a Wild Week of Trading in Global Markets, but This is Stunning

from King World News

It’s been a wild week of trading in global markets, but this is stunning…

Within hours KWN will be releasing an important audio interview! Until then…

Bullish Signal For Gold

August 16 (King World News) – Holger Zschaepitz: “The case for Gold in one chart. US real yields went negative for the first time since 2016, a bullish signal for gold. US 10y TIPS yields and the price of the yellow metal moving in the opposite direction. (See below).

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Epstein Strangled? An ER Doctor Weighs In

from Stefan Molyneux

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The US Share of Global Yields Has Climbed to 94%

from Zero Hedge

One month ago, we reported that in addition to over a dozen “high yield” (we use the term very loosely) European issuers now sporting negative rates, Europe – thanks to the ECB’s insane monetary policy and trillions in negative yielding sovereign bonds – has become ground zero for subzero corporate debt as well, a third of all European investment grade bonds and a third of 1-2y European BB-rated (i.e. junk) bonds now yield less than zero.

What stands out in the chart above is that 2/3rds of AA-rated EUR bonds, over 1/3 of single As, over 1/5 of BBBs and nearly a tenth of BBs yielded less than zero as of mid-July (since then the number has only grown). Here is the shocking punchline: the higher-rated front end is essentially all under water and 33% of the €2.2tn market, or some €700bn of EUR IG corporate bonds, have a negative yield.

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Israel Boycotts Anti-Semites | The Ben Shapiro Show (Ep. 841)

from Ben Shapiro

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Wall Street Jumps on German Stimulus Hopes

by Stephen Culp

NEW YORK (Reuters) – Technology shares led Wall Street’s advance on Friday as a waning bond rally and news of potential German economic stimulus brought buyers back to the market at the close of a turbulent week.

[…] While all three major U.S. stock averages were sharply higher, they are still on track to post their third straight weekly declines, having been battered since Monday by accelerating U.S.-China trade animosity, simmering geopolitical tensions and signals from the bond market that sparked fears of imminent recession.

Germany’s coalition government is willing to suspend its balanced budget rule and take on debt, according to Der Spiegel magazine, raising hopes that Europe’s largest economy could steer itself away from recession and cooling worries over a global economic slowdown, for now.

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Google Tracks Users On 75 Percent of Porn Sites

from RT America

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Market Report: China Tightens Control Over Bullion

by Alasdair MacLeod
Gold Money

Gold and silver continued to strengthen this week, both seeing new closing highs for the year. Gold rose by $12 from last Friday’s close to trade at $1510 in early morning European trade and silver by 15 cents to $17.11.

[…] For the last seven trading sessions, the pattern appears to be another running correction with each dip finding buyers at rising prices. The one exception was extreme volatility on Tuesday, when gold traded as high as $1535 then as low as $1480 before bouncing back to close at $1501. The cause was Trump’s announcement he would postpone tariffs on Chinese consumer goods as a Christmas gift to US shoppers. Immediately, this was seized upon as a climb-down. Rather, it shows confusion in the White House. Someone probably warned him that tariffs will drive up the rate of price inflation, making it difficult for the Fed to reduce interest rates.

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