Crude tanks; gold falls; corn, soybeans under pressure
by William Watts
NEW YORK (MarketWatch) — September was already shaping up as a brutal month for most major commodities. For some markets, it just got a lot uglier.
A variety of factors have helped drive selloffs in everything from crude to precious metals to soybean futures. What’s slamming broad swaths of the commodities market? Everything from supply gluts to the dollar’s Samson-like strength of late.
More specifically, oil has been weighed down by a supply glut tied partly to growing U.S. shale production and waning global demand. Gold futures have slumped amid lackluster physical buying, while grain futures have been cut down by large crops.
Continue Reading at MarketWatch.com…
by David Kranzler
Investment Research Dynamics
“The broad-based deceleration in home prices continued in the most recent data,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices
The housing market was greeted with a double-whammy so far this week. Yesterday’s Pending Home Sales Index for August showed a monthly and year over year decline in the number of home purchase contracts signed last month. Today the Case-Shiller home price index registered its 3rd monthly decline.
Perhaps most notably was the fact that the home price decline for San Francisco was the biggest factor in the decline of the C-S index. This graph prepared by Zerohedge shows the significance of San Francisco home prices as leading indicator for the coming onset of financial and economic turmoil (click on graph to enlarge):
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by Michael Krieger
Some of the most memorable moments of my tabloid-filled youth consisted of watching Geraldo Rivera interviewing and confronting Neo-Nazis and racists both in his studio and on the streets. Often times, these heated encounters resulted in brawls such as the one in this video, which has over 600,000 views on YouTube.
Geraldo and many others gave “a voice” to countless hateful groups on a regular basis throughout my youth, and millions of my fellow Americans saw them and were exposed to their unenlightened and pathetic ideology. This didn’t result in hordes of youth turning to violent extremism or the beginning of a Fourth Reich. Rather, what these interviews successfully did was expose the idiocy of these groups and make them even more isolated than they were before. That is how things work in a functioning free society. You aren’t afraid of ideas, you exchange them.
Continue Reading at LibertyBlitzkrieg.com…
from King World News
Today one of the wealthiest people in the financial world told King World News that despite the recent and sometimes intensifying weakness, the gold and silver markets are now very close to a major turning point in this cycle. Rick Rule, who is business partners with Eric Sprott, also discussed why he is so bullish going forward.
Rule: “We are now at a critical juncture in the metals markets where they either hold and break to the upside, or they breakdown. Silver has already hit a new low for the entire move but gold has still remained above its lows from last year….
Continue Reading at KingWorldNews.com…
by Bloomberg News
Venezuela’s national parade ground at the Fort Tiuna military base presents a scene that local civilians can only dream of — stalls laden with goods and no waiting lines.
The market with everything from subsidized meat to baby strollers, along with loans, new cars and apartments, are perks provided to the armed forces as the economy contracts, poverty rises and President Nicolas Maduro’s popularity sinks to a record low.
The benefits help ensure the loyalty of the military, while siphoning reserves away from the poor who have seen wage growth fall behind inflation, according to analysts, citizen activists and academics.
Continue Reading at Bloomberg.com…
Economists Say Bolívar Is Plunging as Venezuelans Clamor for Dollars to Guard Against Soaring Inflation
by Kejal Vyas
Wall Street Journal Online
CARACAS—The plummeting Venezuelan currency breached a new, symbolic low of 100 bolívares per dollar on the black market Friday, according to market-tracking websites, in a sign of the worsening greenback shortage faced by President Nicolás Maduro’s government.
Economists say the bolívar is collapsing as Venezuelans clamor for dollars to protect themselves from an inflation rate topping 60%. But the government, which tightly restricts access to dollars, has cut the supply this year, prompting the value of the bolívar to plunge in unofficial street transactions.
The lack of dollars—evidenced by mounting debts with private companies such as airlines and importers that service the country—has sparked fears of a potential default, since the country has more than $6 billion in bond payments due over the next three months.
Continue Reading at Online.WSJ.com…