Thursday, October 10, 2013

noon newsflash

Blah blah debt ceiling blah blah Janet Yellen.

Now with that out of the way....

Wait a sec. Hey, Goldman Sachs! You said gold was a slam-dunk sell when the debt ceiling problem went away. Well, apparently the market thinks the debt ceiling problem has gone away. So y u not selling gold?!?

Anyway, here's some news:

Reformed Borker (Bork Bork Bork!) - rallies end when good news is sold. So I guess this rally isn't over yet? I mean, they seem to be buying good news right now.

Bespoke - Dow hits 200-day for first time in 2013. So... buy industrials? I dunno, what's going to be the next big thing?

Michael Shaoul - India trade data for September. Quote on the official gold figures:
With a decline of this magnitude one must ask the question as to whether a portion of prior imports have now gone underground and are simply not being captured by official statistics. If in fact smuggling has been minimal this would represent a very significant decline for global gold demand. A drop in crude imports accounts for another $1 bln or so, meaning that other imports actually rose on a YoY basis.
Hey Mikey, where else are Indian savings going if not gold? Smuggling has indeed not been minimal, unless Indians have magically changed their available investment opportunities in the past month.

FT beyond brics - Asia learned lessons from the 1997 crisis. The suggestion is that things aren't as bad this time. Well, fine. Asia won't have a financial system collapse again, sure; but their era of easy money is still over (ex-China of course). - Standard Bank's bearish case for silver. By their reasoning, they should also have a bearish case for iron ore and aluminium, two other things the Chinese love to stockpile. So if stockpiled metals are over-riding supply-demand fundamentals, the argument has to be a lot more complex than this, and thus this article isn't really being helpful.

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