Most Canadians are off work today, since it's the day before Canada Day and there's nothing we like more than a four-day weekend.
Here are a few links:
Vagabond Journey - a journey to China's largest ghost city. Wherein we find out it's actually not a ghost city at all. As background:
I’d been chasing reports of deserted cities around China since last December, and I had yet to find one. Over and over again I would read articles in the international media which claim that China is building cities that are never inhabited only to find something very different upon arrival. The New South China Mall had a lot of empty shops but it turned out to be a thriving entertainment center, Dantu showed that an initially stagnant new city can become populated and come alive, and I found that Xinyang’s new district, a place called a ghost city since 2010, wasn’t even close to being built yet.Read the article, it's very enlightening. Basically, it seems the people who've been blathering about "ghost cities" have no idea what they're talking about.
Reuters - Modi eyes first labour overhaul in decades. Still a lot of talk but nothing actually happening. Are Americans buying on the talk?
Indian Express - monsoon expected in India by July 5th. Apparently the June rains aren't particularly important to total monsoon performance. With that in mind, the northeast is 80% deficient. You really should be watching this, mister goldbug.
Economic Times - el Nino intensity may be moderate. The hope for the monsoon is that el nino doesn't move until after monsoon season is done.
FT beyond brics - demographic risk threatens EM powerhouses. Demographics is the engine that powers economics. Ignore at your peril.
Mining.com - hedge funds add to bullish gold bets. I don't like this, because hedge funds are always wrong. What, have they run a supercomputer simulation to predict a good monsoon for India? No, they've just chased a strong gold move on Yellen talk. They will lose money and you don't want to hang out with them on the long side.