Tuesday, July 15, 2014

Ha ha, gold miners be gettin killed

Was busy watching the gold miners get killed more today. Here's some news:

BI - retail sales missed and nobody cares. The headline for the retail sales story was misleading - in the same way that Joey The Weasel was misleading when he said Yellen called "asset prices stretched" when she was only referring to corporate debt.

Calculated Risk - the California budget surplus. How nice of California to run a pro-cyclical budget, eh? Not like there was anything to learn about the Great Depression, eh? Don't worry, the state will go bankrupt again next time there's a downturn.

The Reformed Borker (Bork Bork Bork!) - in which Josh Brown wanks over the latest chart making the rounds in the permabear camp. Hey Josh, here's a question: if Institutional really have been strong net sellers since 2012 and that chart isn't simply a bullshit lie, then what the fuck are they plowing that money into? I mean, when you sell a stock you get money in return, right?

Washington Post - Larry Summers is wrong about secular stagnation. A basic explanation of his idea first, then a really good explanation of all the crap Summers utterly misses.

Rhodium Group - China's fiscal and tax reforms. Long background article.

The Economist - China's surprisingly inefficient logistics. As Billy Bishop says, this would be a fantastic place for China to achieve productivity gains.

Mineweb - gold loans lure consumers in India. All you have to do is pay 12% interest per year. Ha.

Chronicles of Brodrick - various TA "support levels" for gold. Speaking of which, the June-September gold seasonality seems to always include one significant pullback of a week or two somewhere in the middle. So I guess the goldbugs can hope that the drop isn't severe and there's a chance to reload and jump back in for another 20-30% pop before September.

That is, as long as the monsoon doesn't fail. Cos the seasonality doesn't happen when the monsoon fails. Because India buys the world's gold.

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