Tuesday, October 7, 2014
Your daily newsfeed, including yet more on gold because NOBODY FRICKIN' LISTENS TO ME
Again, here's the news for you, specially filtered to remove all the twigs and dead bugs and hunks of poop:
Calculated Risk - US prime working-age population growing again. Don't fight demographics. Doesn't matter for the next 6 months of market action, but it means the next 10 years should be great.
Bespoke - great JOLTS report. Therefore sell US equities because reasons.
Calculated Risk - great Jolts report. Therefore sell US equities because other, equally valid reasons.
Reuters - hoo boy Germany really sucks, what a shitty industrial power you got there. Give them enough outright deflation and they might decide to change tack in the next year or two. But Germans are gluttons for punishment.
FT Alphaville - why does the IMF constantly get everything wrong? If they were to ask Krugman, he'd be able to explain it quickly: the IMF are fucking right-wing neocon "sadomonetarist" clowns who have no fucking clue about economics. Ignore the IMF, they're no experts in anything.
IKN - mining costs dropping in Chile. Again, that's what happens in EMs in an EM/commodity bear market. Now run those costs through the currency converter to see what's happening to them in USD terms. Do you believe Jim Rogers yet?
Permashave Dave - all I want for Christmas is a kick in the teeth. Oh god, he's looking to buy silver miners again. This won't end well.
Climateer - again with the Ned Davis crap. And yeah, guy, I do know you forecasted $875 gold by end Q4, and I've got a post scheduled already that will mock you on that fateful day. Because it's not fucking happening and I'll bet you some shiny gold coins if you've got the balls to stand by your call.
By the way, check out this chart:
The gold chart only sucks to Americans; for the rest of the world, it's simply bottoming. So please 'splain, Wall Street Whitey, why any of us non-Americans should worry there's a breakdown in the gold price? For example:
it's not really bothering me much, being Canadian and all. Chart's a little bit more iffy, but the market really doesn't know what to do with the Loonie much of the time.
In fact, if I had my money in a collapsing EM currency, gold would seem a nice kind of... what's the word? Insurance? Y'know, the kind of thing that pays no yield and has a carrying cost?
Yeah, you could use US dollars for the same purpose. Then again, maybe you're living in one of the EMs that imposes currency controls whenever things don't go their way.
Always remember that there are other countries in the world, and they also have wealth to invest.