Thursday, August 13, 2015

Nooz for yooz

Some reading:

Bespoke - bullish and bearish sentiment jumps. Oh for god's sake, Whitey, quit piddling yourself and buy QQQ.

Calculated Risk - retail sales jump 0.6% in July. He says it's a solid report, so don't believe the crap that doomer porn websites tell you.

Conversable Economist - China's economic growth: pause or trap? Short answer: quit piddling yourself. Personally, I prefer the opinion of the new guy from Bespoke who was on CNBC this morning, who did a good job of pouring cold water on the doomer tale of this year.

Reuters - Modi's reform plan in tatters. Come on, Thatcher fans, tell us again how Modi is going to fix India.

Reuters - lower gold prices may boost demand in India. Blah blah monsoon blah blah drought. Typical Indian whining. The important part was this:
Demand for gold jewellery is usually robust in the final quarter as the country celebrates festivals such as Diwali and Dussehra, when buying the metal is considered auspicious. Rural demand for gold accounts for nearly two-thirds of India's total.
"Rural demand" means hundreds of millions of Indian peasants buying 1-gram flakes of gold, to the tune of several hundred tons a year. Compare that to the miniscule size of Wall Street Whitey's selling, or to stupid gold coin purchases by Yankee survivalist goldbugs; then consider how Indian peasants have been buying gold this way for two thousand years and haven't sold any yet.

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