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Gold Rising-Rate Fallacy / Adam Hamilton / August 22, 2014

Gold has slid during this past week on mounting fears of interest-rate hikes. Between the latest FOMC meeting’s minutes and the Fed’s annual Jackson Hole Economic Policy Symposium, American futures speculators’ rising-rate phobias have been whipped into a fever pitch. They worry gold will be crushed [...]

Did The Fed’s Magic Just Run Out? / by Tyler Durden on 08/22/2014 17:13

Jackson Hole – that magical place where the world’s greatest monetary central planners gather once a year to yarn long into the night about how they are printing money, crushing the middle-class, monetizing debt, and ramping asset prices; all in the name of economic progress and [...]

SP 500 and NDX Futures Daily Charts – Jackson Holes, Hunger Games / 22 AUGUST 2014

Janet Yellen made her Fed debut at their Jackson Hole conference today.Her remarks moved the markets back and forth a bit, and in light volumes with littler other geopolitical and economic news the markets did a sideways consolidation.Well, there was some news. Various government figures have started warning about [...]

Mario Draghi Takes The Wind Out Of Citi’s “QE In December” Sails / Tyler Durden on 08/22/2014 14:29

With Yellen’s speech a bit of a letdown for the doves – she did not go full-dovish – markets anxiously await Mario Draghi to promise whetever for ever and ever… While financial markets don’t expect bombshells, his speech is an opportunity to underscore that ECB [...]

Wall Street’s Take On Jackson Hole: “Yellen Was Not Dovish Enough” / by Tyler Durden on 08/22/2014 12:24

Confused by what Janet Yellen said? As it turns out, so is everyone else, where the prevailing sentiment across the sell-side analysts was that Yellen was not dovish enough. Then again, with expectations bordering on Yellen giving the “BTFATH” green light, there is no way [...]

Why The Fed’s Outrageous Gift To Foreign Banks—- Risk Free Aribitrage On IOER—Is Just The Tip Of The Iceberg / by David Stockman / August 22, 2014

This profit stripping operation is simple. Foreign banks on Wall Street borrow from money market funds at an infinitesimal 3-6 basis points and then shuffle the loot down to 33 Liberty Street where the New York Fed pays them 25 basis points on the same funds. [...]

Janet Yellen’s J-Hole Speech: Slack Remains, QE Is Over, Rates Could Rise Sooner (Or Later) / by Tyler Durden / 08/22/2014 10:04

Simply put, as Citi noted, unless Fed head Janet Yellen goes full-dovish, risk assets face tremendous downside potential. As ConvergEx’s Nick Colas notes, Yellen receives a “B” grade from financial professionals, fewer than half (49%) of those surveyed approve of the job the [...]

JPM’s Three Scenarios Of How The Ukraine Conflict Plays Out / by Tyler Durden / 08/22/2014 09:34

With USDJPY algos, and thus the S&P, reacting as if stung like bees by every fabricated headline emerging out of Ukraine (only to reverse the move promptly after once the market realizes the biggest war in Ukraine continues to be one of disinformation), there [...]

Why the Fed Must Taper / CHARLES HUGH SMITH / THURSDAY, AUGUST 21, 2014

The Fed is being forced to end its bond-buying, cutting off the “free money for financiers” that has sustained a frothy stock market.

While the Federal Reserve presents itself as free to do whatever it pleases whenever it pleases, the reality is [...]

Celente – Email Exposes Scary Economic Collapse In The US / August 21, 2014

Even as the Dow surges back above 17,000, today the top trends forecaster in the world shared a sad and deeply troubling email he received that exposes just how bad the economic collapse really is in the United States. Below is what Gerald Celente, founder of Trends Research and [...]

Breaking the Banks & Finding Gold / By Market Anthropology / 21 August 2014

Since finding a low in the first week of August, the S&P 500 hasn’t wasted much time, closing positive in seven sessions out of nine and narrowing the gap from its 27th record close this year – way back on July 24th. With Yellen flying [...]

Stocks Overvalued Anywhere Between 7% And 113% (But Cheap Compared To Dot Com Bubble) / by Tyler Durden on 08/21/2014 15:50

Despite caution from Bob Shiller that stocks are “hovering at worrisome levels,” the FOMC Minutes yesterday (and various Fed speakers and talking heads this morning) have reassured the investing public that stocks are “cheap” and it’s credit and bonds that are rich and bubbly. However, [...]

Previewing Yellen’s Jackon Hole “Gobbledygook”: Not One Analyst Thinks Yellen Will Say Anything Remotely Hawkish / by Tyler Durden on 08/21/2014 13:55

Ahead of Yellen’s Jackson Hole speech tomorrow, the sell-side, hypnotized by 6 years of Fed bubble-inflating generosity, refuses to even consider the possibility that the Fed could possibly pull the punch bowl away, and the virtually unanimous consensus is that despite yesterday’s minutes (or perhaps [...]

New York Sun: The mystery of Jackson Hole / by cpowell / 2014-08-21

Dear Friend of GATA and Gold:

In commentary headlined “Mystery of Jackson Hole,” The New York Sun today reflects on the wreckage of the United States economy as the annual economic conference of the Federal Reserve Bank of Kansas City convenes at the famous Wyoming [...]

If Only This Happened At The Fed, Things Would Be Vastly Different / by Tyler Durden / 08/21/2014 11:19

Something surprising happened in the early days of August: a person was actually held accountable for his mistake.

As the WSJ reported previously, “a billion-dollar forecasting error in Walgreen Co.’s Medicare-related business has cost the jobs of two top executives and alarmed [...]

Two Charts That Should Frighten Fed Chair Yellen

A Majority of Americans Do Not Have a Rainy Day Fund That Would Last 3 Months / By Pam Martens and Russ Martens / August 21, 2014

Any ideas that household balance sheets in the U.S. have been repaired since Wall Street took a wrecking ball to the nation’s economy in [...]

The Italian Job: How Borrowing And Printing Lead To An Economic Dead End / by David Stockman / August 21, 2014

Earlier this week Bloomberg published a devastating chart showing real hourly wage growth for the first 60 months of every cycle going back to 1949. The 11 cycle average gain was 9% and the largest was 19% a half century back.

Daily Pfennig: Fed Meeting Minutes Are Looked At Differently / Chuck Butler / August 21, 2014 8:18am

In This Issue.

* Dollar’s mini-rally stalls. * Norwegian 2nd QTR GDP beats expectations! * Eurozone Flash PMI’s are weaker. * SDR’s in our future?

And Now. Today’s A Pfennig For Your Thoughts.

Fed Meeting Minutes Are Looked At Differently.

Good Day! . And a Tub [...]

Gold & Bond Yields Slide As Stocks Continue Hawkish Surge / by Tyler Durden / 08/21/2014 08:59 -0400

The Fed minutes were hawkish – even Goldman Sachs and Jon Hilsenrath admitted it – so the exuberance in stocks (and VIX pressure) must reflect a desparate hope that Janet Yellen will indeed go full dovish tomorrow (or fear the consequences as we noted [...]

The Crazy-Making Fed / CHARLES HUGH SMITH / WEDNESDAY, AUGUST 20, 2014

The Federal Reserve’s communications and policies are a form of crazy-making double bind.

Systems theorist/anthropologist Gregory Bateson developed (with others) the concept of double bind, a psychological and social conflict in which contradictory demands generate a form of schizophrenia:

Unlike the [...]

Gold Daily and Silver Weekly Charts – Zzzzzzzz… The Mad Doctors / BY JESSE / 20 AUGUST 2014

Sleepy summer days. Madame Tussaud’s-on-the-Hudson is acting according to form. Nothing happened in the Comex precious metals reports yesterday. Price discovery based on real market demand and the exchange of goods is reserved for the neighborhood luncheonettes. Someone suggested, on an economics forum today, that the Fed [...]

Hawkish Fed Sends USD, Bond Yields Soaring; Stocks Dump & Pump / by Tyler Durden on 08/20/2014 16:07

The last 2 days have seen the USD index rise at its fastest pace in almost 4 months, closing in on 1-year highs. Led by JPY and EUR weakness, the USD is up over 1% this week (which is set for the best week in 9 [...]

The Blight Of Debt-Fueled M&A: How Central Banks Destroy Corporate Value / by David Stockman / August 20, 2014

Monetary central planning gives rise to economic waste, distortion and deformation because it causes capital to be mis-priced. Nowhere is this more evident than in the massive and destructive level of mergers and acquisitions (M&A) that has become a standard component of bubble [...]

Gold Daily and Silver Weekly Charts – Zzzzzzzz… / 20 AUGUST 2014

Sleepy summer days.

Madame Tussaud’s-on-the-Hudson is acting according to form. Nothing happened in the Comex precious metals reports yesterday. Price discovery based on real market demand and the exchange of goods is reserved for the neighborhood luncheonettes.Someone suggested, on an economics forum today, that the Fed should raise interest [...]

SP 500 and NDX Futures Daily Charts – When the Music Stops / 20 AUGUST 2014

“When the music stops, in terms of liquidity, things will be complicated.

But as long as the music is playing, you’ve got to get up and dance. We’re still dancing,”

Chuck Prince, CEO Citigroup, 9 July 2007

In this record inequality and atmosphere of serial policy errors by the [...]

The Market Reacts To The Fed’s Minutes / by Tyler Durden on 08/20/2014 14:49

The USD is soaring after somewhat hawkish Fed Minutes (up 1% this week) – pushing up towards critical resistance at 1-year highs. Treasury yields slammed 3-4bps higher and are holding those losses (30Y up 11bps this week). High yield credit is at the worst levels of [...]

FOMC Minutes Show Many Members Believe Rates Should Rise Sooner / by Tyler Durden on 08/20/2014 14:03

These are the minutes from when the Fed toned down deflation fears and raised concerns over labor slack, and expectations going in were for a slightly more hawkish tone from the minutes (and perhaps commentary on financial stability – bubbles – and exit strategies). This [...]

New York Fed’s Answer to Cartels Rigging Markets – Form Another Cartel / By Pam Martens and Russ Martens / August 20, 2014

Trader on the Open Markets Trading Desk at the Federal Reserve Bank of New York

According to the Oxford Dictionary, the word cartel can mean either businesses that seek to restrict competition or a coalition “intended to promote a mutual [...]

Car Repos Soar 70% As Auto Subprime Bubble Pops; “It’s Contained” Promises Fed / by Tyler Durden on 08/20/2014 12:20

While on the surface the US economy has been chugging along from GDP-crashing “snow in the winter” to GDP-cratering “warmer|cooler than expected weather in the spring|summer|fall“, with bouts of GDP-boosting inventory accumulation inbetween, in recent months two very disturbing trends about that all important [...]

What’s Your Exit? / By Axel Merk / August 20, 2014

Are you prepared for an “exit”? If the Fed pursues an “exit” from ultra low interest rate policy, are you prepared for an exit from the stock market should things turn South? We discuss how investors prepare, noting the most common mistakes investors make along the [...]