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最後の２段落だけ訳をいれておきます。 Gold Stocks Remain Cheap Adam Hamilton     December 20, 2019     2800 Words The gold miners’ stocks have suffered a lackluster few months.  That’s a disheartening contrast to their powerful summer upleg on gold’s bull-market breakout.  While this healthy gold-stock correction likely isn’t over yet, the gold miners remain very undervalued relative to the metal they produce.  That means they still have massive upside left in this secular gold bull.  Sentiment just needs rebalancing before its next upleg. In recent months I’ve written a lot about gold’s correction, which is naturally driving a parallel one in the gold miners’ stocks.  I’ve explained why speculators’ positioning in gold futures, gold’s dominant primary short-term driver, remains bearish with potential selling vastly outweighing likely buying.  I’ve shown how shallow and short gold’s recent correction is compared to bull-market pre

China Won't Rush Into Buying US Farm Products Under Phase One Deal, Warns US Trade Advisor by Tyler Durden Wed, 12/18/2019 - 09:39 Tom Kehoe, an adviser to the US Department of Agriculture and US trade representative Robert Lighthizer, said the Chinese aren't going to rush into agriculture purchases under the phase one deal, reported the Shanghai Morning Post . Tom Kehoe，米国農業省アドバイザ、通商代表Robert Lighthizerアドバイザ、彼が言うにはフェイズ１合意で中国人が米国農産品に殺到することはないだろう、と上海モーニングポストは伝える。 "These are businesspeople," Kehoe said. 「彼らは商売人だ、」とKehoeは言う "They are going to have to be in a competitive situation. Otherwise, they are not going to buy it." 「彼らは供給元を競わせようとしている。そうならないと買う気はない。」 Kehoe said the Chinese had been more frequently sourcing farm products from Brazil and Argentina , where currencies have been weakened thanks to the global slowdown. Sho

中国政府の隠蔽体質がアフリカ豚コレラの感染を悪化させたと思っていました。しかしこの記事を読むと中国社会の病理がここまで進んでいることに唖然とします。日本人の想像を超えています。記事最後の動画を見ると驚くでしょう。世界は広い。 Chinese Gangs Infect Pigs With Swine Fever In Criminal Meat Scheme by Tyler Durden Chinese criminals have been flying drones onto farms and infecting perfectly healthy pigs with African swine fever, lowballing the farmer for their sick pigs, and then selling the tainted meat as healthy, according to SCMP , citing China Comment - a magazine affiliated with state news agency Xinhua. 中国の悪党は養豚場上空にドローンを飛来させまったく健康な豚をアフリカ豚コレラに感染させる、農家は感染豚を投げ売りする、そして悪党たちはそれを買い受け健全な豚肉と偽って販売する、とSCMPは伝える、国家報道機関新華社通信子会社の雑誌 China Commentに掲載された記事だ。 In some cases, the gangs have spread rumors about the virus which is not deadly to humans - but causes hemorrhagic fever in pigs which is almost always fatal. 場合によっては、悪党たちは噂も広げる、人には無害だが豚が感染すると致命的だと。 Sometimes they spread rumou

It's D-Day For The Repo Market: On Monday $100 Billion In Liquidity Will Be Drained - What Happens Next? by Tyler Durden Sun, 12/15/2019 - 16:50 Last week's apocalyptic report by repo market guru Zoltan Pozsar, which for those who missed it predicted that an imminent market crash and loss of control of overnight rates by the Fed would spark nothing short of QE4, sparked an unprecedented panic at the Federal Reserve, which just two days later unveiled a historic liquidity injection, in which the Fed promised to inject no less than $500 billion in the next 4 weeks to avert a catastrophic freeze in the repo market as we approach the year end "turn", which would consist not only of a continuation of the Fed's T-Bill POMO,

Beware Gold-Stock Downside Adam Hamilton     December 13, 2019     2715 Words The gold miners’ stocks have largely been consolidating high following last summer’s powerful upleg.  That resilience has left sentiment relatively bullish, with traders mostly expecting this sector to soon start surging again.  But the jury is still out on whether gold stocks will be lucky enough to evade a bigger correction.  Major downside risks still abound, primarily in gold which dominates gold-stock price trends. 　 昨夏の力強い上昇後、金鉱株は高値を維持している。あの上昇が心理をかなり強気のものにした、トレーダーはこのセクターがすぐにも再度上昇すると期待している。しかし実際には大きな調整を回避するとは思えない。大きな下落リスクはまだ残っている、主要因はゴールドだ、これが金鉱株のトレンドを支配する。 　　　 The reversal in gold-stock fortunes this year has been radical.  This is readily evident in their leading benchmark, the GDX VanEck Vectors Gold Miners ETF.  Comprised of the world’s largest gold miners , GDX is this sector’s most-popular trading vehicle.  The gold miners were