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Near-Record Gold Shorting Adam Hamilton     April 26, 2019     3072 Words Gold has failed to gain traction over the past couple months, normally a seasonally-strong time.  That has really weighed on sentiment, leaving traders increasingly bearish.  Gold investment demand has flagged dramatically with lofty stock markets spewing great euphoria.  That’s given gold-futures speculators the run of the market, where they have sold aggressively including extreme shorting.  But that’s actually very bullish. ここ数ヶ月ゴールドは値を上げることができなかった、通常なら強い季節なのに。これが心理を悪化させトレーダーを弱気にさせた。そびえ立つ株式市場のeuphoriaがゴールド投資需要を劇的に弱めた。この状況でゴールド先物投機筋が動いた、極端な空売りを行ったのだ。しかしこの状況は実際はとても強気なものだ。 Gold price action is driven by the collective trading of both investors and speculators.  The former control vast amounts of capital, which dominates gold prices when it is migrating in or out.  But investors’ interest in gold withers when stock markets are super-high.  When sto

              Head Fake on GDP April 26, 2019    Subscribe RFP Diane Swonk Chief economist @DianeSwonk Real GDP surged 3.2% in the first quarter of 2019. Over half of those gains can be attributed to a surge in inventories and a narrowing in the trade deficit. Exports picked up slightly while imports plunged. Consumer spending and business investment slowed to crawl. The pace of consumer spending was half that of the previous quarter. Residential investment was a drag on growth for a fifth consecutive quarter. Investment in new structures, which includes commercial real estate, contracted for the third quarter in a row.  ２０１９Q1実GDPは３．２％増加と急騰した。この増加の内半分以上は在庫と貿易赤字低減によるものだ。輸出増加はほんの少しだが輸入が急落した。消費支出とビジネス投資は鈍化している。消費支出は前四半期の半分だ。住宅関連投資は５四半期連続で成長鈍化している。商業不動産を含む新規投資は引き続き３四半期連続縮小している。 Separately, fede

The Fed Is Resigned To Blowing The Biggest Bubble Ever Just To Extend The Expansion by Tyler Durden Wed, 04/24/2019 - 16:35 Many have wondered if the Fed is ignorant to the problems their policy prescriptions cause, or if they've just resigned to walking society down the path to destruction knowingly. It increasingly looks like the latter. Indeed, the Fed may very well understand that its "lower for longer" policy is leading the economy and global markets straight into disaster. However, as the same time, the central bank - feeling trapped after 10 years of unprecedented stimulus which if undone would result in a historic crash - is backed into a corner and has no choice but to accept this growing risk, as the world's punch drunk central bankers continue to try at all costs to keep the bloated economic &quo

Canary Meet Coalmine: South Korean Economy Unexpectedly Plunges Most In A Decade by  Tyler Durden Wed, 04/24/2019 - 19:37 Print One of the  most-followed belwethers  for global growth just flashed another  death-knell  warning for the green-shoot-ers. 最も多くの人が注目する世界経済成長の先導指標が警告を発している。 South Korea’s gross domestic product unexpectedly shrank in Q1, dropping 0.3% QoQ (against expectations of a 0.3% rise). 韓国Q1GDPが予想外のQoQ０．３％下落となった（市場予想は０．３％上昇だった）。 This is the  biggest contraction in a decade as declining investment and exports take a toll  on Asia’s fourth-largest economy. 過去１０年で最大の下落であり、アジア４位の経済の投資・輸出が打撃を受けた。 South Korea is highly exposed to slowing in global growth and the technology sector, which have combined to crimp the nation’s GDP in recent quarters, and Band of Korea Governor Lee Ju-yeol  blamed weakening exports, particularly of semiconductors,  and slowing business investment for the growth downgrade. 韓国は世界経済や