Via SchiffGold.com,
The gold market took a one-two punch on Tuesday as Trump made some
concessions in the trade war and inflation numbers came in a bit higher
than expected. Peter Schiff talked about it in his latest podcast,
saying gold traders still don’t understand the gold rally.
Stock markets surged as gold and silver dropped after US trade
representatives said they would delay some of the additional tariffs
recently announced by President Trump. The Dow closed 372 points higher
(before collapsing back 800 points lower yesterday). Meanwhile, the
price of gold dropped below $1,500 briefly before rallying back above
that key number.
Gold actually began selling off before the trade war news when the
Consumer Price Index number came in hotter than expected. Peter said he
knew that would happen.
That is the way the lemmings trade, because
according to the conventional wisdom, if inflation is higher, then the
Fed will be less likely to cut rates. After all, they’re cutting rates
because inflation is too low and if inflation comes in hotter, well,
then there’s less of a reason for the Fed to cut rates. So
paradoxically, higher inflation is seen as being bad for gold. And the
reason I’m saying paradoxically is because gold is an inflation hedge.
Normally, the more inflation the more you want to buy gold.”
There is no way the Fed is going to fight inflation. I don’t care how high it is … One of these days the traders have to realize that these numbers don’t matter. I mean, maybe they matter to the public who has to live with a rising cost of living. But they don’t matter to the Fed. The
Fed is going to take rates back to zero no matter what these numbers
are, because the economy is going into recession even as inflation
rises.”
As far as the trade war announcement goes, Peter said it just shows
that Trump was bluffing when he announced more tariffs. He said he
thinks it makes the president look very weak.
This trade war is lost. The only question is when do we surrender and how do we admit defeat. Again, I don’t think we’re going to get any kind of deal.”
Meanwhile, the mainstream is starting to talk about a looming
recession. They are also calling for the Fed to cut rates and go back to
QE. Peter said they still don’t get it. They don’t understand that this
time around is not going to be like QE1, QE2, and QE3 where everybody
made money.
I understood from the beginning that the Fed’s plan could not
succeed, that they could never normalize rates, that they would have to
go back to zero, that they could never shrink their balance sheet, that
they would have to call it off and do more QE, because I understood the problem back then, and I still understand the problem now, and I understand the consequences.”
Peter noted that New Zealand’s central bank recently cut its interest
rate by 50 basis points, basically in an effort to preemptively keep
inflation from dropping below its target level. He pointed out that
nobody wants a strong currency.
Everybody is weakening their currency to create more
inflation. Well, what’s going to happen? The world is going to drown in
an ocean of inflation and gold is going ballistic.”
The people who are selling gold don’t get it. Gold is not
going up because of the tariffs. Gold is going up because of what the
reserve bank in New Zealand did and because that’s what all the central
banks are doing …
Every central bank has bought into this nonsense that we must have
inflation and that interest rates need to be negative. Inflation needs
to be high enough to have real negative rates all over the globe. That’s
where we are heading. So, if that is the case, people have no place to hide except gold and that is why they’re buying.”
Peter said ultimately we are going to have a global currency crisis –
a US dollar crisis – because it is at the epicenter of the global fiat
monetary system.
Class 8 Heavy Truck Orders Crash 68% in January by Tyler Durden Wed, 02/06/2019 - 17:25 Among the latest dismal news about the strength of the US economy, on Tuesday ACT Research released preliminary truck orders for January 2019 which showed that Class 8 truck orders collapsed an astounding 68% for January. The decline is being attributed to a 300,000+ vehicle backlog potentially prompting fleets to halt purchases in the near term. 米国経済に関し最近憂鬱なニュースが多い中で、火曜にACT researchが2019年1月のトラック発注を開示した、1月にClass 8のトラック発注がなんと68%も急落した。この発注減は短期的に300,000台超の潜在在庫を生み出す。 Specifically, in January Class 8 net orders were 15,800 units (14,700 SA; 176,400 SAAR), down 68% YoY and down 26% MoM. Class 5- 7 January net orders were 23,400...
Amazonで買物をしてContrarianJを応援しよう Silver Outperforming Gold 2 Adam Hamilton July 26, 2019 3232 Words Silver has blasted higher in the last couple weeks, far outperforming gold. This is certainly noteworthy, as silver has stunk up the precious-metals joint for years. This deeply-out-of-favor metal may be embarking on a sea-change sentiment shift, finally returning to amplifying gold’s upside. Silver is not only radically undervalued relative to gold, but investors are aggressively buying. Silver’s upside potential is massive. ここ2週シルバーは急騰した、ゴールドを遥かに凌ぐものだ。これは注目すべきことだ、もう何年もシルバーはひどいものだった。この極端に嫌われた金属が大きく心理を買えている、とうとうゴールド上昇を増幅するに至った。シルバーは対ゴールドで極端に過小評価されているだけでなく、投資家は積極的に買い進んでいる。シルバーの潜在上昇力は巨大なものだ。 Silver’s performance in recent years has been brutally bad, repelling all but the most fanatical contrarians. Historically silver prices have been mostly ...
Amazonで買物をしてContrarianJを応援しよう "On The Precipice" by Tyler Durden Mon, 06/24/2019 - 14:30 Authored by Kevin Ludolph via Crescat Capital, Dear Investors: The US stock market is retesting its all-time highs at record valuations yet again. We strongly believe it is poised to fail. The problem for bullish late-cycle momentum investors trying to play a breakout to new highs here is the oncoming freight train of deteriorating macro-economic conditions. 米国株式は記録的バリエーションのもとで再度過去最高を試している。私どもはこれが失敗すると強く信じている。景気拡大終盤で強気のモメンタム投資家が新高値を試そうとしていることの問題は、マクロ経済条件の悪化にある。 US corporate profit growth, year-over-year, for the S&P 500 already fully evaporated in the first quarter of 2019 and is heading toward outright decline for the full year based on earnings estimate revision trends. Note the alligator jaws divergence in the chart be...
中国が債務増加していることはたしかです。ただ日本の例を日銀資金循環報告でみると家計、320兆円、民間非金融機関1,785兆円、一般政府 1,284兆円となります。合算すると3,300兆円にもなり、GDPの600%を超えています。 https://www.boj.or.jp/statistics/sj/sjexp.pdf この記事の統計と同じ考え方で数値を採用しているのかどうか気になります。 加えて、この資金循環報告に書かれている海外資産というのが内数なのか外数なのか?私にはよくわかりません。当然海外債務も結構な額になります。一度日銀資金循環 図表1を見てください。詳しい方に教えていただければ。 この中国のたどる道は昔のソ連とかMMTと同様で、自国通貨ならいくら発行しても倒産はしない、というか為政者が痛みに耐えることができず緩和を続けるというものです。でも最終的には限界点に達します。ソ連は建国から崩壊まで70年かかりました。 自由主義経済なら立ち行かなくなった企業は退場してもらうというのが減速なのですが、これがうまくゆかないわけです。 でも日本は中国のはるか先を言っているように見えます。ちょっと検索したのですが、日本の債務に関しては政府債務に言及したものばかりで、この記事のように民間、個人まで総合的に記載しているのは日銀の資金循環統計しか見つけることができませんでした。 China Continues To Pile Debt On Top Of More Debt Written by Jesse Colombo | Feb, 27, 2019 Like many countries, China attempted to rein in its debt growth over the past couple years, but ultimately gave up and is now back to piling on even more debt. Bloomberg reports – 多くの国と同様に、中国もここ2年ほど債務増加を抑えようとしてきた、しかし結局の所諦めてしまい、今や更に債務を積み上げている。ブルームバーグ記事ーー For almost two years,...