Gold And Silver Best Performing Assets – Up 9% and 8% YTD
Gold is 3.6% higher this week and is now over 9% higher year to date. The dollar saw sharp falls this week on growing doubts that the Federal Reserve will be able to raise interest rates. The gains this week were due to increasing concerns about the U.S. and global economy.
GoldCore and Finviz.com
Yesterday, on the way to documenting the malaise China’s hard landing has inflicted on Minnesota’s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches.
After weeks of modest declines, the US Oil Rig Count plunged by 31 to 467 this week - the biggest drop since April 2015 led by a 19 drop in Texas. Total rig count crashed 48 to 571. The reaction, though muted, was a jump in crude prices.
A big plunge - tracking lagged crude perfectly...
Led by Texas in absolute terms - but every region is accelerating in the last 6 months...
Submitted by Charles Hugh-Smith of OffTwoMinds blog,
Once private credit rolls over in China and the U.S., the global recession will start its rapid slide down the Seneca Cliff.
Few question the importance of private credit in the global economy. When households and businesses are borrowing to expand production and buy homes, vehicles, etc., the economy expands smartly.
With faith in "growth" faltering and the momo leaders rolling over...
JPMorgan warns there are still worries for the bears in the intermediate term...
For the SPX overall the ceiling remains clear: since its hard to foresee sustained upside to either ’16 EPS ests (~$120 is best case for the SPX) or the multiple (16x) then any move towards the mid-1900s should still be faded.