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Venezuela Is Down To Its Last $10B As Debt Payments Loom

Venezuela Is Down To Its Last $10B As Debt Payments Loom

Via Zainab Calcuttawala of OilPrice.com,

Venezuela’s central bank is down to its last $10.5 billion in foreign reserves, according to the institution’s most recent report on the country’s financials.

Over the remainder of 2017, Caracas needs to fund $7.2 billion in debt payments – an amount that it can only meet if oil prices spike far higher than the ongoing boosts caused by OPEC’s output reduction agreement.

Silver Is Collapsing On Massive Volume

Silver Is Collapsing On Massive Volume

At exactly 1130ET (as Europe closed), someone decided to unload over $2 billion notional of silver into the futures pits...

Over 23,000 Silver futures contracts suddenly puked into the market as soon as Europe closed...

 

Silve rhad managed to get back most of the losses post-election but once the selling broke 18.155 (200DMA) it accelerated...this is the biggest drop since The Fed hiked rates in December.

 

Gold is also getting hit but far less aggressively...

 

Snap IPO Opens At $24 - Almost Three Times The Size Of Twitter

Snap IPO Opens At $24 - Almost Three Times The Size Of Twitter

Having priced at $17, Snap Inc. opened for trading at $24, valuing the company over $34 billion - almost three times the size of Twitter, bigger than both HP and CBS, and almost as big as Ebay.

41% jump at the open from the IPO price and extending gains to $25..

Losses greater than revenues make for "hard math to work with" for investors, George Maris, portfolio manager at Janus Capital, says on Bloomberg Television.

At this valuation, Snap is almost three times the size of Twitter ($11.5bn)

 

Can Truth Prevail? — Paul Craig Roberts

Can Truth Prevail?

Paul Craig Roberts

According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high.

So what is driving the real GDP growth? In my opinion, the rise in real GDP is an illusion produced by the under-measurement of inflation.

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