Yesterday, in an odd attempt to criticize the "financial media for highlighting bearish stories but ignoring bullish ones" and to pidgeonhole "Zero Hedge and friends" as addicted to "permabear newsflow", Citi's Brent Donnelly said the following:
Give the people what they want
As gold prices "Golden Cross," the precious metal is set for its best month in 4 years, and best 2-month rise since 2011. The entire precious metals complex is active with the largest fund inflows since 2009 and the biggest February COMEX trading volume in history.
2016 has seen the best start to a year since 1980 for gold...
The best 2 months in gold since 2011...
Pushed prices to a "Golden Cross"...
If it feels like just two weeks ago when Jeffrey Gundlach was spewing almost daily fire and brimstone about the future of the market is because that's precisely when he was doing just that.
Recall on February 8 when we wrote that in an email exchange with Reuters, the DoubleLine chief said "credit fund bankruptcies are coming," adding that "it's not a market to be flopping around in. The trends are relentless and powerful."
Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.
Nigeria’s currency (the naira) has been officially pegged in a range of 197-199 NGN/USD for nearly a year. But, that’s a phony government rate. As shown in the accompanying chart, the black market (read: free market) rate has exploded since October, and currently stands at 350 NGN/USD.
Submitted by David Stockman via Contra Corner blog,
The Red Chip casino took another one of its patented 6.5% belly flops this week. In fact, more than 1,300 stocks in Shanghai and Shenzhen fell by 10% - the maximum drop permitted by regulators in one day - implying that the real decline was far deeper.