Business

One of Britain’s biggest gold dealers has said it has taken record-day sales on Thursday amounting to £5.6 million, as traders have purchased record-amounts of gold in a panic amid fears that the world is on the brink of a huge financial crisis.  BullionByPost’s managing director Rob Halliday-Stein says that Thursday’s sales are the largest ever for the company. Telegraph.co.uk reports: “The bullion market has been building with interest since the end of last year but this morning things have gone bananas,” said Mr Halliday-Stein.

Market Psychology has swung from this...

To this...Losing SPY Religion

http://www.youtube.com/watch?v=if-UzXIQ5vw

And seemingly back.

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First, it was The BoJ's utter collapse from omnipotence to impotence. Then came the collapse of The Fed's credibility in the short-term. And now, in the most egregious example of total central bank failure - the 'market' has priced out any chance of a rate hike through 2018... and in fact, there is now a greater chance of a rate-cut (than rate-hike) into 2017.

Based on the Eurodollar market...

And while some hoped that Janet would clear it all up in 2 days of testimony, she just made it worse:

Submitted by Jeffrey Snider via Alhambra Investment Partners,

Part 1 here...

UBS' chief global credit strategist Matthew Mish has been on a roll lately. After first revealing "how the investment grade dominos will fall" in mid January (an analysis which was followed by another leg lower in IG bond prices), and then two weeks later instead of focusing on products, Mish analyzed sectors and explained "What's The Next 'Energy' Sector In Credit Markets", today he tries to put it all together and as he himself puts it, "the inquiries we have received are increasingly from investors across all asset classes and regions, and lines of questioning evolve in many directions.