One day after the Treasury sold 3Y paper in a surprisingly strong, "stopping through" auction when equities were hit by the surprising Trump Jr. news, moments ago the Treasury sold $20 billion in a 9-year 10-month (Cusip X88) reopening, which stopped at a yield of 2.325%, a 0.4bps tail to the 2.321% When Issued and the fourth consecutive tailing 10Y auction. The high yield was above last month's 2.195% and the highest since May's 2.4%.
The Rigged Gold Market Is A Great Source Of Profit To The Bullion Banks
The Move To Digital Money Creates New Looting Opportunities
http://investmentresearchdynamics.com/the-gold-industry-is-in-a-deep-state-of-dysfunction-delusion-and-denial/
The post Looting Has Replaced Production As The Main Source Of Wealth appeared first on PaulCraigRoberts.org.
Overnight China released its latest monthly credit data which showed that even as China is trying to choke off its shadow banking sector, something we showed most recently last month when we discussed the biggest crash in net bond issuance on record, credit to the broader economy continues to flow, although it comes as M2 crashed to a new all time low and has prompted some nervous analysts to say that even this "crazy" loan creation number may not be enough.
Authored by Tim Price via The Mises Institute,
There are a number of things you don’t want to hear a central banker say.
WTI has extended gains (on weaker dollar) from last night's 'bullish' API data in a deja-vu of last week, and DOE data (showing large draws in Crude and Gasoline) confirmed continued rebalancing. However, once again mimiccing last week's action, prices were not exuberant as another surge in production - to new cycle highs - stymied some of the excitiment.
API: