Goldman and Citigroup Turn Positive On Gold - Despite "Mysterious" Flash Crash
- Gold bounces higher after "mysterious" one minute "flash crash" mistake
- $2 billion, 50 tons or 1.8 million ounces "fat finger" trade blamed
Gold in USD - 1 Week
- Massive selling at 0400 EST when U.S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
"There is still hope that inventories will draw and crude runs will remain high," noted one research director ahead of the API data as WTI rose for a 4th day (back above $44), the longest rally in over a month. With tropical storm Cindy likely impacting the data, API showed a surprise crude build (exp -2.25mm) and notable gasoline build which sent WTI/RBOB prices reeling.
API
Authored by Mac Slavo via SHTFplan.com,
Investors like Peter Schiff have been predicting the collapse of the American economy for a long time, and for good reason. If an economy is built on a foundation of borrowed money, then that economy is living on borrowed time. However, despite how fundamentally unsustainable our financial system is, it has somehow defied all expectations. It has gone on far longer than any of us could have imagined.
Fed to market...
If you believe in the maxim, don't fight the fed, then today was a problem for you...
Authored by James Rickards via The Daily Reckoning,
John Maynard Keynes once wrote, “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”
Truer words were never spoken, although if you updated Keynes today, the quote would begin with “practical women” to take account of Fed Chair Janet Yellen. The “defunct economist” in question would be William Phillips, inventor of the Phillips curve, who died in 1975.