United States

Only the most intellectually dishonest can claim that last night's Chinese economic data deluge was anything but miserable. As we showed last night, everything missed:

• Industrial Production +5.9% (MISS vs +6.0% YoY expectations)
• Retail Sales +11.1% (MISS vs +11.3% YoY expectations)
• Fixed Asset Investment +10.0% (MISS vs +10.2% YoY expectations),
• Q4 GDP growth +6.8% (MISS vs +6.9% YoY expectations).

Even as the real full year GDP of 6.9% was in line, it was still the lowest since 1990...

Populist cries for trade protectionism are again ringing out, as politicians seek to blame China for bad US monetary and economic policy. But destroying trade will not only make us poorer, it is usually the harbinger of war.

- 2015 and start 2016 “worrying” for markets- Gold’s long term performance strong in all currencies (see table)- “Improved performance in market for gold coins”- “Demand for U.S. Mint issued gold coins rose 45.6% y/y in weight terms”- “2015 the third busiest year over the last ten years”- Gold has key role of a major diversifier in portfolios

On the Democratic side, an avowed democratic socialist is leading in the New Hampshire polls, suddenly posing a serious challenge to Hillary Clinton’s coronation. For the GOP, candidates range from pro-immigration free-traders to build-a-wall and close-the-borders advocates.

Is the Ayatollah Ali Khamenei, the Supreme leader of the Islamic Republic, a RINO—a revolutionary in name only?

So they must be muttering around the barracks of the Iranian Republican Guard Corps today.

For while American hawks are saying we gave away the store to Tehran, consider what ayatollah agreed to.

Last week, he gave his blessing to the return of 10 U.S. sailors who intruded into Iranian waters within hours of capture. He turned loose four Americans convicted of spying. And he gave final approval to a nuclear deal that is a national humiliation.