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In the last 15 minutes
Tim Iacono - Iacono Research
Wednesday Morning Links
MUST READS China’s 7.4% growth beats forecast – BBC China growth dips as property fears rise – Washington Post As Credit Dries Up, Smaller Companies in China Feel the Pinch – NY Times Armored vehicles in eastern Ukraine raise Russian flag – MarketWatch Rivals show force in eastern Ukraine before talks – Reuters Is Vladimir Putin Another Adolf Hitler? – Forbes Ukraine Says Russia Exporting ‘Terror’ Amid Eastern Push – Bloomberg Rebuttal for Rajan: Bernanke Defends U.S. Policy in Visit to Mumbai –
Wednesday, April 16, 2014
Tim Iacono - Iacono Research
Rise in Housing Starts Disappoint, Permits Fall
The Commerce Department reported(.pdf) that U.S. housing starts rose 2.8 percent last month, from an upwardly revised seasonally adjusted annual rate of 920,000 in February to 946,000 in April, however, this was below the consensus estimate of 955,000 that was expected, at least in part, due to better weather in the spring after a severe winter. After jumping in February in anticipation of warmer temperatures in most parts of the country, permits for new construction actually declined last month
Wednesday, April 16, 2014
Tim Iacono - Iacono Research
Reuters Omits Grey Areas on Gold in China
More evidence that the mainstream financial media often gets it wrong when reporting on precious metals in general and gold in particular when it comes to reporting on anything other than its price comes via this story at Reuters on Tuesday. It seized on a few comments at the tail end of a World Gold Council report to craft the sensationally bearish China may have 1,000 tonnes of gold tied in financing – WGC which was not only misleading, but violated some very important rules about context. A
Wednesday, April 16, 2014
In the last hour
Mish - Global Economic Analysis
Europe Without €: Former EU Commissioner Says "Monetary Union has Failed"
Via Translation from the Italian website L'Anti Diplomatico, former EU Commissioner and and signatory of the Manifesto of European solidarity, Frits Bolkestein proclaims the "Monetary Union has Failed". In his conference "Europe Without €" held in Rome on Saturday 12 April, Fred Bolkestein, a former commissioner of the European Union and signatory of the Manifesto of European solidarity quotes former German Chancellor Helmut Kohl in his address to the European Parliament in 1991: "EU policy
Wednesday, April 16, 2014
In the last 4 hours
Charleston Voice
IRS demands Ron Paul's list of donors
By Joel Gehrke | APRIL 15, 2014  via washingtonexaminer Former Congressman Ron Paul gestures during a rally for Republican gubernatorial candidate Ken... Ron Paul's nonprofit Campaign for Liberty will fight the Internal Revenue Service's demand that it reveal its donor list to the agency, despite having already been fined for refusing to do so. "There is no legitimate reason for the IRS to know who donates to Campaign for Liberty," Megan Stiles, the communications director at Campaign
Wednesday, April 16, 2014
In the last 24 hours
Andy Hoffman - Miles Franklin
The “New York Gold Pool” – Revisited
I have to admit, I was already in a somber mood when I awoke; as every imaginable Cartel stratagem had been used over the past three days to cap gold and silver’s advances, setting up the “no doubter” overnight attack that was first “signaled” by last night’s “mysterious” gold weakness at the 8:00 PM EST open of the “Globex” trading platform; i.e., the thinnest period of the global trading day, which the Cartel traditionally utilizes to launch paper raids.  At 8:00 PM EST, Americans are eating d
Wednesday, April 16, 2014
Andy Hoffman - Miles Franklin
Great Things Keep Happening
Andy Hoffman joins Kerry Lutz of the Financial Survival Network  to discuss platinum and palladium, sales tax hike in Japan sales down 25%, in the U.S. 20 percent food price increase and gold physical demand.  To download the audio, please click below: Andrew Hoffman – Great Things Keep Happening
Wednesday, April 16, 2014
Mish - Global Economic Analysis
Specter of Civil War; Putin's Army Hiding – Not Even CNN Can Find It; Easy Solution
Today the government of Ukraine moved with force against the separatists, evoking a Specter of Civil War. Ukraine unleashed an offensive to dislodge militants from towns in its eastern Donetsk region as the authorities in Kiev said elements of Russian special forces were identified among the anti-government forces. Four militants were killed and two wounded when Ukrainian troops stormed an airport in Kramatorsk, taking it under control, Russia’s state-run RIA Novosti news service reported. Uk
Wednesday, April 16, 2014
Tim Iacono - Iacono Research
Consumer Prices See Modest Rise
The Labor Department reported that rising food costs were offset by falling energy prices and consumer prices rose 0.2 percent in March after a gain of 0.1 percent in February. On a year-over-year basis, the official measure of annual inflation in the U.S. is now 1.5 percent, up from 1.1 percent the month prior. Food prices rose 0.4 percent last month paced by a 1.9 percent jump in the cost of beef and an increase of 1.1 percent in pork prices. Rising shelter costs also contributed to the overa
Tuesday, April 15, 2014
Tim Iacono - Iacono Research
Gas Price Increases Adjusted Out of CPI
Anyone looking for a good example of the impact of seasonal adjustments in general and how rising pump prices can translate into falling fuel prices when the government reports its monthly inflation data need look no further than today’s report on consumer prices. As noted here earlier, despite the roughly five percent increase in the cost to fill your tank, the Labor Department said it actually cost 1.7 percent less and the table below showing the change in pump prices from February to March ov
Tuesday, April 15, 2014
More than 24 hours ago
Tim Iacono - Iacono Research
Tuesday Morning Links
MUST READS Ukraine crackdown gets off to slow start – Reuters EU and US mull further Russia sanctions – BBC Obama Warns Putin on Ukraine After Deadly Clashes – Bloomberg China gold demand to rise, World Gold Council says – BBC China’s gold market: progress and prospects – World Gold Council China may have 1,000 tonnes of gold tied in financing – WGC – Reuters Chinese take-away – WGC study leaves many questions unanswered – Mineweb World Gold Council Report on China Pressuring Gold – Trader Dan W
Tuesday, April 15, 2014
Mish - Global Economic Analysis
Ukraine Hikes Discount Rate from 6.5% to 9.5%, Overnight Rate to 14.5% to Halt Crash of Hryvnia
The Ukrainian Hryvnia has plunged six consecutive weeks to new record lows. Since the beginning of the year, the Hryvnia has fallen from 8.26 to the US dollar, to 13.16 to the US dollar, a decline of 37.2% On Monday, the Ukraine central bank pulled out the bazooka with a massive set of rate hikes. Kiev’s central bank raised the benchmark discount rate from 6.5 per cent to 9.5 per cent and the overnight loan rate from 7.5 per cent to 14.5 per cent on Monday night. “The central bank consi
Tuesday, April 15, 2014
Tim Iacono - Iacono Research
We’re Kind of Turning Japanese
This Pew Research report on how the nation will look demographically in the decades ahead is not really surprising for those who have been paying attention over the years to the well established trends that have long been underway. Basically, we’re becoming less white and grayer (note the link to the left -  someone felt the need to buy the domain greyorgray.com to answer what was, apparently, a commonly asked question and, not surprisingly,  it shows up as the first search result for “grey or g
Tuesday, April 15, 2014
Mish - Global Economic Analysis
52% Say Taxes Too High, 54% Say Taxes Fair; Too High But Fair?
A curious result from a Gallup survey on taxes shows 52% Say Taxes Too High, 54% Say Taxes Fair click on either chart for sharper image Question #1: Do you consider the amount of Federal Income Tax you have to pay is too high, about right, or too low? Question #2: Do you regard the income tax which you have to pay is fair? Very curious "too high but fair" results. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com
Tuesday, April 15, 2014
Mish - Global Economic Analysis
GMO 7-Year Real Return Forecast: US Equities Negative For 7 Years
Here is a chart from GMO Asset Forecasts that expresses how I feel as well. 7-Year Global Real Return Equity Forecasts click on chart for sharper image Value and growth within large and small stocks, and REITs, as of March 31, 2014 Estimated returns are negative for US large caps, US small caps, and REITs for every period shorter than seven years. If accurate (and I believe it is), what will that do to pension plans? For further discussion, please see LA Commission Studies Pension Crisis,
Tuesday, April 15, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Wheel of Fortune
Retail sales came in a little stronger than expected this morning, and Citi turned in decent quarterly numbers, despite its having failed the stress test. So stocks rallied. The action in the rest of this week will let us know if this was a 'relief rally' or something more positive for stock prices. Have a pleasant evening.
Tuesday, April 15, 2014
Egon von Greyerz - Matterhorn AM
The IMF and Central Banks are losing control
KWN weekly – April 11, 2014 Greyerz: “Eric, all of the problems in the world have been solved and the risk of another global downturn is zero. At least this is what the IMF has just pronounced. The IMF points to the strong recovery in the U.K. and the U.S. as evidence of this. Let’s first take a look at the U.K. The U.K. is a country running a major structural budget deficit, a massive current account deficit, with a subsidized housing market which is a bubble, and a country where ordinary peopl
Monday, April 14, 2014
Andy Hoffman - Miles Franklin
The Ultimate Insider Tells It Like It Is
In last week’s “Conspiracy Theory,” we highlighted how the Miles Franklin Blog deals solely with fact, not speculation.  My background as a classically-trained financial analyst guides every word I write; and in Bill Holter and myself – who both cut our blogosphere “teeth” on the GATA website, you are reading two of the world’s foremost “gold manipulation experts.”  And when I say foremost, I truly believe you can count the amount of people that know more on the fingers of two or three hands.  T
Monday, April 14, 2014
Mish - Global Economic Analysis
Steve Keen Hired as Chief Economist for IDEA Economics; Best Wishes to Keen and IDEA
On March 30, the newly formed Institute for Dynamic Economic Analysis (IDEA) announced it hired Steve Keen to serve as its chief economist. Via email IDEA stated "Steve will guide the organization’s research and educational programs. IDEAeconomics was inspired in large part by his work, and we are honored to launch (coming early May) under his guidance. IDEA is dedicated to building the economics Steve has worked on for years. Our collaborations will be informed by his networks among the media
Monday, April 14, 2014
Mish - Global Economic Analysis
  Pro-Russia Separatists Defy Ukraine Deadline; Russia Promises to Protect Protesters From Violence; U
There is no sign of tension easing in the Ukraine today. Russia promises to protect the protesters from violence as the Separatists Defy Ukraine Deadline. Pro-Russia separatists occupying government buildings in up to 10 cities and towns in eastern Ukraine on Monday defied a deadline from Kiev to surrender as Moscow promised to “protect” people in the region from violence. Oleksandr Turchynov, Ukraine’s acting president, responded by appealing to Ban Ki-moon, UN secretary-general, to deploy p
Monday, April 14, 2014
Tim Iacono - Iacono Research
Retail Sales Surge on Spring Thaw
The Commerce Department reported(.pdf) that U.S. retail sales jumped 1.1 percent in March, the biggest monthly increase since September 2012, as Americans released pent-up demand that resulted from an unusually harsh winter. Last month’s gain was slightly above elevated estimates, exceeding the level of spending last November before the bad weather set in, and the February data was revised upward, from a gain of 0.3 percent to 0.7 percent, all signs of improving underlying demand. Auto sales dr
Monday, April 14, 2014
Tim Iacono - Iacono Research
This Week’s Inflation Report Could Change Everything For Gold and Silver
Renewed tensions in Ukraine, a weaker U.S. dollar, and a faltering domestic stock market combined to support precious metals prices last week as most risk assets declined. Dollar weakness appears to be the biggest short-term driver for gold while steady demand in China and India continues to be one of the most important long-term factors and recent news from Asia has been encouraging during what is a seasonally weak time of the year. While some gold market analysts are again bullish after
Monday, April 14, 2014
Miguel Perez-Santalla - Bullion Vault
How to Trade "High Frequency" Markets
High Frequency Trading and "quant" technical analysis with a Comex veteran... MATTHEW CIMMINO is the owner of StrategyDB, a leader in multi-asset quantitative technical analysis, writes Miguel Perez-Santalla at BullionVault. This week he told me in this interview about how geopolitics, central-bank action, and now High Frequency Trading affect the marketplace. Online Finance Radio at Blog Talk Radio with New York Markets Live on BlogTalkRadio Matthew Cimmino worked on the Comex fu
Monday, April 14, 2014
Mish - Global Economic Analysis
California Drought Updates: Reader Anecdotes, Well Drilling Boom, Images; Drought Spawns Gold Pannin
An email from reader "Bombillo" got me looking at the drought situation in California once again. Bombillo writes ... Hi Mish, Hope all is well with you. I see you have your wine conference coming up with a great speaker roster! The California drought is now going to grind into the brutal summer season with the full effects to be seen shortly. I have read that since the San Joaquin Valley is not going to be receiving any irrigation water from Federal canal projects (first time ever) a half m
Monday, April 14, 2014
Mish - Global Economic Analysis
French Protest Against Austerity and Prime Minister Valls
The French have taken their crusade against austerity to the streets. Organizers say 100,000 hit the streets, government officials say 25,000. The truth is likely to be somewhere in the middle, but as noted numerous times recently, prime minister Manuel Valls is in the spotlight, and not in a good way. Via translation from Les Echos: Left Take Protest in the Streets Against Austerity. Several thousand people demonstrated on Saturday against austerity and the economic plan of the government i
Monday, April 14, 2014
Mish - Global Economic Analysis
  State Department Cannot Account for Billions of Contracts; It Can Account for $400,000 for Camel Sta 
The state department cannot account for $6 billion in paid bills. The contracts are missing. Did the contracts even exit? If not the money was stolen. The US State Department is unable to explain how it spent billions of dollars worth of contract funds in areas throughout the world, according to a newly unveiled report by the department's internal watchdog. The Office of Inspector General explained in a March 20 “management alert” to department leaders that approximately $6 billion has gone u
Monday, April 14, 2014
Mish - Global Economic Analysis
  Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants in Seized Buildings; Verge of C
In what some call "crunch time" others a worst case scenario, Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants in Seized Buildings. Ukraine's president says a full-scale operation involving the army will be launched in the east after pro-Russian militants seized government buildings. Acting President Oleksandr Turchynov said he would not allow a repetition of what happened in Crimea which was annexed by Russia last month. His live televised address from parliament came af
Monday, April 14, 2014
Tim Iacono - Iacono Research
A Bad Day for One FedEx Driver
This kind of reminds me of a scene from the 1980 indie movie hit The God’s Must be Crazy as one FedEx driver appears to have forgotten something important when exiting his truck. It’s pretty neat how the truck “threaded the needle” between the tree and the house (akin to what many hope the Federal Reserve will do in formulating monetary policy to withdraw unprecedented stimulus over the next year or so), though the driver’s door didn’t fare well in the process (insert your own Fed metaphor for
Sunday, April 13, 2014
Mish - Global Economic Analysis
Armed Men Seize Police Station in Slavyansk; Ukraine Prepares Armed Response; Ukraine Suspends Gas P
The crisis in Ukraine took a turn for the worse this weekend. Many distinct events are in play. Here are a few top headlines Armed Men Seize Police Station in Slavyansk The Wall Street Journal reports Pro-Russia Protests Spread, Police Station Seized. Pro-Russia protests spread Saturday in eastern Ukraine as armed men, some in unmarked, military-style uniforms, moved to commandeer more government buildings—a dramatic escalation that the Ukrainian government and Washington tied to Moscow. Uk
Sunday, April 13, 2014
Mish - Global Economic Analysis
Reader Question on the Inevitable Los Angeles Bankruptcy; What About Chicago?
In response to LA Commission Studies Pension Crisis, Recommends New Commission; Bankruptcy Inevitable reader Daniel writes ... Hello Mish, Can you please explain why a home owner in a place like Los Angeles would be concerned with their city's future bankruptcy? Will whatever happens not be short lived? I understand that city workers will be affected and that unions and union workers will be affected as well, but how would your typical resident/homeowner be affected in such a situation? Tha
Saturday, April 12, 2014

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