Goldman Hikes Its 12 Month Gold Price Target From $1,735 To $1,830
The first of many gold price upgrades is here, as Goldman's David Greely finally catches on to what has been all too obvious to anyone with a frontal lobe: "Gold prices hit a new record high last week, closing at $1,663/toz on August 3. Despite this rally, the rise in gold prices has continued to lag the plunge in US real interest rates, with 10-year TIPS yields trading below 30 bp. With our US economics team lowering their outlook for US economic growth, implying US real rates will remain lower for longer, and with sovereign debt issues in both the United States and Europe intensifying, we are raising our gold price forecasts to $1,645/toz, $1,730/toz, and $1,860/toz on a 3, 6, and 12-month horizon, respectively." Next up: everyone else.
Slow Motion Train Wreck Unfolding
Eric De Groot at Eric De Groot - 1 hour ago
Are three complicated looking charts needed to describe a "slow-motion train
wreck" into 2016? Equilibrium Price 1 Federal Debt Held by Foreign &
International Investors (FDHBFIN) and the Equilibrium Price (FDHBFIN/OZ)
Equilibrium Price 2 (China's Holdings Excluded) Federal Debt Held by Foreign
& International Investors (FDHBFIN) and the Equilibrium Price (FDHBFIN/OZ)
Gold is...
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Highlights From G-7 Statement Which Basically Says That The Plunge Protection Team Just Went Global
Highlights from the just released G-7 statement:- G7 Says Will Take Every Action to Stabilize Financial Markets
- G7 says it will commit to secure liquidity in market
- G7 will cooperate closely on currency market actions
- G7 says it will be in close contact next few weeks
- G7 says disorderly moves in markets hurt economy
- G7 says currency rates should be decided by markets
Complete Slide Deck From Ongoing Citi "US Downgrade" Conference Call
Citi is currently holding an impromptu conference call discussing the US downgrade and its implications. Attached please find the notes from the call.A Few Comments On The S&P Downgrade
Jim Rogers Blog - 23 minutes ago
*What would be the impact of S&P downgrade of US credit rating on global
financial markets and emerging markets like India?*
None, everyone already knew the US was the largest debtor nation in history
— except S&P and Moody’s. - *in Business Standard*
*Jim Rogers is an author, financial commentator and successful international
investor. He has been frequently featured in Time, The New York Times,
Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and
is a regular guest on Bloomberg and CNBC.*
QBAMCO's Take On The US Downgrade
It is still not too late to submit one's thoughts of what the US downgrade means for various asset classes and for the economy, and world, in general. Here is one of the few worth reading, courtesy of QBAMCO's Paul Brodsky and Lee Quaintance. Their conclusion: "the downgrade is effectively a currency downgrade, which seems very reasonable, overdue and, in real terms, insufficient. We would argue that in real terms, US Treasury obligations are non investment-grade. We think Treasury obligations today and always will be money-good, but principal and interest will be repaid with bad money."S&P US Downgrade: US Austerity Plan Fails To Deal With Core Debt Issue
Marc Faber Blog - 22 seconds ago
The two parties have agreed to a certain extent to raise the debt ceiling,
but there aren't many details on this operation. The fundamental problem of
spending cuts was not taken into account, since no change is expected until
2013.
As a result, US debt continues to grow. If the economy slows as I think it
would, the country will record a fiscal deficit of 1.7 trillion dollars next
year. The following year would be more of the same, and government debt, in
proportion to gross domestic product, will continue to grow to the point
where, like Greece, the assessment of the solvency of t...
Geithner Tells NBC S&P Shows "Stunning Lack Of Knowledge About Basic US Fiscal Budget Math"
Geithner was on NBC and when discussing the massively overdue S&P downgrade of US debt, shared the following pearl of wisdom: "S&P decision to cut U.S. credit rating shows stunning lack of knowledge about basic U.S. fiscal budget math." Listen to Tim: when it comes to stunning lacks of knowledge about things, Tim is the absolutely expert, although in his case it is mostly the US tax code. He added that S&P made a "terrible judgment" and reached the wrong conclusion. He is right. The cut should have been at least several more notches. But there is time... Lastly, and most expectedly, he added that the S&P decision changed nothing on the safety of Treasuries and that China remains a strong investor in the US. Perhaps. We shall see after the TIC statement from October is released, which will detail August transactions. Alas, by then the world will have other issues to deal with.And Treasury Futures Are...
...Not too happy to start based on the early bid/ask.EPIC WEEKEND NEWS 5 - Tel Aviv suspends trading down 6%
Click here to read the rest...
And They're Off: ES Down 31, DJIA Futs Down 274, Gold Surges To New Record $1692
The
first prints are in: ES down 31, DJIA down 274, and gold, natural,
welcomes our new centrally planned overlords by hitting an all time high
of $1692.ES Premarket Bid/Offer At 1167, Down 30 Handles
A few more minutes until ES futures open fully. In the meantime enjoy the indicative bid/offer.
Full Statement From The President Of The ECB
Statement two out of three. Next up: the G7, which will also reiterrate its forecfullanguage that nobody needs to sell anything, anywhere.Greenspan: US Can Pay Any Debt It Has... Because It Can Print Money To Pay It...Fire up the Printing Presses...
Jim Sinclair on $1764 Gold Event...
Dollar Tumbling To Record Low Against Swiss Franc, New Lows Against Yen
For an early look at the risk aversion gripping the market look no further than the USDCHF and the USDJPY, the first of which just took out 0.75, and the second now almost at BOJ intervention levels. Ironically, since the math Ph.D.s have still not recalibrated their models, it is very likely that the collapse in the dollar will lead to an explosion in ES courtesy of the inverse correlation, which will once and for all confirm that global capital markets and now nothing but a robotic circus.
The Two Faces of China - Part I
08/07/2011 - 13:41
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