It is increasingly clear the global economy is slowing down. And a few months ago the epicenter for that slowdown was Turkey. The Turkish Lira melted down as fears over its massive pile of corporate debt, most of it denominated in dollars, began selling off. And that had contagion effects into Europe since yield-starved banks … Continue reading Revisiting Turkey’s Debt Problem
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Recession Incoming or Something Worse? 2/10 Spread Collapses
UPDATE: Now stocks are selling off and the 2/10 spread is less than 10 basis points. Gold, however, refuses to sell off while the euro pulls back versus the dollar. Mike Shedlock over at Mishtalk noted yesterday that there have been a couple of troubling inversions in the U.S. yield curve recently. They happened in … Continue reading Recession Incoming or Something Worse? 2/10 Spread Collapses
Salvini Takes Control of Europe’s Future
Deputy Prime Minister Matteo Salvini just declared himself the leader of the Europe's future. He refuses to budge one inch in negotiations with the European Union over Italy's budget now threatening to take down the government. And in doing this he not only speaks for Italians, he is now speaking for that growing part of … Continue reading Salvini Takes Control of Europe’s Future
Has China Finally Lifted its Thumb off of Gold?
There's a lot of talk about the Yuan price of gold falling out of a price suppression channel. Both Zerohedge and Nomura have weighed in on this. The Yuan price of gold surged overnight to above CNY 8500 per ounce which is a major breakdown. But it's also indicative of something that has long been … Continue reading Has China Finally Lifted its Thumb off of Gold?
Salvini Stoking Italian Risk on Eve of Bavarian Elections
So, let's talk Germany v. Italy in a no-holds barred, tag-team grudge match for control over the future of the European Union. Because, make no mistake, that is exactly what is on the table when we analyze what is happening in the EU. Man of Many Hats, Matteo Salvini, is in the driver's seat pushing … Continue reading Salvini Stoking Italian Risk on Eve of Bavarian Elections
Is Gold Decoupling from Debt?
When I went outside this morning to wrangle my goats to milk them, I noticed something had changed. All of a sudden it was October. It was chilly in a way that only fall in North Florida could be, slightly drier and more temperate. While it was a cold, wet summer for the most part, … Continue reading Is Gold Decoupling from Debt?
Gold Goats ‘n Guns Live – The Hills are Alive with the Sounds of Panic
The theme for this livestream is panic. Panic is building everywhere among the elites that believe they run the world. From the mass banning of Alex Jones to chill the forums of political speech to the coordinated media attacks on Turkey's financial system to bring that country low and back into the U.S.'s sphere of … Continue reading Gold Goats ‘n Guns Live – The Hills are Alive with the Sounds of Panic
Looks Like Italian Default is Back on the Menu
Italian Deputy Prime Minister Matteo Salvini was right to call out the EU over the failure of the bridge in Genoa this week. It was an act of cheap political grandstanding but one that ultimately rings very true. It's a perfect moment to shake people out of their complacency as to the real costs of … Continue reading Looks Like Italian Default is Back on the Menu