Gold is the best way to preserve wealth.. Why? Because gold cannot default.
The US Fed and all the conventional economists say the chance of a US recession is in single digits. Then why is foreign trade imploding?
Readers will recall that I called the big up move in gold in mid-January. Now, everyone’s on board. I can’t find a negative word on gold anywhere. Two months ago, you couldn’t find anything positive. How the worm turns.
Yesterday, Colorado-based Sports Authority filed for Chapter 11 in Delaware bankruptcy court. Perhaps you think this is just another case of too much retailing for a slowing economy. This would be partly true but the whole story is darker than that.
Well dear reader, were you surprised that the US economy was so strong that it added a net 242,000 new jobs in February when so many people you know are struggling to find work or make ends meet? Welcome to the twilight zone of government statistics.
JP Morgan has been a resolute gold bear for years now, which is kind of ironic because the original J P himself was the world’s biggest believer in gold and actually used his personal gold hoard to bail out the markets and the US Treasury back in the collapse of 1907.
Every so often, I threaten my TV with extreme violence. I’ve noticed that I’m almost always watching CNBC at the time. I know I shouldn’t do that but I must admit to a morbid fascination with pure idiocy.One of the stupidest things they say—and they say it many times a day—is that a 20% drop from a market high is a bear market. If the index is not down 20%, well then you must be in a bull market. Terms like bull and bear used to mean something. But not on CNBC.
Readers will be familiar with my view that we are now in an earnings recession— year-over-year S&P500 earnings are now down three quarters in a row and I’m confident we are headed for more.
Can the economic news get any worse? Today, February 29, we got three reports of new data and they were all terrible. Now I know why they call this a leap year, as in leap off a cliff.
With the fourth quarter earnings season almost completed, Q4 Earnings per Share (EPS) for the S&P500 are down 3.3% year over year (YoY), making this the third consecutive quarter of declining YoY earnings.