Greek, Irish, and Portuguese yields are at or flirting with new all-time highs. Moreover, things are not looking pretty for Spanish and Italian bonds. Both trade at the upper end of their respective ranges yet German bond yields have fallen since the second week in April.
The Unemployment Insurance Weekly Claims Report was released this morning for last week. Claims fell 16,000 from an upward revision of the previous week, but the 4-week moving average remained unchanged. This marks the tenth week above the 400K level after dropping below 400K for seven of the previous nine weeks.
he price of gold eased back once again vs. the rising US Dollar on Thurday morning, but the price to buy gold for both Euro and UK investors flirted with new all-time highs as Europe's debt crisis worsened.
I've been working under the assumption that the powers-that-be in Europe (the EU, ECB, the IMF, and the heads of the various PIGI states) would find a way to eventually "handle" the situation in Greece.
Home builders said the housing market went from dead to deader in early June. The NAHB’s present conditions index fell from 15 (revised down) to 13 (on a scale of 0-100, with anything below 50 being negative).
It is very important to focus on what gold is doing in relation to the things of positive economic correlation... like oil, copper and broad stock markets to catch the macro trend changes. The gold-silver ratio - which we have watched ceaselessly - is the first signal. Now, as expected, gold is establishing uptrends vs. most asset classes. If you are a gold stock investor it is doubly important to know when gold mining fundamentals are on the rise and when they are on the decline. They are on the rise.
China has overtaken the U.S. as the world's top energy consumer.
We are now seeing some intra-sector weakness within the Transportation sector. We are also seeing weakness in other areas, such as the automotive sector, banking, housing, commodities and even some of the overseas equity averages to name a few. I have gone back to the inception of the Dow Jones Industrial Average in 1896 and identified a statistical based DNA Marker that has appeared at every major top since 1896. If things evolve in a way in which this DNA Marker appears, then it is highly likely that the decline into the phase II low has begun.
In a dramatic about-face, Chancellor Angela Merkel announced on Monday that Germany will phase out nuclear power completely by 2022, shutting down its nine operational reactors and never restarting the seven reactors that were suspended in the wake of the nuclear disaster at Japan’s Fukushima Daiichi plant.
Since we last visited on Rhodium, the news has been favorable for the future value of the metal. Deutsche Bank announced the creation of an ETC, Europe’s version of an ETF, for Rhodium. While that news is favorable, seems the market got a little ahead of the reality. The sharp upward move on the announcement has been reversed due to the general bearishness creeping into all markets.