Friday, June 5, 2020

Worst Market Crash In A Decade: The Dow Has Fallen More Than 4000 Points As Stocks Rapidly Approach “The Capitulation Phase”

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by Michael Snyder, The Economic Collapse Blog:

We have not seen anything like this since the financial crisis of 2008.  On Thursday the Dow Jones Industrial Average lost another 464 points, and over the last five trading sessions it has lost a total of more than 1,700 points.  CNN’s Fear & Greed index has swung all the way over to “extreme fear”, and there has only been one December in all of U.S. history that was worse for the stock market than this one.  But back at the very beginning of October, most of the experts never would have imagined that the year would end this way.  According to CNBC, the Dow Jones Industrial Average hit an all-time record high of 26,951.81 in early October, and investors were feeling really good about things at that point.  But on Thursday the index closed at just 22,859.60, and that means that the Dow has lost more than 4,000 points in less than three months.

Is this a joke? – Bill Holter

by Bill Holter, Miles Franklin:

As the year comes to a close, we all look back and reflect on what happened, what didn’t, and what should or should not logically happen in the future. During some recent reflection, I could only laugh and finished my thoughts by thinking “is this a joke”?

We all (even the brain dead) know something has seriously changed in our financial markets. Emotional thought has morphed from buy the dip to sell the rip. In other words, fear is now in the process of replacing greed as the prevailing sentiment. But why? What has changed?

DOW DOWN 464 POINTS AND THE NASDAQ DOWN 108 POINTS/GOLD UP $11.50 TO $1264.65

by Harvey Organ, Harvey Organ Blog:

SILVER IS UP 4 CENTS TO $14.79/GOLDMAN SACHS CONTINUES TO RECEIVE (STOP) GOLD COMEX CONTRACTS/USA SET TO ISSUE NEW SANCTIONS ON THE CHINESE FOR CYBER ESPIONAGE/IN THE USA: BIG FUNDS ARE LEAVING THE LOAN ARENA BIG TIME (CLO’S)/TRUMP THROWS THE HOUSE IN DISARRAY BY REFUSING TO SIGN CONTINUING RESOLUTION SO AS TO CONTINUE FUNDING GOVERNMENT UNTIL FEB 8: HE WANTS HIS WALL/MORE SWAMP STORIES FOR YOU TONIGHT

Time Is Money, Money Is Time

by Alasdair Macleod, GoldMoney:

Life’s but a walking shadow, a poor player who struts and frets his hour upon the stage and then is heard no more.   

-Macbeth

Our limited time, our brief candle as Shakespeare’s Macbeth had it earlier in the soliloquy quoted from above, may count for very little in the grand scheme of things, but is of the utmost importance to each of us personally. Unlike the other dimensions, height, breadth and depth, the fourth is almost infinite, but individuals enjoy only a small part of it, our three-score years and ten. Time moves on. What really matters is not wasting it.

China and Japan Dump More US Debt

by Peter Schiff, Schiff Gold:

China and Japan dumped more US Treasuries in October, even as the federal government continued to run up its debt.

Chinese holdings of US Treasuries dropped for the fifth straight month, sinking to the lowest level since May 2017, according to data recently released by the Treasury Department. The total amount of US debt held by China fell from $1.15 trillion to 1.14 trillion. Over the past year, the Chinese have shed $50 billion in US debt.

Japan has also been selling US Treasuries. That country has divested itself of $76 billion from a year ago to $1.02 trillion. This continues a trend since the peak of its holdings at the end of 2014 ($1.24 trillion).

Gold Is Moving

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by Bob Rinear, The International Forecaster:

For a long long time, gold and its step child silver have gone nowhere fast. But over the past couple weeks, they’ve been stirring. So let’s chat about my favorite metal for a minute. Considering it’s Christmas season, and many of you might actually be buying something made of gold, it’s a good time to learn something about it.

In the course of my involvement with precious metals, gold has always been my favorite. For those that don’t know, I started my professional life as a jeweler. I had the ability to play with all the big name stuff, from platinum and Rhodium to gold and silver. But it was always gold that “amazed” me the most.

It’s dense. It seems too heavy for its weight. It’s got a beautiful color. It’s malleable. It’s been used as money and adornment since the beginning of time. It truly is a very special element.

Trump’s Mobsters in the White House Deflect Blame for Falling Market

by David Haggith, The Great Recession Blog:

Before Trump was even inaugurated, I said he was clearly draining the swamp directly into the White House. That was obvious as soon as he nominated a Goldman-Sachs roster to fill all the financial cabinet positions. Some wishfully said he was playing 4-D chess by keeping his enemies close. I called baloney. He was simply being Sached. One of those from the Goldman roster was Steven Mnuchin.

Today we got a prime example of how the mobsters are going to spin the current market train wreck for their own gain … and they will probably succeed. Munchkin, as I prefer to call him, because he lives on Goldman’s sacks of gold, stolen pavers from the yellow-brick road

… has weighed and measured the recent destruction that put the Dow Jones Industrial Average on track for its worst December since 1931, and he appears to have drawn his own conclusions as to the impetus. Mnuchin during a Tuesday interview with Bloomberg News in Washington said that the effect of the financial-crisis-era Volcker rule and high-frequency trading have combined to sap liquidity in the market and insert an unprecedented measure of volatility in assets. (MarketWatch)

Federal Reserve Raises Interest Rates 1/4 Point

by Michelle Moons, Breitbart:

The Federal Reserve announced Wednesday afternoon, less than a week before Christmas, that the Fed will raise interest rates a quarter of a point, from 2.25 to 2.50 percent.

“Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate,” the Federal Reserve said in a statement issued at 2:00 p.m. Eastern.