Front and center this morning, we had the entire day-and-a-half rally in the risk assets completely erased, wiped out, and reversed yesterday… Recall that I told you in the morning that the euro (EUR) had lost about 1/4-cent while I was writing… Well, it held to near 1.37 until about mid morning, and then the trap door was sprung, and the euro went falling through the 1.37, and 1.36 floors!
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IMF Sends Gold to the Woodshed
Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: Banking, currencies, currency trading, Debt and Deficit, dollar rally, EUR, Featured, FOMC meeting minutes, Gold, gold buying opportunity, gold price, IMF gold sale, JPY, risk assets, Stimulus Package, The Daily Pfennig, Treasury bond yield
A River of Debt
As I was floating down impassible rivers
I no longer felt myself steered by the haulers…
– Arthur Rimbaud, “The Drunken Boat”
The news yesterday pushed against us like a gentle wind. Pending house sales were bad. Consumer spending was good. Unemployment was bad. Manufacturing was good.
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