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1.16.19 - Why Sanders' $15 Minimum Wage Is Irrelevant

Gold last traded at $1,293 an ounce. Silver at $15.63 an ounce.

NEWS SUMMARY: Precious metal prices rose Wednesday on safe-haven buying and a flat dollar. U.S. stocks rose as investors cheered strong quarterly earnings from major banks like Goldman Sachs and Bank of America.

 

 

 

Market Pricing In 'Widespread Disaster'

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financial crisis 1718437 640The market is pricing in 'widespread disaster' -CNBC
"I learned ages ago that the market is a lot smarter than I am. That collection of buyers and sellers out there has more accumulated wisdom than I could ever aspire to and it's given us a sharp smack across the face. Don't mess with a market that's pounding you with its message. The market has made it totally clear to me that I don't have my eyes open, and if I do, I am not seeing clearly. What is the market telling me that I have missed in my myopic haze?

Mnuchin Calls 'Plunge Protection Team'

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Steven Mnuchin official portrait'Plunge Protection Team' convened amid Wall Street rout -NBC News
"Treasury Secretary Steven Mnuchin will host the call with the president's Working Group on Financial Markets, known colloquially as the 'Plunge Protection Team.' The Working Group dates to March 1988 when Washington was still trying to figure out what was behind the 'Black Monday' stock market crash of October 1987...The group also met in 2008 during a profound financial crisis and issued recommendations for overhauling banking regulations and rules on mortgage lending....

The Fed, Creators of Dark Money, Panicking

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In God We TrustThe Fed Is Panicking -Daily Reckoning
"There is growing consensus that the makings of a financial crisis of some sort is building - and could drop sooner rather than later...the belief is that something is wrong....Even though the Fed has been able to avoid another financial crisis the last decade, with quantitative easing (QE) policy - or what I call dark money - their 'toolkit' might not render us 'safe enough.' You see, the Fed manufacturers dark money that the markets have come to rely on. Through quantitative easing (QE) the central bank has accumulated a balance sheet that hit a high of $4.5 trillion of assets last year.

Gold: Worst & Best-Case Scenarios In 2019

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Gold BarsGold: Worst & Best-Case Scenarios In 2019 -Forbes
"The dollar index has had one dominant trend this year - the uptrend. The greenback and gold have an inverse relation....Going into 2019, the yellow metal is likely to shine more as cracks have started to surface in the U.S. economy. The U.S. equity markets are on track to record the worst performance in a decade...The housing market, a leading indicator to gauge the economic health of the country, is showing some serious concerns. Business investment has dried up in the third quarter and effects of tax cuts by Trump administration have almost vanished.

The Global Financial System Unstable -BIS

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symbol 2088735 640BIS warns of seizure at heart of financial clearing system -Evans-Pritchard/Telegraph/GATA
"The pillars of the global financial system are fundamentally unstable which could lead to a frightening chain-reaction in the next crisis, BIS warns. Giant 'central counterparties' that clear the $540 trillion nexus of derivatives are vulnerable to failure in times of extreme stress. The Bank for International Settlements said CCPs could cause 'a destabilizing feedback loop, amplifying stress'. Recent market 'jolt' will be first of many as easy money era ends - says the world’s top watchdog....The rotten apple contaminates the healthy banks. A fire sale of assets spreads contagion.