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7.16.19 - Recession fears rise for middle-class families

Gold last traded at $1,411 an ounce. Silver at $15.67 an ounce.

NEWS SUMMARY: Precious metal prices traded mixed Tuesday on mild profit-taking and a firmer dollar. U.S. stocks slipped after President Trump said trade progress between China and the U.S. has a 'long way to go'.

 

 

 

Stocks Face Three Potential Outcomes

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RaginBullStocks Face Three Potential Outcomes: Pretty Bad, Bad and Horrific -Zero Hedge
"The momentum-driven rally that pushed stocks to new all-time highs completely floundered a few weeks ago. What should have been a monster breakout on massive buying power ended up being a feeble push to new highs before stocks promptly rolled over. More and more, that is looking like a false breakout. This opens the door to a SHARP correction downwards...If the US goes the same route as China, the Emerging Markets, industrial metals, and other growth-related asset classes, the S&P 500 could easily collapse to sub-2,600. That's the pretty bad outcome. The REALLY bad one is that the Everything Bubble bursts and we swiftly move into a crisis that makes 2008 seem like a picnic."

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Why to Expect More Bank Mega-Bailouts

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6284553558 612f2770d8 zThe feds haven't done what's needed to to prevent the next bank mega-bailouts -Gasparino/New York Post
"Ten years ago, the nation's banking system collapsed, prompting a massive federal bailout that likely prevented a second Great Depression - but couldn't contain the enormous instability that still plagues the American economy and which contains the seeds of a potential sequel....Unfortunately, policymakers still haven't learned from past mistakes. In 1999, President Bill Clinton and Republicans in Congress passed a law that allowed big banks that hold deposits to fully merge with risk-taking Wall Street firms.

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India Shedding Treasuries, Buying Gold

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5881744315 be3a86eaaf zIndia getting rid of US Treasury securities and buying gold -RT
"The world's second biggest gold consumer continues to replenish its bullion reserves, a Reserve Bank of India (RBI) report shows. At the same time, New Delhi is slowly but surely reducing its share of US debt bonds. The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves.

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Hiring, Wages Gain, Jobless Rate Steady

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 american 963190 640Hiring, Wages Gain Strength as Jobless Rate Holds Steady -Wall Street Journal

"The pace of hiring picked up in August, American workers' paychecks grew strongly and the unemployment rate held steady, showing ongoing strength in the labor market. The unemployment rate was 3.9% last month, the Labor Department said Friday. Nonfarm payrolls rose a seasonally adjusted 201,000 in August, a pickup from the prior month....Wages picked up in August, a sign the very strong labor market is pressuring employers to offer higher pay packages as the overall cost of living ticks up.

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Fed More Unprepared Than 10 Years Ago

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Meanwhile at the FedFed Said to Be More Unprepared For Crisis Than 10 Years Ago -Zero Hedge
"A group of current and former policymakers and academics in the financial industry that comprise the 'Group of 30' - a financial industry working group that includes names like Mario Draghi and Mark Carney and which is the 'who's who' of economists and experts that led the world into the last financial crisis - has come to the same conclusion that the many in the 'fringes of economic thought' have been warning about for the last decade: the Fed is going to be in worse off shape to fight the next major crisis than they were in 2008.

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