Yes Brexit is tomorrow but what’s next to be concerned about
Chris Temple kicks off today with a general recap on the slow markets moving in to the Brexit vote. We have talked the Brexit vote into the ground but since markets are forward looking what will be the next story or concern for investors to focus on?
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Stewart is dead wrong. Inflation is not here yet and it won’t arrive for a while. As far as gold goes the guy is in dreamland as he imagines 1400 dollar gold after another bounce off 1200. My charts tell me we see 1100 before anything like his scenario ever plays out and there still remains a good chance gold goes all the way back to its December lows. We are hardly out of the woods yet.
I am not sure that is the case. The growth in debt and big ticket item prices and related debt look very inflationary relative to wages. Debt= money( credit based currency) in this world at least for the time being. Government debt ,real estate debt , student debt , auto loans and credit card debt basically is new credit based currency and does not represent real gold or silver therefore it is inflationary as long as it is not expunged by default or repayment. With the NIRP or ZIRP there is no claw back of credit mechanism like the 1980s spike in interest rates. So excessive debt and prices remain while gold and silver prices are suppressed to hide the truth about all the inflation and its related debt. The low metal prices if they were validated by deflation in cash and credit/ debt would be hyper deflationary. Right now the metals prices are wrong because they are too low to give value to the cash and credit in the system. Interest rates are also too low to compensate savers for all the inflation. Debt implosion and severe depression is the only alternative to higher metal prices and normalization of interest rates. Financial pain and suffering is not optional, at this point it is compulsory. The plug just has to be pulled!
Mike Swanson gets it, too…
http://ecowatch.com/2016/06/20/crescent-dunes-concentrated-solar/
Meanwhile in Nevada, the sun always shines….
Well…essentially.
a little blurb on Nicola mining “husif” that excelsior has talked about. found it today on ubika research.
It is still way to call folks. My gut tells me that a lot of Leave voters will come out of the woodwork on Thursday and vote to Brexit.
I am, admittedly, biased that way myself.
Below is a good video. The Labour MP in Stoke went campaigning to get people in her constituency to vote to Remain in the EU. What she found was loads of her core voters who are intending to vote to Leave.
Way too close to call, I meant,
Just published on The Daily Mail website:
‘The referendum race goes down to the wire: On the final day of campaigning, pollster admits it’s ‘too close to call’ as last survey finds Leave on 45% and Remain on 44%’
This reminds me of the last time Quebec was voting to secede from Canada during the 1995 Referendum. The race went neck and neck down to the wire and finally the Non! side won by the tiniest half percent over the required 50% of ballots (50.58 percent to be exact). There was naturally a big controversy over how ballots were counted and plenty of suspicions. Whats new eh? In the end though Canada remained whole as a single unified country.
Quebec Referendum on Separation
https://en.wikipedia.org/wiki/Quebec_referendum,_1995
I am voting 3 times tomorrow – once for myself and two proxy votes for friends. All will be for Leave.
I have no idea what the other 48 million will be voting.
go Bob, we have to win otherwise I think I might find another country
Very interesting article on zero hedge regarding the betting.
It seems a lot of small bets are being placed on leave, and a few big bets on remain.
If this were a horse race my money would be great n remain, since the smart money is sending it in big on remain.
However this is a vote.
If a lot of people are making small bets on leave maybe the vote will go their way.
Bottom line is though it’s all rigged anyway.
It will go the way they want it to go.
They might as well make a few pounds in the meantime.
If they didn’t let Greece leave do you think they are going to let Britain leave?
The only thing I look forward to is that it is finally over one way or the other.
I consider myself a decent chess player, but I only see two or three moves ahead, the price action here is so bizarre, someone must be seeing five moves ahead.
The way gold is behaving is saying the Remain side will win.
I guess gold knows more than the bettors because if the market was really fearful gold should be above 1300 today instead of heading in the direction of 1250.
So the market might be a super consciousness and has already sniffed out the final results before a single person has even voted. At this point, it will be a huge upset should the Exit side win the day…..at least as far as PM’s are concerned.
Anyway….as far as I am concerned that outside reversal in gold for the month of May was enough of an early prediction as any of us needed. Precious metals are going down…..Brexit will fail.
Really…ummm seems to have too many variables in that idea
Not convinced a remain is bad for gold.
It will strengthen the euro which is gold positive and it really doesn’t help anyone’s cause.
Will just create more animosity and resentment and factions.
Either way gold benefits.
Watch the Yen. Its getting ready to turn down as I see it and that spells trouble for gold.
It (the Yen) posted an outside reversal yesterday (eg….it is going down and taking gold with it). The dollar also posted an outside reversal suggesting it is about to rise perhaps beginning tomorrow or Friday. That spike high in the dollar back on the 16th violated the resistance channel which is enough information to tell me the declines are essentially at an end for now.
Hi birdman!There is a gap at 1298 that has to be filled.Gold could very easily climb to 1303 i.e the 78.2% fib retracement of this leg down.If 1303 is exceeded then 1326 (50mma)will be my next target.Gl buddy
To me the gold chart looks like a replay of August to October 2015 which was followed by a very steep decline into November that year. I don’t put much stock on gaps because they can take years to fill sometimes.
I am with you birdman. Gold is gonna take a waterfall decline but this retracement has not finished yet imho.We are very close but I am trying not to jump in too early.I am playing it by the ear.It is getting frustrating but it is what it is and I got to be patient and wait for the right moment.
It might just be that gold is going down because the leave camp is actually winning.
Who knows ?
It’s all a crap shoot
One thing I know about gold, it always seems to do exactly the opposite of what you expect to do.
Thomson on gold….
http://www.silverdoctors.com/gold/gold-news/the-storm-is-ending-stewart-thomson/#more-68842