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The Biggest Fundamental – Markets Are Not Believing The Fed

Cory
August 23, 2017

More of Trump’s comments are moving the markets today but these only seem to matter for a single day. Chris Temple and I look at the more significant long term drivers for this slow growth economy, the Fed, ECB and BOJ policies. The markets are not believing the Fed will continue to tighten its balance sheet and raise rates. Right or wrong this is a disconnect currently.

Click here to visit Chris’s website for more great market and economic commentary.

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Discussion
40 Comments
    Aug 23, 2017 23:21 AM

    This copper, coal, base metal thing has been staggering – look at Teck in 8 weeks.

    Geesh, where did that come from?

      Aug 23, 2017 23:33 PM

      Base Metals Are Breaking Out

      By Sam Broom, Sprott Global – August 23, 2017

      “The Base Metal Breakout – Industrial Commodities Threaten Their Decade-Long Downtrend”

      > Base metals are showing signs of real strength, with prices across the complex breaking out, or threatening to do so.
      > Copper and zinc have looked the strongest of the bunch and both have recently broke out of multi-month consolidation patterns.
      > The moves we are seeing have the hallmarks of a supply (destruction) driven rally, which tend to be sharp and ferocious in nature.
      > An industry-wide decline in reserve quantity (depletion) and quality (grade), accompanied with a complete lack of new discoveries means we believe we’re likely to see an increase in M&A as prices begin to rise, which is why we’re interested in quality exploration and development stage plays.

      https://ceo.ca/@editor/base-metals-are-breaking-out

        Aug 23, 2017 23:03 PM

        Makes those low cost producers like 2018 producer Excelsior just that more valuable….the mining of the higher grade zones to remain profitable or at least break even has been overlooked by many.

          Aug 24, 2017 24:04 AM

          @Oliver – “Zinc global inventories hit 2009 low” – KatusaResearch

          “$AZ $TK $IVN $FWZ $VTT $CZX $CEM $SLR $Z”

          http://cdn.ceo.ca/1cptff3-zinc%20global.jpg

            Aug 24, 2017 24:09 AM

            The Zinc supply shortages have been telegraphed for several years, and for the last year many Zinc producers like Pasinex & Trevali & Teck & Glencore have benefited as well as a host of new/old Zinc explorers like Tinka Resources, Vendetta, Red River Resources, etc….

            We covered Zinc several times a week here on the KER and have posted numerous supply/demand figures, articles, reports, charts, and discussed the companies on the move.

            This should come as a surprise to nobody.

          Aug 24, 2017 24:21 AM

          Wolfster – yes agree with you on finding low cost producers (like Excelsior is projected to be in the Copper space) that will thrive in these higher metals prices, but also can survive if the prices pull back due to a US dollar rally I’m not expecting that imminently, but anything is possible, and I like miners that can still press on if things pulled back 25% from current spot prices. Cheers!

    Aug 23, 2017 23:28 AM

    I think the markets are totally detached from the lunatic who is in charge of the asylum better known as the White House and today’s modest dip has nothing to do with last night’s circus in Phoenix. Ari says we’re in a 4th wave and will likely dip to 2300-2350 or so on the S&P before we blast off on the wave 5 which may take a couple years. None of it has any bearing on markets which are set to go where they go. Can it really be this easy??

    Aug 23, 2017 23:40 AM

    The US needs A feminist movement to call fore the destruction of the Washington Monument ! Wak Up !

      Aug 23, 2017 23:23 PM

      Franky, would you really want to seethe Washington Monument taken down?

      Surely you jest….

        b
        Aug 23, 2017 23:12 PM

        Take them all down, blow up MT Rushmore, burn the bills with presidents that owned slaves, destroy the old artillary pcs and museums.
        Why stop there?, burn the history books, they are full of bs anyway.

        How about tearing down congress? Didnt 50 of them just fly to Israel to show their loyalty?

          Aug 24, 2017 24:40 AM

          You do realize that George Washington couldn’t free the slaves in his state until death, (which he did). As for Thomas Jefferson, he tried twice to free his slaves early, but the laws of the time didn’t allow someone to free slaves if they were in debt, because they were considered “assets”. As horrible as that is to our modern minds, Jefferson tried twice to overturn those laws and institutions of the time, but was unable to and freed them as his death. Obviously as one of the key authors of the Declaration of Independence he valued all life, and actually had large sections of that document removed by congress including passages where Jefferson was critical of King George III and the slave trade.

          I find it ironic and disturbing that people who don’t know history put Lincoln on a pedestal (when he didn’t originally want to free the slaves) and they demonize Washington and Jefferson who both actually freed all their slaves at death purposefully.

          I do agree with the history books being full of BS, but do you really think after watching “Common Core” unfold that people would fill the history books with better info today?

          Even with so much information at our hands today, people have the most warped view of history that they’ve ever had. They take the parts they like for their opinionated echo chamber and discard the context or anything else that actually happened to feed the narrative that is trending or that they wish was history.

          That’s how it has alway been down through the ages though, where people change, revise, and omit history to feed whatever political, religious, or philosophical beliefs they have.

          People are great.

            Aug 24, 2017 24:58 AM

            Good factual history Ex…………Thanks.

            Aug 24, 2017 24:02 AM

            Also, I suspect that some of us had we lived in those times would have been slave owners had we owned the land for them to work and could afford to purchase them. I think it’s best not to judge the past completely with today’s standards!

            Aug 24, 2017 24:09 AM

            Good points, Ex, but many history books do more harm than good and there are plenty of scholars who could replace them with far more accurate versions.

            Aug 24, 2017 24:18 AM

            Thanks guys and salient points.

            b
            Aug 24, 2017 24:20 AM

            Thats right ex.

            Interesting how storys change over time.
            Thats one thing Ive always disliked about religion, but its human nature I guess.

          Aug 24, 2017 24:39 AM

          “What is History,” said Napoleon, “but a fable agreed upon?”

    Aug 23, 2017 23:18 PM

    Agree with Tapper. Now worried abouy the stability of Trump. Blaming everything on the media is wearing thin.

      Aug 24, 2017 24:02 AM

      +1

      Aug 24, 2017 24:14 AM

      You have to keep the message coming for the sheeple, with the 8th grade education

      Aug 24, 2017 24:19 AM

      Is Tapper, Jack Of CNN…?

      Aug 24, 2017 24:22 AM

      I think it’s funny and a little scary that Trump’s supporters and detractors both see something that isn’t there. He is no savior but it is ridiculous to suggest that he is more dangerous than the swamp-dwellers of the status quo.
      Those who think Hillary is a superior person clearly haven’t done their homework objectively, if at all.

        Aug 24, 2017 24:25 AM

        “No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.”
        — H.L. Mencken (Chicago Daily Tribune, September 19, 1926)

    Aug 23, 2017 23:04 PM

    For those following Auryn here is comment from ceo.ca that is of interest
    @Stevest From $aug we anticipate 15% of what we drilled to be out this week, with a lot of results on there way from ComBay.

    There are also results from Homestake due the first week of Sept.

    As our program has started slow in terms of results – that should change and we should see bi-weekly results.

    Aug 24, 2017 24:02 AM

    Here’s a bit of positive news for the Uranium and Nuclear Energy sector:
    ___________________________________________________________________

    Fuel loading underway at Tianwan 3
    22 August 2017

    Fuel loading has begun at unit 3 of the Tianwan nuclear power plant in China’s Jiangsu province, Russian state nuclear company Rosatom has announced. The Russian-supplied VVER-1000 is scheduled to enter commercial operation next year.

    http://www.world-nuclear-news.org/NN-Fuel-loading-underway-at-Tianwan-3-2208174.html

    Aug 24, 2017 24:41 AM

    How one central-bank cowboy at Jackson Hole has fallen behind — and may be spurred to act

    Published: Aug 24, 2017

    http://www.marketwatch.com/story/how-one-central-bank-cowboy-at-jackson-hole-has-fallen-behind-and-may-be-spurred-to-act-2017-08-24?siteid=yhoof2&yptr=yahoo

      Aug 24, 2017 24:43 AM

      Maybe they will bury those two clowns in Jackson Hole…….

        Aug 24, 2017 24:45 AM

        Wonder if Yellen has two passports…..one for Israel and one for the US.

          Aug 24, 2017 24:46 AM

          Some great discussion over at Solari Report, concerning the Constitution and this group of criminals…..

        Aug 24, 2017 24:51 AM

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