Gold World News Flash

Overnight Event Summary
The Stock Market Has Officially Entered Crazytown Territory
Gold Daily and Silver Weekly Charts – Tottering Into Year End
The Money Bubble
Disinflation Risk and the Gold Price

Overnight Event Summary

Posted: 27 Dec 2013 04:17 AM PST

It's the last Friday of 2013. Here is what happened overnight.

Japan's inflation accelerated to the fastest pace since 2008 last
month, bringing the rate closer to policy makers' target while
threatening to erode household spending power unless employers boost
wages
Treasury 10Y notes head for sixth straight weekly loss as yields touched above 3.00% overnight; have risen over 10bps this week amid record high closes for U.S.
stocks, limited holiday week liquidity.
China's benchmark money-market rate posted its biggest weekly drop since 2011 as PBOC cash injections and fiscal fund transfers boosted supply
PBOC has added a net 29b yuan this week by auctioning seven-day reverse repo contracts on Dec. 24, according to data compiled by Bloomberg
Turkey's lira tumbled to a record low as Justice Minister Bekit Bozdag defended the government two days after his appointment by Erdogan, saying prosecutors and judges had overstepped their bounds in a widening graft probe
Turkey's military, which as recently as 1997 pressured the country's first Islamist prime minister to step down, has stayed clear of the fray
Thailand's army chief refused to rule out the possibility of a coup even after stressing that the military can't take sides in the deadly dispute between protesters and Prime Minister Yingluck Shinawatra's government
A car bomb killed former Finance Minister Mohamad Chatah in downtown Beirut today, the state-run National News Agency said, citing its correspondent
BofAML Corporate Master Index OAS holds at YTD low 129bps; $50b priced this month. High Yield Master II OAS holds at 396bps, tightest since 2007; nearly $21b priced in Dec. CDX High Yield closed at 108.54, fourth consecutive record, from 108.48; YTD low 101.03 (June 24)
Sovereign yields higher. Nikkei little changed, Shanghai Composite +1.4%. U.S. equity-index futures decline. WTI crude and gold little changed, copper rises

Source: Bloomberg

The Stock Market Has Officially Entered Crazytown Territory

Posted: 27 Dec 2013 04:00 AM PST

by Michael Snyder, Economic Collapse Blog:

It is time to crank up the Looney Tunes theme song because Wall Street has officially entered crazytown territory. Stocks just keep going higher and higher, and at this point what is happening in the stock market does not bear any resemblance to what is going on in the overall economy whatsoever. So how long can this irrational state of affairs possibly continue? Stocks seem to go up no matter what happens.

If there is good news, stocks go up. If there is bad news, stocks go up. If there is no news, stocks go up. On Thursday, the day after Christmas, the Dow was up another 122 points to another new all-time record high. In fact, the Dow has had an astonishing 50 record high closes this year. This reminds me of the kind of euphoria that we witnessed during the peak of the housing bubble. At the time, housing prices just kept going higher and higher and everyone rushed to buy before they were “priced out of the market”. But we all know how that ended, and this stock market bubble is headed for a similar ending.

Gold Daily and Silver Weekly Charts – Tottering Into Year End

Posted: 27 Dec 2013 03:30 AM PST

from Jesse’s Café Américain:

“Oh what a tangled web we weave,
When first we practise to deceive!”

Sir Walter Scott, Marmion

"The arrogance and brutality of empire are not repealed when they temporarily get deployed in a just cause."

Michael Kazin

When governments intervene in markets, other than occasionally and transparently in currency and interest rate markets in pursuit of clear policy, I do not see how they can expect investors to maintain the confidence in their policies and actions.

Read More @ Jesse’s Café Américain:

The Money Bubble

Posted: 27 Dec 2013 03:00 AM PST

In testimony before Congress in 1912, J.P. Morgan, the leading financier of his day, declared: andldquo;Money is gold, nothing else.andrdquo; A century later a diametrically opposing view was taken by

Disinflation Risk and the Gold Price

Posted: 26 Dec 2013 04:05 AM PST

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