So far, each financial crisis in the series that began with the junk bond bubble of 1989 has been noticeably different from its predecessors. New instruments, new malefactors, new monetary policy experiments in response.
But the one that’s now emerging feels strikingly similar to what just happened a few years ago: Banks overexposed to assets they thought were safe but turn out to be highly risky see their balance sheets deteriorate, their liquidity dry up and their stocks plunge.
Shigemitsu Kongo was a renowned temple builder, and the royal family in Japan commissioned him to build the Shitenno-ji temple, which still stands today in Osaka.
Kongo saw an incredible opportunity. Buddhism was catching on fast, and he knew he could be kept busy for decades building temples.
It turned out to be centuries. Over 14 centuries, in fact.
Indeed, in a place so diminished, Kimball’s Walmart had risen like a vision of bountiful modernity, stocked with anything one could ever need. And its disappearance is typical of the rest of the stores that Walmart announced it was shedding.
The committee’s activity reports indicate that in nearly every case, allegations are dismissed because there are not enough facts to prove wrongdoing (13 of 55 cases last year) or there is no Senate rule governing the alleged activity (36 of 55 cases). In seven cases last year, the Ethics Committee carried out “preliminary inquiries;” five of those were dismissed as inadvertent or minor technical violations. None of those cases was made public by the committee.
“Anytime I talked to the media, it was always a disclaimer at the front end. These statements are based on preliminary facts immediately following the incident…facts always subject to change.”
The latest CFTC data show that the total number of speculative contracts reached their highest level since data began in 2006. Speculative short positions rebounded to just shy of their record three weeks ago, while longs reached their highest level since June. This increase in volume doesn’t really give us a huge amount of insight, pointing to growing conviction among both the bulls and the bears.
His take on things is that the $1106 to $1110 area is the most crucial area for the gold price. The gold market will retrace after the powerful move of the last three weeks; expect investors and traders to take profits soon. The point where the retracement will stop is crucial in determining the gold price in 6 months.
Tovell’s first target is the $1226 area, the second target is $1271, and the third target is $1345. The fourth, and most bullish, gold price target will be dependent on the retracement, which is where the crucial price point of $1110 comes into play.
The report highlighted an article from Reuters that discussed delays in crude deliveries from storage tanks at Cushing because there wasn’t enough room to drain existing tanks to blend oil to meet West Texas Intermediate crude CLH6, +0.47% specifications.
When we’re finishing up a delicious home cooked meal, we often take our plates over to the bin and scrape away the leftovers without giving it a moment’s thought. If it’s not enough to warrant another serving, why keep it? This casual disposal of leftover is common throughout the UK and countless other countries, but what impact might this small act be having on the problem of global food waste?
Gold & Silver
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