Gold Macro

What a week it has been! Where does one even start?

Let’s start with a headline we didn’t see:

Historic Losses Occur as Wall Street Finally Realizes the Threat That the Coronavirus Poses to the Global Economy

Having not watched Financial News on CNBC since about 2009, switching it on last week certainly bought back memories of 2008.

Last Monday, they trotted out Warren Buffet, for a little 3 hour stint. The message (of course) don’t sell anything. A sure tell we were going to be in for a tough week.

Tuesday, US White House Economic “Adviser”, Larry Kudlow told investors, through CNBC, to “Buy the Dip”.

Wednesday, Dip buyers get battered and US Fed chief rolls out the word…….drum roll……CONTAINED. Like, actually, what (TF) is “contained” at this stage? Cripes, almost threw up the garlic, ginger and triple C  green tea.

Thursday, The Dow Jones leads global stock markets down 4% and gold stocks USD1645.

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Though mainstream media may be lacking the will to join the economic dots around the Covid-19, we don’t feel the same constraints.

Remember, no real financial reform on the back of the last “GFC” always meant the next one was going to be exponentially worse.

But before we go on, let’s acknowledge the “holy grail” of Trump’s great America: the stock market.

Since that GFC, over the last 10 years, ‘the market” knew the worse the economic news the more stimulus would be “injected” and the stock market kept rising. No matter what!

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As we’ve mentioned many times since the Repocalypse of September 2019, the Great Financial Bubble is, one day, going to pop.

Since our last note, we’ve been grappling with sharing the very complicated “pointy end” of systemic weakness, in an over-leveraged, derivative laden, fractional reserve financial system of minimal collateral.

Like, Corporate Financial Clearing house failure (think Lehman squared), being revealed by the Wall Street Journal last week as the final piece of the 944 trillion dollar puzzle of the US Fed panic since September 17, 2019.

Explaining this issue to even Financial Service “professionals” is challenging, let alone clients so here’s a summary courtesy of Zerohedge.

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