Goldman Says Buy the Dip in Gold, Global Growth Fears Remain

Goldman Ballsachs believes any substantial drop in gold is a buy — specifically for the reasons that have been repeated here ad nauseam.

GLOBAL GROWTH IS A MYTH. RECESSION IS COMING, IF NOT ALREADY HERE. THE CENTRAL BANKS CAN’T KEEP PUTTING HUMPTY DUMPTY BACK TOGETHER.

“We would view a gold sell-off substantially below $1,250 as a strategic buying opportunity, given substantial downside risks to global growth remain, and given that the market is likely to remain concerned about the ability of monetary policy to respond to any potential shocks to growth,” Currie and Layton wrote in the Oct. 6 report.

Goldman said it remains broadly neutral on the outlook for bullion through the year-end after the correction. The bank noted that the drop in prices hadn’t been driven by sales of bullion from holdings in exchange-traded funds, which have expanded this week as of Thursday.

“The move lower does not appear to be driven by physical gold ETF liquidation,” the analysts said. “The drivers of strong physical ETF and bar demand for gold during 2016 are likely to remain intact, including continued strong physical demand for gold as a strategic hedge.”

The miners have been poleaxed in recent weeks, my positions included. The reason why you’d want to get long gold into a recession is because the central banks are committed, by any means necessary, to denigrate the integrity of fiat money in an effort to help stave off a banking crisis. While negative rates might seem deleterious to the margins at the banks, having to write down enormous sovereign debts gone bad is far, far worse.

It’s a globalist scheme, a ploy, to shift the focus to climate change, in order to get Hillary elected. Matt Drudge took to Twitter today and made these points.

Current headline

If true, the rabbit hole goes a lot deeper than I thought.

Didn’t they just say their balance sheet was impenetrable and how they weren’t going to issue a rights offering?

According to Bloomberg, the piece of shit German bag holder bank, lover of worthless Greek debt, is in talks with Wall Street banks to raise the maximum amount without shareholder approval.

Deutsche Bank AG is in informal talks with securities firms to explore options including raising capital should mounting legal bills require it, Bloomberg reported on Thursday.

Senior advisers at top Wall Street firms are speaking to representatives of Deutsche Bank about ideas including a share sale and asset disposals, Bloomberg reported, citing people familiar with the discussions.

The banks are offering to help underwrite a stock sale to raise about 5 billion euros ($5.6 billion), the maximum amount in discounted shares Deutsche Bank can sell without needing shareholder approval, Bloomberg said.

Dax FUTS are down 0.25%.

Cable dropped as low as 1.18 in the after hours, but has since recovered –somewhat. Still, it’s diving lower by 1.55%, following remarks by Frances’s President, at one of the EU’s stupid fucking dinners.

Source: FT

Britain must suffer the consequences of leaving the EU in order to save the institution from an existential crisis, François Hollande said on Thursday.

Speaking in Paris at a dinner attended by Jean-Claude Juncker, EU commission president, and Michel Barnier, the EU’s top Brexit negotiator, the French president urged the bloc to lead tough negotiations with the UK to avoid contagion and protect the fundamental principles of the single market.

“The UK has decided to do a Brexit, I believe even a hard Brexit. Well, then we must go all the way through the UK’s willingness to leave the EU. We have to have this firmness,” President Hollande told 150 guests at the 20th anniversary of Notre Europe, the pro-EU think-tank founded by Jacques Delors, the former EU commission chief.

“If not, we would jeopardise the fundamental principles of the EU. Other countries would want to leave the EU to get the supposed advantages without the obligations.”

The Socialist leader insisted: “There must be a threat, there must be a risk, there must be a price. Otherwise we will be in a negotiation that cannot end well.”

Berlin has gradually reached the same conclusion, diplomats say. Angela Merkel, German chancellor, has lately hardened her position, warning European business on Wednesday not to press for “comfortable” deals in the Brexit negotiations that could undermine basic single market principles, such as freedom of movement.

On Thursday evening, a normally more diplomatic Mr Hollande did not mince his words. Europe, he noted, “has always lived with crises. But this time, it’s not another crisis. It is the crisis.”

He recalled the time when Jacques Delors, Mr Hollande’s mentor, had to deal with “a crisis triggered by the UK too” as commission president.

“Then Ms Thatcher wanted to stay in Europe, but she wanted a cheque in return,” the French president said. “Now, the UK wants to leave and pay nothing. It’s not possible.”

Wow. Let the games begin.

The neocons in the GOP and DNC want world war 3. Hillary Clinton and her advisors have been clamoring for conflict with Russia. Just a few weeks ago, U.S. planes bombed Syrian forces, which then led to retaliation against a UN convoy and eventual collapse of a tenuous peace proposal.

Today, Russia, in no uncertain terms, is warning America that if Syrian forces are attacked by U.S. planes, they will be fired upon and brought down.

The statement comes just days after reports that Moscow had deployed additional S-300 surface-to-air missile batteries to its air base in the Assad-controlled Syrian region of Latakia. Russia is in Syria providing air support to Assad’s forces, as they battle to retake positions to the east.

“Let me remind the [so-called] American ‘strategists’: the Russian military bases in [Latakia] and Tartus are covered by S-400 and S-300 air defense systems, the range of which may come as a surprise to unidentified flying objects.”

The advertised range of the S-400 and S-300 systems are 300 kilometers and 200 kilometers, respectively.

Isn’t this lovely? Did you get a chance to decorate your NUCLEAR BOMB SHELTER for fall?

Savita Subramanian, Head of Equity and Quantitative strategy at BofA/Merrill, is ‘terrified’ of this market — pointing to inconvenient truths within the staggered economy. She cites Central Bank rigging, which is 7 years in the making, as having minimal effect on economic growth. Her points were salient, logical and unemotional– which kept the jerk to the left of her as quiet as a mouse.

She’s calling for the motherfucking recession inside of 12 month — accompanied by centaurs controlling trading on the NYSE — sending to SPY swimming all the way to 2,000 — or 7% from present levels. Her most hated sector is consumer discretionary, describing it as a denizen for fucking morons, pancaked between margin pressures and deflation. It’s all very doomful, indeed.

Dr. Zeke Emanuel is the brother of former Obama chief of Staff, Rahm Emanuel. He’s also the asshole is responsible for Obamacare. He doesn’t practice medicine anymore, most likely because Obamacare is too much of a fucking hassle to deal with. Instead, he spends his days traversing the country — telling people how awesome Obamacare is for the American people.

It’s the equivalent to getting your arm bitten off by a shark and someone telling that your arm was still there and that you were just to fucking stupid to see it.

This interview performed by S. Varney was cringeworthy, wrought with several awkward moments of contentious silence and sniping. At the heart of the issue was Dr. Emanuel’s plan to fix Obamacare — which is to RAISE the fines for people who opt out of the plan and to provide MOAR tax payers subsidies to all of the grifters on the plan.

Early estimates indicate there could be as much as $50b in damage. According to weather nerds, this isn’t going to be the Al Capone’s vault of hurricanes. It will be the real deal. Don’t be an idiot. Abandon your mosquito infested hell hole and drive up north, where the air is brisk and the people intelligent.

As an aside, this is likely to be a boon for GNRC and a sundry of building material stocks, such as BECN, PGTI, USCR, PGEM, OC and LPX — amongst others. Losers include UVE, ISCA and DIS.

According to Dow Jones, Snapchat is preparing to dump all of their overvalued shares on the marketplace, as early as March of 2017. The proposed valuation by their esteemed venture capitalists and investment bankers: TWENTY FIVE FUCKING BILLION DOLLARS.

Don’t worry about valuation, lads. The company says they’re on pace to hit the top end of their projected revenue range of $250-350 million — which would place the valuation of this fantastic company at 100x sales.

Also, their last equity raise put the valuation at a tad under $18 billion, which would give those late investors an instant 41% profit upon coming public.

Very classy lady.

While 1.5 million people evacuated from their homes to avoid getting killed by Hurricane Mathew, the Clinton campaign are busy helping themselves through the purchase of ads on the weather channel — spending $63k over the next 5 days.

Related: the governor of Florida is practically begging people to leave, saying ‘this is going to kill people.’

Florida Gov. Rick Scott on Hurricane #Matthew: "Evacuate, evacuate, evacuate… This is going to kill people." https://t.co/6IATus5feM pic.twitter.com/EaLUpe33iC

— CNN (@CNN) October 6, 2016