To that end Ted Butler seems to have vanished. Anyone seen him or have some info?
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I mentioned in an earlier post that that was the playbook to knock it down. Interesting that it doesn't seem to be working yet. I also wonder if the arb play is offsetting losses on the short positions. Be interesting in the next COT report to see if they are lowering their short positions.
Over the last few days, there's been a good bit of media reporting on the Japanese Yen and I only gave those headlines a cursory look. Maybe I should have been paying more attention...
Data from Japan's Ministry of Finance Friday confirmed the country's first currency intervention since 2022, after the Japanese yen plunged to a 34-year-low in April.
The finance ministry on Friday stated that Japan spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement.
This is the first time that the Japanese government has undertaken such a market measure since October 2022, according to ministry records.
The timeline of the government step coincides with a sharp rebound in the Japanese currency in recent weeks, after the yen plunged to a 34-year-low of 160.03 against the U.S. dollar on April 29.
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The personal consumption expenditures price index excluding food and energy costs increased just 0.2% for the period, in line with the Dow Jones estimate, the Commerce Department reported.
On an annual basis, core PCE was up 2.8%, or 0.1 percentage point higher than the estimate.
Including the volatile food and energy category, PCE inflation was at 2.7% on an annual basis and 0.3% from a month ago. Those numbers were in line with forecasts.
Fed officials prefer the PCE reading over the more closely followed consumer price index, which the Labor Department compiles. The Commerce Department measure accounts for changes in consumer behavior such as substituting less expensive items for costlier alternatives, and has a wider scope than the CPI.
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To that end Ted Butler seems to have vanished. Anyone seen him or have some info?
GameStop (GME) stock could make Keith Gill, known as “Roaring Kitty,” the first GME billionaire as soon as this week while short sellers are bleeding.
Gill, the trader widely credited with kickstarting the GameStop saga, is currently up over $300 million in his GME position.
Provided that GameStop’s rally continues, Gill could become a billionaire as soon as this week, according to a June 3 X post from The Kobeissi Letter:“Roaring Kitty” is currently up over $300 million in his $GME position. The stock has now added $5 BILLION of market cap today alone. He could become a billionaire this week.”
The prediction follows an over 74% price surge for the GME stock in pre-market trading on Monday, according to Google Finance data.
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X/Twitter was buzzing yesterday because it was disclosed that Roaring Kitty apparently has somewhere between $65 and $180 million in calls placed on GME (expiring June 20 IIRC). And he posted a tweet or something. Expect more mindless pump and dump action on GME for the next few days.
How this doesn't run afoul of market manipulation laws baffles me...
Meanwhile CNBC does nothing but manipulate stocks all day long.
You don't say...
You don't say...
Meanwhile CNBC does nothing but manipulate stocks all day long.
GOLD INVESTING sentiment among Western economies rose again in May, reaching its strongest in 11 months on world-leading marketplace BullionVault as the precious metal extended its run of new record prices in US Dollar terms, writes Adrian Ash, director of research.
Profit-taking on existing gold bullion investments eased back for the second month running. The number of new users choosing to buy precious metals for the first time was more than 50% above its prior 12-month average.
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... the number of net buyers across the month on BullionVault – now caring for a record $4.6 billion (£3.6bn, €4.2bn, ¥729bn) of gold, silver, platinum and palladium, and finding 9-in-10 of its 100,000 clients in Western Europe and North America – slipped by 8.1% from April's 10-month high.
The number of people choosing to sell gold in contrast more than halved, down by 51.5% to the fewest since August last year. ...
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As a group, investors used BullionVault to sell just 134 kilograms more gold than they chose to buy as a group in May, liquidating less than half the quantity sold in April and trimming their aggregate holdings by 0.3%, the smallest net outflow since January.
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Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve more impetus to start lowering interest rates.
The Labor Department's Job Openings and Labor Turnover Survey showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and nearly 19% lower than a year ago.
Moreover, the total marked the lowest since February 2021. The ratio of job openings to available workers edged down from 1.2 to 1, after being around 2 to 1 when openings peaked above 12 million in March 2022.
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you mean the ones Pelosi holds LOLOnly the Favored stocks are allowed to go up.
i would say your pretty close if your looking at charts.......... but looking at other factors such as geo political risks, etc i dont see gold getting to soft until things calm downSell in May and go away is still in play this year.
Lets see what the new bottoms are for these metals. 2200 and 26?
... ADP reported that in May, the US added just 152K Private Payrolls, a 36K drop from the March (downward revised) number of 188K (originally 192K) to the lowest number since the 111K reported in January ... and far below the median consensus of 175k. ...
After the Manufacturing ISM unexpectedly tumbled to the lowest level since February (led by a collapse in New Orders which tumbled at the fastest rate since Dec 2023), markets were expecting today's Services ISM to come in well below estimates and to be generally ugly. And, as always happens, when Wall Street expects something, the opposite happens and moments ago the Institute for Supply Management reported that the May ISM Services index unexpectedly jumped from a contractionary print of 49.4 in April to a 53.8 in May, which was not only the highest print since August 2023 ... but was also above the highest Wall Street estimate of 52.5 (from Dai-Ichi) and was a 4-sigma beat to the median estimate of 51.0. ...
As widely expected after significant dovish commentary in recent months, moments ago the Bank of Canada cut rates by 25bps from 5.00% to 4.75% as a majority of economists expected, and signaled that it is "reasonable to expect further cuts" if inflation eases.
The 25bps cut, which comes just under a year since its last 25bps rate hike in July 2023, means that Canada is the first G7-member central bank to launch an easing cycle. ...
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According to Jeffrey Gundlach, the chief executive of investment management company DoubleLine Capital, there are signs of trouble brewing in the U.S. economy – including rising credit card delinquencies and softer retail sales data – which suggest the possibility of an economic contraction is more imminent than the risk of an inflationary rebound.
"There's a lot of recessionary signals out there," he said while speaking at a webinar hosted by David Rosenberg, founder and president of Rosenberg Research. "There's more of a recessionary feel than an inflationary feel.”
The ‘Bond King’ added that he was staying away from the riskiest parts of the corporate debt market, such as triple-C rated companies' bonds and private credit investments, as he expects companies' debt defaults to surge.
When it comes to private credit, Gundlach warned that investors looking for higher returns in private markets rather than in public debt markets run the risk of remaining stuck with illiquid assets in case of a sharp economic slowdown.
"There is no factor on which private credit looks better than public credit at the present moment,” he said. “It's riskier, it doesn't have the same reward, it's the absolute worst.”
For this reason, Gundlach said DoubleLine is heavily exposed to U.S. government debt.
"We have more Treasuries now in our strategies than we've ever had," he said, despite concerns over rising U.S. debt levels and soaring government interest debt payments caused by higher rates.
Gundlach suggested that, over time, a growing debt burden could lead to the need to restructure U.S. government debt, which is why he focuses on low-coupon Treasury bonds.
“I've got this crazy idea that I want to buy only the lowest coupon Treasuries ... because if I have a very low coupon Treasury, I don't have to worry about being restructured," he said. "I worry that the federal government might be forced to restructure the Treasury debt.”
As for other trades that Gundlach is eyeing, he said, “Commodities could be your real asset play,” during a separate interview with DoubleLine Captial portfolio manager Sam Garza.
“Gold is getting long in the tooth… I think it's up about $40 today,” he said during the May 23 interview. “It’s just amazing. Gold was one of my number one recommendations for 2024, but I sure as heck didn’t think it was going to go up 25% in three months.”
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UBS strategists have lifted their silver price forecasts, expecting that the white metal will outperform gold in the near term.
Now, the Swiss investment bank projects a 2024 year-end price target of $36 for silver and an average of $30.5, up 20% and 14%, respectively, compared to its previous forecasts.
“Our new silver price expectations reflect outperformance relative to gold, and show the gold:silver ratio falling towards the long-term average, which is currently ~68,” strategists noted.
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Yea I thought the other one looked kinda young but how many Ted Butlers can there be in the silver space? LOL.Wrong Ted Butler. This is the guy who was writing about the COMEX open interest stuff for decades.
.Here is an old interview with him.
... but how many Ted Butlers can there be in the silver space? LOL.
Jim says WHAT.No not me.
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve's impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.
At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022.
70k waiting on the kitty nowJim has some Live competition here soon. He's BACK johhny. Small disclosure myself, I just sold one of two June $18 calls.
There are 13,933 people in that room. 20 hrs early. Probably better numbers then CNBC. Burn.
135000 now. holy shit. quite the following70k waiting on the kitty now
Like 600,000 ended up being there for the live stream. Never saw the dude before but how he made any money in the markets is beyond me. Seems like a retard.
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During the June 7 livestream, Roaring Kitty revealed his portfolio and announced that he was down $235 million, as GameStop shares fell sharply from the previous day's close of around $46 to a low of around $26. Shares of GameStop are trading around $28 at the time of this writing.
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