by Michael Snyder
The Economic Collapse Blog
The fallout from the Brexit vote continues to rock the European financial system. On Wednesday, the British pound dropped to a fresh 31 year low as confidence in the currency continues to plummet. At one point it had fallen as low as $1.2796 before rebounding a bit. As I write this, it is still sitting at just $1.293. Meanwhile, the problems for the biggest banks in Europe just continue to mount. At one point on Wednesday Credit Suisse hit an all-time record low, and German banking giant Deutsche Bank closed the day at an all-time record closing low of 12.93. Overall, Europe’s Stoxx 600 Bank Index closed at the lowest level in almost five years. What we are watching is a full-blown financial meltdown in Europe, but because it is not personally affecting them yet, most Americans are not paying any attention to it.
Bond-buyback miracle-nonsense flops. Shares, CoCo bonds plunge.
Now that the precious metals’ five year cyclical bear market is acting like it’s been replaced by a vibrant bull run in the opposite direction (up!), many analysts who chided the ongoing rise in the mining stocks and metals that started in December 2015 are begrudgingly changing their “outlook” so they don’t get left behind.
Chinese wholesale gold demand, as measured by withdrawals from the vaults of the Shanghai Gold Exchange (SGE), reached a sizable 973 metric tonnes in the first half of 2016, down 7 % compared to last year.
Our friend, Grant Williams, produced this new video last month for publication on his excellent service “RealVision TV”. It’s now publicly available and it’s a MUST WATCH, particularly with today’s FOMC minutes and Friday’s pending BLSBS sparking again all of the ridiculous “rate hike” nonsense.
Two of the biggest names in investing agree with what we’ve been saying for months…
So the world has woken up and realized what we’ve been pointing out for four years now… that Europe wasn’t fixed in 2012.
My favorite movie of all time is Wall Street. Not because of the morality tale it tells of greed and capitalism run amok, and, ultimately, of redemption. I love it because it reminds me of my dad (who I did not grow up with) sharing with me his Value Line Investment Survey when I was in high school.
As the world lurches closer to financial panic, nothing can prepare you for what is coming.
FBI Director James Comey has been called before Congress to explain his recommendation tomorrow. After the Inspector General’s Report, and Comey’s rebuke of Hillary, the Democrats will be fighting really hard to protect Comey. This is no longer about the country – it is just politics as usual. Thank God, the under 45 crowd is starting to show they are not party supporters but think for themselves. Speaking even to young girls under 30, they seem to be insulted the most that Hillary would dare assume they should vote for her just because she is a woman after what she did to them on Student Loans. So tomorrow we should have more entertainment to see Comey explain this one.
Gold was booming this morning, but as stocks turned around in a short squeeze gold gave back some of its early gains but still finished higher for the day, and a new high for the year.
The conventional wisdom among fixed-income traders is that the bond market is smarter than the stock market when it comes to forecasting where the economy is headed.
Bill Gross has a fairly simple explanation for benchmark government-bond yields falling to record lows: weak bank lending.
Good evening Ladies and Gentlemen:
TV Talk Show Host, Political Analyst, Commentator and National Spokesman 
Here’s a bold call.
In a speech to the American Society of Newspaper Editors on April 3, 2012, President Obama called a budget proposal of his Republican opponents in Congress “thinly veiled Social Darwinism.”