Global Markets Now On The Verge Of Total Panic & Meltdown
King World News
July 7, 2013
On the heels of extraordinary turbulence in key global markets, today 40-year veteran, Robert Fitzwilson, put together another tremendous piece. Fitzwilson, who is founder of The Portola Group, discussed financial meltdown, and what this all means for battered traders and investors in the gold market. Below is Fitzwilson’s outstanding and exclusive piece for KWN.
Fitzwilson: “Friday was an extraordinary day. Stocks and oil posted strong gains while precious metals were sold off. The strength in the stock market was attributed to a positive jobs report, and the rise in the price of oil was associated with the unrest in Egypt. Precious metals hit another air pocket, but the source of the selling was managed money, not from the bullion banks.
But what was really significant was the carnage in the bond market.
“We cannot recall a worse one-day selloff in bonds. With continued talk of the Federal Reserve tapering their bond and mortgage buying, one would expect interest rates to rise in a controlled, gradual, and engineered manner. That certainly was not what we witnessed on Friday.
In the 1970s, we talked about “crowding out” as an explanation for why rates began large secular increases. As the government demanded more from the private sector to fund the Vietnam War and the social programs, that meant less capital for individuals and corporations. The competition for capital caused rates to rise. There was not enough capital to go around, and some contenders were crowded out.
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Whistler Blowers, Insiders
The Federal Reserve is not going to taper off – this is just big talk and the QE is still in full force. Full time jobs are on the wane and the inflation rate is greater than a bond rate of return so the only on buying this crap is the government itself and they are doing a fine job of it. Food commodities are the safe havens as iron ore orders from China are down 30% – and so are a few other metals. Japan has eased its idea of a similar QE as the USA, and if and when they do the bond market will truly fall. For now all is steady. You might want to look at countries with a better balancing of their budgets as those currencies are holding steady and will not lose value so if you were in one of those currencies and in a market – you can be pretty much protected. Just be careful.