Financial Links today

Gold Flash Crashes As "Someone" Dumps $2 Billion, "Fat Finger" Blamed

Shortly after 4am EDT, as the European market was warming up for trading, Gold suddenly plunged $12, or 1%, to $1,242 an ounce, on a surge in volume with 18k contracts, or just over $2 billion notional, trading in a one-minute window; as of 9:20am London, volumes running around 150% of recent averages. As so often happens, the gold plunge dragged silver down with it as well.

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• Jun 26, 2017 8:56 AM
  
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Fed's Dudley Had Some Worrying Remarks During A Closed-To-The-Press Session

"...when financial conditions ease—as has been the case recently—this can provide additional impetus for the decision to continue to remove monetary policy accommodation." Said otherwise, Dudley wants financial conditions tighter, and stocks lower, and will keep hiking rates until the market reacts accordingly.

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• Jun 26, 2017 8:54 AM
  
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Even The Fed's Own National Economy Activity Index Just Collapsed In May

Lies, Damned Lies, and Fed Press Conferences. The incessant outpouring of confidence in the future of economic growth in America espoused as reasoning for raising rates (when all around them, signals are collapsing) just got another slap in the face... this time self-inflicted.

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• Jun 26, 2017 8:43 AM
  
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Durable Goods Orders Tumble (Again) In May, Still 5% Below 2007 Peak

Following a big drop in April (revised worse), May's preliminary durable goods orders tumbled 1.1% MoM (the worst since November). Across the entire report, numbers disappointed with Capital Goods Orders and Shipments both dropping considerably more than expected. And as a reminder, Durable Goods Orders remain 5% below 2007's peak (while the S&P is 55% above its 2007 peak).

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• Jun 26, 2017 8:35 AM