In this report, I cover the early market action from London on Tuesday, July 9th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the latest news about China's gold reserves and I also cover a sector of the financial markets that has been flying under the radar but is starting to show signs of a bubble much like the sub-prime mortgage bubble of a decade ago.
So Zerohedge reported that China is continuing to add on to its gold hoard and is also making it public. They added another 10 metric tonnes in May and it is also the seventh month in a row of buying. The article's conclusion is that the Chinese could be preparing to back their currency with gold in order to give it the backing it needs to become a major competitor to the dollar.
I tend to agree with this theory but also think that the Chinese authorities know that the U.S. will have to continue to debase its fiat dollar in order to keep the fiat Ponzi scheme going so they want to diversify away from paper into the currency or money that has the best track record for the last few thousand years of recorded history.
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BITCOIN: 1AkNoKzbZXJ75BbeGkD2ekUDJQNWDrBgMA
BITCOIN CASH: qzfcsu05c9ephzv8qzl7ysvn4lfclzneescfhre4r5
ETHEREUM: 0xfffd54e22263f13447032e3941729884e03f4d58 LITECOIN: LY6a8csmuQZyCsBZbLDTQMRuyLdsW9g2na
DASH: XhxxKD8YHjAdE3hYG7AuCw4EwUrCjZWqGK
BAT Currency: Uphold a/c name maneco
China Gold Reserves: https://www.zerohedge.com/news/2019-07-08/china-officially-buys-gold-7th-straight-month-treasury-holdings-tumble
Leveraged Loans FT Article: https://www.ft.com/content/177b0152-9c74-11e9-9c06-a4640c9feebb
