There has been much discussion this week about how the current Italian government wants the nation’s GOLD to be the “property of the state” instead of on the Bank of Italy’s balance sheet. The coalition of Five Star and League have thought to gain control over the gold and some pundits have raised the idea of Italy selling its gold holdings, the world’s third largest, in an effort to plug holes in the budget. (NOTE: The Italian government is actually the fourth largest when the IMF is included.) Italian Prime Minister Matteo Salvini maintains that the government has no plans to sell any of the people’s GOLD. Maybe the Salvini Government is deciding to take the advice offered for the last eight years here at NOTES and monetize the GOLD by issuing GOLD-BACKED BONDS. (Securitizing the gold by selling bonds backed by one-fifth of an ounce of gold.)
Posts Tagged ‘Rick Santelli’
Notes From Underground: Why So Much Weight on Italy and Its Gold?
February 14, 2019Notes From Underground: Some Issues to Contemplate
January 16, 2018On Tuesday, Rick Santelli and I spoke, and, as usual it was way too short as we couldn’t cover anything in the depth we would’ve liked. Regardless, it allows us to get out front of many investment ideas. Rick has a stable of high quality guests: Bianco, Boockvar, Biderman, Trichet, Lazear … the list goes on and sometimes I wish my readers would let CNBC know how important Rick is for a larger discussion about ideas besides the most recent Apple price and latest Trump tweets.
Click on the image to watch me and Rick discuss the euro and the central banks.
Notes From Underground: Cleaning Out The Financial News Stables
July 24, 2017Today, Rick Santelli and I offered insights into this week’s FOMC meeting, coupled with the recent ECB actions. I noted that the Italian BOND FUTURES Monday were trading above the June 27 close when ECB President Mario Draghi roiled global credit markets with his Sintra,Portugal speech, which suggested that the removal of a deflationary scare would allow the ECB to begin tapering its QE program. The fact that Italian 10-year yields are lower today than four weeks ago is indicative of the power of the QE bond purchases. Why?
Notes From Underground: It’s Good News Week (Hedgehoppers Anonymous)
December 20, 2016The world is fraught with troubling news of assassinations, terrorist atrocities and confrontation between China and the U.S. But in the financial news it is all about the DOW PUSHING 20,000. To quote Mr. Natural: “What does the Dow 20,000 mean? It don’t mean SH*T.” We become enamored with numbers but in real financial terms 20,000 is meaningless on its own. The U.S. equity markets are enthralled with the possibilities that a Trump presidency will present. Three weeks ago Rick Santelli laid it out very well. He noted if trump was successful in reforming the ACA, realizing genuine corporate and personal tax simplification and reform, and rolling back some of the regulations burdening small and medium businesses the Trump administration would be an unmitigated success. If the Dow is the barometer, then Mr.Trump should declare victory and spend the next four years writing his autobiography.
Notes From Underground: Another Day and the Market Floats On the Sea of Complacency
September 22, 2016My appearance with Rick Santelli on CNBC picked up on last night’s blog post. We discussed our concerns about the 7-3 vote in which the Fed Governors bested the Presidents. The FOMC has proven to be horrendous forecasters as Larry Summers suggested in his Washington Post op-ed in which he called out Yellen for her speech at Jackson Hole. Comparing Yellen’s forecast to Bernanke’s horrendous outlook on the housing crisis containment in 2007 was a tremendous insult. It seems that the Magnificent Seven have circled the wagons in defense against the ubiquitous criticism being leveled at the world’s central banks from fellow academics, traders, and pension and insurance companies. There was an interesting headline by Bloomberg that summarized Yellen’s press conference: “Yellen: Rich, Deep, Serious Intellectual Debate Today.” The intellectuals prevailed within the walls of the world’s most important debating society. The outcomes from central bank policy will make the fourth quarter a land of great trading opportunity. Do not be short volatility on a middle-term basis. The investment world is sitting on the tinder of multiple prairie fires. Which spark will light the tinder?
Click on the image to watch me and Rick discuss yesterday’s BOJ and Fed meetings.
Notes From Underground: CNBC Santelli Exchange–Central Bankers’ Timing
April 17, 2016
Click on the image to watch me and Rick discuss central bank policy timing.
Notes From Underground: Wishing Everyone a Very Festive Holiday Season
December 23, 2014TO MY READERS: This is the festival of lights in which the bright lights of the menorah and the festive lights of Christmas Trees and ornaments seek to brighten the day when darkness envelopes the world. It is no accident that December 21 is the shortest day in terms of sunlight. Let’s hope that there is less darkness and more light in 2015. In terms of trading and investing I hope that Notes From Underground has provided some light in an effort to sort through the global macro scene. In the coming days I will put forward some thoughts on Europe, Russia, Oil, and, of course, yield curves.
Notes From Underground: Assessing Fair Market Price (CNBC)
March 26, 2014
Click on the image to watch Rick and I discuss Jeremy Stein’s March 21 speech and the 5/30 curve.
Notes From Underground: What’s Bernanke Afraid Of? (CNBC)
June 23, 2013
Click on the image to watch Yra discuss what Bernanke fears.
Notes From Underground: CNBC-Markets Across Europe
July 31, 2012
Rick Santelli and I discuss the upcoming ECB meeting during the European close.