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$19 Billion Ain't What It Used to Be

Daily Rap 02-20-2014

Overnight markets were all slightly lower, led by Japan, and the SPOOs were knocked for a 0.5% loss, the catalyst being negative news that the HSBC/Chinese PMI dropped to 48.3, versus expectations of 49.5, although obviously Wall Street's weakness on the back of continued taper talk most likely had something to do with it as well. The morning macro news was in line to slightly worse, the "worse" being the Philly Fed Index, which came in at 6.3 versus expectations of 8.0. By midmorning, however, none of that mattered and the indices were all slightly green.

App, App, and Away! To demonstrate just how macho/insane stock bulls have become, after announcing a plan to spend $19 billion to buy smartphone messaging app-maker WhatsApp, FB...more

Last year's posts for Ask Fleck

Q: Bill,
I am comfortable with the price action on gold but silver looks much weaker. Do you think weakness in silver is holding gold back and will ultimately pull gold down? I.e., can they move pretty much independently?

Fleck: Silver can't really pull gold down.
(posted: 2/28/2014)

Q: Hi Bill,

If you already had a "full" position in PAAS, NGD and GDX and were looking to add another mid-large miner to your holdings, which would you consider first at today's prices?

Thank you.

Fleck: AEM or GG.
(posted: 2/28/2014)

Q: At about 7:20 Pierre Lassonde emphasizes that central banker spend no time thinking about gold.
Central Banks Spend No Time Thinking About Gold: Pierre Lassonde
Earlier he discusses Germany's logic for slow return of gold from U.S.

Fleck: Thanks.
(posted: 2/28/2014)

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