September 17…)
“No performer should attempt to bite off red-hot iron unless he has a good set of teeth.” Harry Houdini
In the news
Finally, an article by a prominent source on gold at record highs penned by Goldman Sachs this morning, yet not a bullish one. “Gold May Dip If Fed Opts for Quarter-Point Cut.” What the article omits is the sturdy positive correlation gold shares with equities in nearly every time sample right down to hourly data particularly the entire month of September which has been tick for tick: The relic in blue, chart below.
Prominent opinions
A note signed by Liz Warren and others urgently demanding a .75 bps cut was delivered to the Eccles Building yesterday (and the press). Its intent was not serious; I think. Rather to widen the range of possibilities, putting .50 squarely in the middle.
META censored RT a few hours ago, ostensibly due to to Ryan Routh’s alledged association with AZOV sp forces in Ukraine and other CIA involvement (multiple/telegram/X etc.)
And… P Diddy was rousted by the FBI in full SWAT regalia at his home in LA yesterday. In case you’ve forgotten, the narrative here is a Jeffrey Epstein-esque redux ala Hollywood elite and their angst he might tell all. Old news per se, but the arrest is interesting timing.
Offices in China’s biggest cities are emptier than they were during the pandemic, per FT. Major HFs are hiring in Tokyo.
In the markets
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