Showing a Card

Chart of the Day

Goldman:  “The sharp sell-off in gold was triggered by growing fears that the central bank of Cyprus would sell its gold reserves, potentially reflecting a larger monetization of gold reserves across other European central banks.”  FT Alphaville

Don Coxe:  “We have not changed our views about the huge risks in the monetary and fiscal policies that are now being practiced in so much of the industrial world…We know enough not to stand in the way of a runaway eighteen-wheeler….So we cut precious metal weightings in our asset allocation for all portfolios we advise to their lowest levels since inception (after having already cut them back when gold failed to rally earlier in the year).” 

“It looks at planned changes to the way gold miners report their production costs per ounce of gold produced — changes intended to address big shortcomings of the traditional “cash cost” measure.”  FT Alphaville

“Budget deficits in advanced economies will narrow at a faster pace this year than in 2012 even as countries including the U.S. and Japan lack clear plans to reduce their debt, the International Monetary Fund said.”  Bloomberg

“Housing starts crossed an important psychological barrier in March, making it above the million unit threshold  (on a seasonally adjusted annualized basis) for the first time since June of 2008.  The number is particularly encouraging in light of a smaller seasonal adjustment and lingering cold weather in many parts of the country, which could have skewed the number lower.”  Avondale

Believe it or not … Phoenix is facing a housing shortage at Housing Wire.

From the Wells Fargo conference call (Avondale):

“If you look at some of the drivers, if you look at household formation, if you look at cost of financing, cost of housing, there’s a lot of tailwinds, a lot of favorable attributes. Now, nobody can predict what’s going to happen, but if anything today there’s probably a shortage of housing on the market.”

“the housing market is as much driven by confidence and by improvements in values as it is with rates. I don’t know of many people are on the sidelines and say, “I’ll only buy a house if the rate’s 3.25%, and I won’t buy at 4.25%.” I think it’s about jobs, about confidence, about feeling good about where things are going. Think about when you buy a house, it’s what you make, what the house costs, and what your financing costs are that are the big three.”

Why Home Prices Change (or Don’t) at the NY Times.

Betting the house:  “Lessons from America’s long history of property booms” at The Economist.

citigroup economic surprise index us

4 thoughts on “Showing a Card

  1. Don Coxe article about “The Collapse in Gold” leaves much to be desired. For him to talk about how he cut back his exposure to metals “earlier in the year” and write about it after the the fact is nothing but self -serving. And then to solicit readers for a subscription is appalling. I would not trust him or his judgement.

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