The United States is currently the largest holder of gold in the world. The US Treasury is currently sitting on 261.5 million ounces. Multiplied by roughly $1100 per ounce, we’re talking about a stash worth almost $300 billion at today’s prices. In an article today at CNNMoney, we learn a few interesting things about our gold…
Eight Trading Superstitions
Every profession has its own idiosyncratic superstitions. In honor of tomorrow being Friday the 13th, I thought this would be a good time to discuss this topic.
Hot Links: Dobbs, Rogers, Dimon & The Cloud
Stuff I’m Reading this Morning… Post of the Day: Is everyone investing by the seat of their pants? (AbnormalReturns) JPMorgan’s Dimon is “helping shape” what the new bank regulation will look like. (Forbes) Unfortunately for Dimon, the big banks are probably f@cked if Rep Kanjorski has his way. (Bloomberg) Paul Krugman bashes Fox Business. Can’t…
Last Remaining Code Talkers Break Their Silence This Veterans Day
In recognition of Veterans Day, I found this great story about the last surviving Code Talkers. The Code Talkers were Navajo Indians who joined the Marines in World War II’s Pacific Theater. They have come to New York City this week to participate in the Veterans Day Parade and to tell their story. There is a great deal of…
Holiday Gift Idea for Traders: Chart Jewelry
Just in time for the holidays, allow me to introduce the new PLOT line of jewelry. Launched by advertising firm Wieden + Kennedy, PLOT takes charts and turns them into wearable art. Below is their gold necklace followed by the gold chart that inspired it: They’ve also done some cool stuff with the charts of…
Droppin' Knowledge: Henry Kaufman on the Politicization of the Fed
Henry Kaufman has a great op-ed in the Wall Street Journal this morning in which he expresses his near-term fears about a politicized Federal Reserve. In the course of making his case that some political involvement in monetary policy is probably unavoidable, he gives us a quick history lesson on how US Presidents have historically…
Hot Links: Respect The Geek Laws
Stuff I’m Reading this Morning… Monster industrial data and equipment orders for China and Japan, stocks, commodities higher overnight. (Bloomberg) Perfect: Under siege, Bernanke getting political and “nurturing ties” with lawmakers. (NYT) The US needs a Manhattan Project for oil. Here’s a great plan: (MarketSense) Morgan Stanley‘s 9 best stock ideas. (PragCap) I can’t believe…
Ralph Cioffi Acquitted, World Breathes Collective Sigh of Relief
Nelson Mandela. Gerry Conlon. Rubin “Hurricane” Carter. Spiritual Leaders, Freedom Fighters and Saints Among Men – all falsely accused, wrongfully imprisoned and later exonerated as justice eventually prevailed. Today you can add Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin to that list, as the world collectively breathes a sigh of relief. Detaining…
Your Tax Dollars at Work: Dodd's 1100 Page Financial Reform Bill
A BILL To identify and address risks to the stability of the United States financial system through the establishment of the Agency for Financial Stability, to ensure the orderly resolution of failing complex financial institutions in order to minimize economic turmoil and protect the interest of taxpayers, to provide for effective bank supervision through…
A Letter From 2019
Dear Josh, It’s me: Josh…the You from 10 years from now, using the latest technology from Google to send an email to you from the future. Don’t freak out. Anyway, I’m just writing to let you know that the next ten years will be wacky, but everything turns out ok. For regulatory reasons, I obviously…
