A global disaster is unfolding as the Dow plunges 600, gold and silver surge and world bond yields tumble, but here is the biggest surprise.
Biggest Surprise: 2008 Kinda Trouble!
August 14 (King World News) – Adam Tooze, Director of the European Institute: “When we say that the German car industry is in trouble, we mean 2008 kinda trouble! (See below).
WOW: German Car Industry Collapses Below 2008 Levels!
Doom And Gloom Spreads
Holger Zschaepitz: “Ouch! Yield curves invert in US, the UK as ‘Doom and Gloom’ spreads. 2s/10s inversion typically signals that a recession is on the horizon. (See below).
Doom And Gloom Spreads As Bond Inversion Signals Recession
Another Record Low
Holger Zschaepitz: “Oops! US 30y bond yield falls to record low, threatens to break below 2% (see below).
New Record Low For US 30-Year Treasury Yield
Another New Low For The US
Jeroen Blokland: “Boom! 10-year US Treasury yield below 1.60%. (See below).
10-Year Bond Yield Approaching Record Low Also
Global Disaster Unfolding
Albert Edwards, Former Global Strategist at Societe Generale: “The answer seems pretty obvious to me. The bond markets are telling us that the cycle is ending with the central banks having failed to drive core CPI inflation higher. So Japanese-style outright deflation lies ahead at a time when western economies have piled debt sky high.”
We’ve Never Faced This Before
Sven Henrich: “We’ve never faced a recession with so much debt and so little Fed ammunition available and with negative rates still in effect in many places. There’s no playbook for this. Historic data will be of little use.”…
Gold Getting Bid Again
Ole Hansen at SaxoBank: “Gold receiving a fresh bid as the US 2yr-10yr inverts for the first time in 12 years and the 10-yr real rate goes negative (see below).
Gold Buyers Are Back
Silver Coming Back Strongly
Ole Hansen at SaxoBank: “Silver coming back strongly following yesterday’s washout with renewed focus on resistance at $17.50/oz (see below).
Silver Bounces Back Strongly
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