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The long-cycle in precious metals
, writes Citi's Jon Bergtheil, arguing we'd need a level of systemic risk higher than the past few years to warrant a continued bull run. Especially vulnerable are the PM miners (
) which benefit from what may be mistaken belief $35 silver and $1,600 gold are the "new normal."
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There is no way that any entity, be it private, public or both, is going to manipulate away the debt situation faced today.
There is no way that the US is going to become a net exporter of energy in amounts that could even slow down this rate of growth in the debt.
There is no way this flat line recovery is going to turn into a boom in business.
There is no way that the unemployment figures are going to have a sustained improvement short of all the unemployed giving up hope and shifting to the underemployed list.
There is no way that you can set such records in increased liquidity and not have explosion inflation regardless of business activity.
There is no way that the Fed can liquidate its holdings of treasuries in an orderly manner without collapsing the Treasury market.
There is no way the Fed can liquidate any toxic paper it took on from banks internationally in the crisis of 2008.
There is no way the Fed can step away from QE which would mean higher interest rates without collapsing the flat line so called economic recovery.
Feb 20 02:13 PM
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