Crazy Trading In Bitcoin As Germans Buy Gold And Problems In Europe & The US Emerge

Crazy Trading In Bitcoin As Germans Buy Gold And Problems In Europe & The US Emerge from King World News

On the heels of crazy trading in Bitcoin as the Germans buy gold and problems in Europe and the US emerge, here is what you need to know…

By Peter Boockvar, author of the Boock Report
November 13 (King World News) – 
Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness:  
Credit growth slowed in October in China as total loans extended totaled 1.04T yuan…Also of note was the 8.8% y/o/y increase in the M2 money supply. That was below the estimate of 9.2%, down from 9.2% growth in September and the slowest pace of gain since records were kept in 1996…

Bottom line, I guess acknowledging a problem is the first step in dealing with it and the Chinese authorities fully understand the credit problem that has been created. Managing its unwind (or credit growth slowdown) though is what is difficult because of the desire for 6.5% type growth where it takes more and more debt to generate that 1 yuan of economic output. This said, I still believe China remains an exciting story for those with long term time horizons but they’ve got quite a debt problem on their hands.

Fun With Bitcoin
…If you were bored over the weekend and wanted some action, you should have tuned into the price of Bitcoin. It closed at $7,120 Thursday, traded down by 7.5% on Friday, got as low as $5,605 around 6pm last night and right now is trading at $6,650 as of this writing. That is a 25% crash between Friday’s early high and yesterday’s low. Have fun.

Meanwhile, In The UK & Europe
This is not at all moving the needle today for UK interest rates or the pound (which is down over new Brexit concerns) but BoE member and chief economist Andy Haldane is at least acknowledging the inflation problem on their hands. He said today:

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King World News

Interviews with market experts from around the world with a focus on precious metals.