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In an echo of Leon Black, Frank Maturo, vice chairman of equity capital markets at UBS AG, said, “Private equity is selling everything that’s not bolted down. With the robust valuations in today’s market, they are accelerating monetizations of companies they own.”
But what does the smart money know, anyway… aside, of course, from selling when they can not when they have to.

And now back to CNBC and their paper-money “trader” talking heads saying there is only upside from here to eternity. Let’s see if we have these right: “the money is still on the sidelines”, “there is a wall of worry”, “Greece is a dip-buying opportunity”, actually “everything is a dip-buying opportunity”, “stocks are not a bubble, it is bonds that are a bubble”, “the economic recovery is just around the corner” and “99% percentile valuations are just slightly stretched if you seasonally-adjusted them enough times.”

That about covers it.

http://www.zerohedge.com/news/2015-07-01/smartest-money-liquidating-stocks-record-pace-theyre-selling-everything-that’s-not-b
The “Smartest Money” Is Liquidating Stocks At A Record Pace: “Selling Everything That’s Not Bolted Down”

Submitted by Tyler Durden on 07/01/2015 20:58 -0400

Just over two years ago, at the Milken global conference, the head of Apollo Group Leon Black said that “this is an almost biblical opportunity to reap gains and sell” adding that his firm has been a net seller for the last 15 months, ending with the emphatic punchline that Apollo is “selling everything that is not nailed down.”

Apple Watch selling worse than thought

http://americasmarkets.usatoday.com/2015/07/01/apple-watch-selling-worse-than-thought/

Have to give kudos to him on his right call. Gold has been a sucker’s bet for years now, and good God, gold stocks – the worst annihilation ever in any market. Absolutely nothing quite as bad.

As for his comment, “Further reducing enthusiasm for gold is the gradual improvement of the U.S. economy”

That is absolute bullshit.

Whatever, the manipulation deniers have every reason to gloat.

Further, John Williams has been singing the same song for years. Lump him in with Holter, Sinclair, GATA, King World and ZH. All dreadfully wrong for at least four years running.

New Recession Starts After Mid-Year-John Williams
By Greg Hunter On July 1, 2015

=”http://usawatchdog.com/”>USAWatchdog.com
Economist John Williams correctly predicted the first quarter GDP in 2015 would turn negative. What is his second quarter prediction for GDP? Williams says, “I am looking for an outright contraction in the second quarter as well. Two back to back negative quarters in the GDP (Gross Domestic Product) would be counted as a recession. GDP is very heavily bloated and inflated by all sorts of gimmicks. . . .

So, what does Williams make of the strength of the dollar in the last year? He thinks the markets were anticipating the Fed raising interest rates because of the so-called “recovery.” Of course, the economy is not improving, and Williams thinks when the Fed tries to pump the economy back up, the dollar will dive. Williams explains, “I was looking for a hyperinflation in 2014. What I did not expect and what I have missed is the big rally in the dollar. . . . The economy was never improving. Now, it’s not only not improving, but it is begging to turn down again. That’s the importance of quarter to quarter contraction. When you get that, you get official recognition that the economy is falling, and it is not recovering. So, as the expectations wane on the Fed tightening, you will start to see dollar selling. I think you are going to see a panic decline in the dollar at some point, massive selling of the dollar, not only that, it will take it down to levels of a year ago, but to historic lows. As that happens, you will see a tremendous spike in oil prices which will start moving the consumer price index pick up. . . . You have an overhang in excesses of $12 trillionoutside the United States. A goodly portion of that will be repatriated to the United States into the US markets. People will be dumping the dollar to get out of the dollar, and the Fed is going to have to be monetizing all sorts of things. . . . What’s out of whack right now against reality is the strength of the dollar. We don’t have a booming economy. We don’t have a Fed that is going to happily raise rates, although they would like to. As the realization sinks in, the exchange rate of the dollar will start falling. Then, you will actually have a panic, and once that has happened, you will see a sharp upturn in headline inflation, and that will evolve eventually into hyperinflation. . . . A dollar panic is reflective of the problems here.”

Join Greg Hunter as he goes One-on-One with economist John Williams of Shadowstats.com.

Regardless, gold seems to going nowhere fast. Feel free to send me an e-mail explaining how wrong and stupid I am. I have an archive of all the messages warning me that gold would teach me a lesson in humility. “You’ll see” these e-mails smugly assure me, “your comeuppance will be here any day now.” My plan was to respond to each on its fifth-year anniversary with a chart showing the performance of gold versus all other asset classes and the details of how much money has been lost.

Further reducing enthusiasm for gold is the gradual improvement of the U.S. economy. Despite forecasts of imminent collapse, the major economic data — including employment, wages, spending, housing, autos and consumer sentiment — have all trended higher over the last five years. Tales of an impending depression were greatly exaggerated.

Then there are other asset classes. U.S stocks are up 167 percent over the last 5 years. China’s stock market, despite the recent 20 percent drop, is still up almost 10 percent for the year, and it has been on fire the last 2 years.

Each of these is a possible explanation for the lack of response to the Greek crisis. Perhaps a default to the International Monetary Fund is no big deal, and gold has no reason to rally.

What once seemed like a snarky and amusing idea just looks cruel today.

Gold teaches the careful observer many lessons — about narratives, emotion, managing positions, leverage, one-way, can’t miss trades, the efficiency of markets, and story-tellers with product for sale. This is why you should never ever drink the Kool-Aid.

Astute traders ignore these lessons at their own risk.

To contact the author on this story:
Barry L Ritholtz at britholtz3@bloomberg.net

Now you can buy Puerto Rico bonds to go with your Greek ones. You’re gonna be rich rich rich! 🙂

PS Stay tuned … more great deals are coming …

I think we should be allies fighting ISIS as well. The Russians have a big potential problem on their Southern borders. This confrontational stance we have taken towards Russia is pointless and dangerous and only benefits the NWO crowd.

Pretty crappy day in the g+s world today …

Cheers

re Vlad…he knows the EU/Europe has a toy army at best, the only people that can take him on are the US and as of now Obummer, won’t even take on ISIS….ergo he can act with impunity in his own back yard….plus such actions remind “we the people of Europe”, just how pathetic our pols are rattling his cage.

ImHo…we should be allies in fighting ISIS, trying to get Ukraine away from Russia was pure insanity, especially with all the other problems etc. But the one thing the EU excels at, is idiocy.

2017 may not be such flight, as if the Californian drought hasn’t broken by then and I don’t think it will, you will be looking at the Worlds 8 th largest economy dissapearing, along with the Zero possibly falling apart !!!!!!!!

Why won’t it break, because California was always desert, it’s only the last 200 years when it hasn’t been and now it is reverting, plus it is Ground Zero for idiot Greens.

Goodnight, California

http://finance.yahoo.com/q?s=mbi&ql=1

MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally.

The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments. It issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness, as well as utility districts, airports, health care institutions, higher educational facilities, student loan issuers, housing authorities, and other similar agencies and obligations issued by private entities. The company also insures non-U.S. public finance and global structured finance, including asset-backed obligations; and sovereign-related and sub-sovereign bonds, utilities, and privately issued bonds used for the financing of projects that include toll roads, bridges, airports, public transportation facilities, and other types of infrastructure projects, as well as offers third-party reinsurance services. MBIA Inc. was founded in 1973 and is headquartered in Purchase, New York.

yeah, just amazing to me that the HUI is back to where it was 10 years ago.

What a waste of a decade.

Auandag – reading King World and ZH and all the rest has been exactly the wrong thing to do for the last 4 years. They don’t have a clue. Beginning to think they are intentional disinformation.

https://www.youtube.com/watch?v=hz65AOjabtM

I thing that armeggedon is imminent…But when I look at the markets  everything is on cruise control… I see some of the pundits are now changing their tune…its 2017 now…

Thanks for reinforcing my point. That’s why I would never buy it.

Is basically owned by JP Morgan and its head office is in the same building. Where do you think all that “deep storage gold is”.

I dream of having an up day!

Over mandatory vaccine bill Gov Brown just passed. Glad I can’t be there Cuz Id like the kick that Pans and a few others who was paid by pharmas and they said he passed by them laughing at them. I might have thrown something at his car.  If there were a bunch of men bet he wouldn’t be laughing.

I told them

Class Action Law suit. Hit them in the pocket that they profited on signing this bill. It’s unlawful to threaten a citizen in order to get them to “cooperate” or wave their constitutional rights. Convictions have been over turned because of this by forcing threatening people to make false confessions and this is a conviction of innocent people denying their freedom. They are getting around it by saying well you can homeschool but it’s a lie because they are denying a choice they give to other and equality which is discrimination.

Maybe he knows that there is a large percentage of the population and some within the gov’ts that want to get closer to Russia. Purely speculation on my part.

Maybe he’ll back the Ruble with gold and while the west is in total disarray, he’ll welcome the Baltics to the club.

I guess I can dream. 🙂

“Ipso – Vlad doesn’t make mistakes, everything is calculated. JMHO”

He’s not Vlad the Omnipotent you know!

Threatening the Baltic States just makes him more enemies and the reaction is more troops on his borders. Maybe he does have some hidden purpose, maybe he strengthens his position regarding the Ukraine. I dunno.

Barrick’s crap no doubt of it but the new extraction technology is applicable by other miners. If miners can cut the use of cyanide that’s all for the good.

I would never buy Barrick. Their gold hedging was one of the reasons gold was so low for so long. I believe the co. was a tool of the manipulators.

Here Comes Puerto Rico Monday – Next Greece-

All governments follow the same model and this is BIG BANG, where government debt at every level will begin a death spiral

Posted on June 29, 2015 by Martin Armstrong
Puerto-Rico

The smart money smells a rat. Capital has rushing out of long bonds since May and pouring into the very short-term federal paper pushing rates back negative to the crisis level of 2009. BIG BANG is being furthered by the worst collapse in liquidity I have ever witnessed in my entire career.

Puerto Rico is set to release a key report on its financial stability Monday, and its Governor, Gov. Alejandro Garcia Padilla told The New York Times that the island would probably seek significant concessions from as many as all of its creditors because “the debt is not payable.”

Puerto Rico is the next Greece where the “vulture” investors bought their bonds back in 2013 when its roughly $70 billion in outstanding debt suffered a huge plunge in bond prices over the summer.

All governments follow the same model and this is BIG BANG, where government debt at every level will begin a death spiral. Governments since World War II have borrowed continuously never managing anything properly. They have just assumed that the great herd of taxpayers had deep pockets that were endless. This attitude is causing the collapse in Socialism whereas all the promises of pensions cannot be maintained. The majority of people assumed that working for government was the safest. They are now starting to see that it is the worst of all for you cannot even prosecute them for mismanagement and fraud as you would if a private employer pulled the same nonsense.

Ipso – Vlad doesn’t make mistakes, everything is calculated. JMHO

Maddog – I’m now convinced that nothing will stop the bull market in stocks. In the mean time, GDX is down for the 9th day in a row and the chart looks like a downhill slope for the last month and a half. Unbelievable.

Greece is a non-problem–stocks are up in Europe and here–crude is down $2

The jobs report tomorrow will be gold negative

the technicals for G&S are O-so-bearish!!-lots of support lines broken

why did silver sell off 50 cents the other nite then bounced back 50 cent and more…?

interest rates look like they are going up…so why are G&S resilient??

TahoeBilly2012
TahoeBilly2012’s picture
Anyone now get why people like Hitler came to power? This was the same shit the Germans were under

Wed, 07/01/2015 – 12:03 | 6258463Titus
Titus’s picture
https://www.youtube.com/watch?v=szAuzBs

“Our people had to suffer immensely due to the inflation, where millions of people were robbed of everything they worked for their entire lives.” Adolf Hitler