⛏ Money-Supply Growth Accelerated in July to a 59-Month High

Money-Supply Growth Accelerated in July to a 59-Month High
Money-supply growth continues to accelerate as it has been doing for two years. July’s measure of money-supply growth—the most recent data available—showed growth at the fastest pace, year-over-year, in 59 months. Moreover, measured month-to-month, the money supply has increased during 11 of the past 12 months. Read on »

World's Largest Sovereign Wealth Fund to Cut U.S. Treasury Holdings
The bloodbath in the bond market keeps picking up speed along with the debasement trade. Last week, the world’s largest sovereign wealth fund announced a plan to slash its government bond holdings by about 20%. "We recommend that the government subindex of the bond index be reduced from 70% to 50%," Norges Bank governor Ida Wolden Bache and Norges Bank IM CEO Nicolai Tangen wrote in a letter. Read on »

Missing Escondida
Copper set an all-time high above US$6.80 a pound on the Comex this week. The largest copper mine on earth is BHP’s Escondida in Chile’s Atacama Desert. It produced 1,261,000 tonnes in the year to June (about 2.8 billion pounds). At this week’s price, that metal is worth about $19 billion. The second-largest copper mine on earth produces nothing. Read on »