The flight to safety is on as banks get crushed and gold surges.

A portion of today’s note from Art Cashin:  Other Fed Credibility Dings – They did not set up a July press conference thus raising enormous doubts that any kind of move is possible in July.

The vote to stand pat was unanimous. Where all those regional Fed presidents, who a week or two ago, were hanging on a June move and even follow-ups. There was a dissent in April but not one in June?

Futures are a hair away from declaring no hike this year. Credibility?

Hints She Said. Hints? – One of the more interesting, or maybe one should say “jaw-dropping” moments of the Yellen press conference came when a reporter asked her why, after the minutes of the April meeting showed that most favored a potential June move, the April statement did not have such a clear indication?

After a minute and a half of verbal tap dancing, the Chair declaimed that there was a “hint” in the statement. A hint? A hint? This is not a crossword puzzle. It is the closing statement (an assumed summary) of the temporary thinking and policy of the very important FOMC. Do we need to get a decoder ring?

King World News - The Flight To Safety Is On As Banks Get Crushed And Gold Surges

Overnight And Overseas – The flight to safety is on. Swiss, Japan and British central banks all stand pat as did Fed. Brexit talk still bubbles.

Tokyo whacked for 3% (530 Dow points) as yen soars to nearly a two year high. Hong Kong also dinged but “only” 2%.

In Europe financials are getting hit with major banks getting crushed.

Safe haven bonds are on fire with a wild scramble on German, U.S., and Japan paper. Gold (the only currency without a central bank) is nearing a two year high. Euro is getting crushed with dollar and yen soaring.

Base metals and crude are lower. Even grains are under pressure. A rather tumultuous morning.

Consensus – Central banks begin to look powerless and possibly witless at this point. A bit oversold so they may try to circle the wagons. The close could be whacky in front of a huge quarterly Expiration tomorrow with several indices being reweighted. I apologize for not being in tomorrow but have a commitment I can’t switch. Stay wary, alert and very, very nimble. Have a good day and have a wonderful weekend!

***KWN released an absolutely jaw-dropping interview discussing the gold and silver markets with the man who advises the most prominent sovereign wealth funds, pension funds, hedge funds, and institutional funds in the world and he discusses the gold and silver markets, coming chaos and much more! To listen CLICK HERE OR ON THE IMAGE BELOW.

***Also just released: Legendary Short Seller Warns Gold May Surge $100 – $150 Violently And In A Short Space Of Time CLICK HERE.

KWN Belkin mp3 6:8:2016

***To hear what John Embry is doing with his own money right now as well as more about the coming plunge in the stock markets, surge in the price of gold, silver, and the shares, CLICK HERE OR ON THE IMAGE BELOW.

KWN Embry mp3 6:12:2016© 2015 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the articles is permitted and encouraged.

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