Concerning Stuff 8/17/24

"Central banks are hoarding gold faster than we've ever seen." https://t.co/J9XZM6jxsg via @dailychartbook pic.twitter.com/Rg9zR1EhiT

— Jesse Felder (@jessefelder) August 17, 2024

University of Michigan Current Economic Conditions approaching the worst in index history (again) pic.twitter.com/nZuRFQxW6n

— Frog Capital (@FrogNews) August 16, 2024

This is incredible:

Warren Buffett's Berkshire Hathaway’s cash position relative to total assets spiked to 25.0% in Q2 2024, the most in at least 24 years.

The company's share of cash has more than DOUBLED in just 2 years.

To put this into perspective, the company’s cash pile… pic.twitter.com/LgMklJ5HcQ

— The Kobeissi Letter (@KobeissiLetter) August 14, 2024

As the S&P 500 was plunging earlier this month, retail investors were buying the dip 🫡🥳🫂 pic.twitter.com/dyzvRxUuo4

— Barchart (@Barchart) August 16, 2024

The Fed is currently sterilizing about $4.1 trillion through the RRP facility and Interest on Reserve policy, which is costing over $606 million PER DAY in interest payments to Wall Street; it's a small club, and you aint in it: pic.twitter.com/AIsDHUJRcc

— E.J. Antoni, Ph.D. (@RealEJAntoni) August 16, 2024

When you read something like "$28,000 in 1970 is equivalent to $209,000 in 2022" - remember, they are using the BLS CPI to come up with this nonsense.

The CPI (or PCE) models have very little to do with real world cost of living. pic.twitter.com/AguiWQTOqZ

— Rudy Havenstein, Senior Markets Commentator. (@RudyHavenstein) July 19, 2024

Meanwhile:

China reported record levels of silver imports. pic.twitter.com/LYYP7JYZXd

— Otavio (Tavi) Costa (@TaviCosta) August 15, 2024

Small businesses are in a recession:

Small business loan availability just dropped to its lowest level in nearly 11 years.

The pace of the decline is similar to the pace seen in 2007, just before the Financial Crisis hit.

Similar weakness also took place in 1989 before the… pic.twitter.com/7yOm58oh5C

— The Kobeissi Letter (@KobeissiLetter) August 14, 2024

BREAKING 🚨: China

Chinese Home Prices declined by the largest amount in history last month pic.twitter.com/nZ7P1BOpFY

— Barchart (@Barchart) August 15, 2024

US Retail Sales increased 2.6% over the last year but after adjusting for higher prices they were down 0.4%.

Both of these numbers are well below the historical averages of +4.6% nominal and +2.0% real.https://t.co/l5IYmkeySJ pic.twitter.com/5uytcU9Gto

— Charlie Bilello (@charliebilello) August 15, 2024

Auto insurance rates in the US have increased by 50% over the past 3 years. That's the biggest 3-year spike since 1975-78.https://t.co/l5IYmkf6Ih pic.twitter.com/ZRAMXIah6q

— Charlie Bilello (@charliebilello) August 14, 2024

🚨U.S. Chapter 11 bankruptcies are SOARING:

- Total filings +34% YoY in first half of 2024

- Small business filings up +61% YoY

- June saw the highest corporate bankruptcies since 2020

Small and mid-sized businesses, especially in consumer discretionary sectors like clothing… pic.twitter.com/lm194RzIuq

— Genevieve Roch-Decter, CFA (@GRDecter) August 12, 2024

'Weekly outflows from junk loan ETFs were at their highest level on record.' https://t.co/ipfDohcG96 pic.twitter.com/XtbYFA5H8T

— Jesse Felder (@jessefelder) August 10, 2024

What is happening here?

Real income growth expectations by US consumers over the next 5 years just dropped to their lowest on record.

Americans now see HALF the chance of higher inflation-adjusted incomes than in 2020.

Additionally, consumers anticipate their real income to… pic.twitter.com/TTiYw6iJ4I

— The Kobeissi Letter (@KobeissiLetter) August 9, 2024

$1 trillion in AI CapEx, who needs routers, switches or cables https://t.co/vDg0LZx4VQ

— zerohedge (@zerohedge) August 9, 2024

41% of Russell 2000 companies now have negative earnings

This number is up more than 2x since 2006

And is comparable to levels seen during the peak of 2008 Financial Crisis

This is not sustainable pic.twitter.com/CTN5a9ayaw

— Game of Trades (@GameofTrades_) August 8, 2024

A leading economic indicator; https://t.co/8wuyN84H5O

— George Hartzman (@antzmrah) August 8, 2024