Former JPMorgan Traders Convicted of Manipulating Gold Prices
The Justice Department found two former JPMorgan traders guilty of manipulating gold prices by placing misleading orders and ultimately rigging the precious metals market. As reported by the Wall Street Journal, Michael Nowak, who at the time was head of JPMorgan Chase’s precious metals desk, and Gregg Smith, a top gold trader, were convicted of […]
Falling Deeper Into Debt: Americans Open Credit Card Accounts At Record Numbers
With inflation soaring to 40-year highs, Americans are finding it difficult to make ends meet. As a result, many are increasingly relying on credit cards and personal loans for purchases, and falling even deeper into debt. But according to TransUnion, that’s doesn’t necessarily mean the US consumer is in trouble. The credit rating agency’s credit […]
Roblox Posts Flat Bookings, Wider Losses, First Sequential Active Users Decline In Q2 2022
Roblox (NYSE: RBLX) reported on Tuesday its fiscal Q2 2022 financial results ended July 2022. The gaming company reported a flat bookings of US$639.9 million from Q1 2022’s US$631.2 million but a decline from Q2 2021’s US$665.5 million. Revenue for the quarter however increased to US$591.2 million from last quarter’s US$537.1 million and from last […]
America’s Economic Productivity Slumps to Weakest Since 1947 While Labour Costs Soar
America’s economy is falling behind. US productivity fell by the most on record in the last quarter while labour costs continued to accelerate, suggesting that inflation may be here to stay for awhile longer. Nonfarm business employee output per hour, which defacto measures the level of productivity in the economy, fell by an annualized 4.6% […]
Hedge Funds Might Soon Have To Report Crypto Exposures
The Securities and Exchange Commission and the Commodity Futures Trading Commission are reportedly putting forward a proposal on Wednesday that would require hedge funds to report their bets, including exposure to cryptocurrency. The proposal entails having the investment funds file a confidential Form PF with the regulators–a form devised after the 2008 financial crisis so […]
“Steer Clear Of The Loonie”: David Rosenberg Projects Canadian Economy “Headed For Trouble”
The cooldown from the overheating housing market could negatively impact the Canadian economy, believed to be headed for a more pronounced recession. But the ramifications could be much worse. Rosenberg Research & Associates founder David Rosenberg, who said more than a year ago that the housing market “might be [in] one of the biggest bubbles […]
Bubba Horwitz: The Real CPI Rate Is Over 20%
Joining SmallCapSteve today is frequent guest Todd “Bubba” Horwitz. Todd sits down with us to talk about the US’ chances of competing with China in manufacturing semiconductor chips, Taiwan and China, his outlook on commodities, his thoughts on the earnings season, and of course, the Fed and inflation. The founder and chief strategist of BubbaTrading.com, […]
Coinbase Widens Net Loss In Q2 2022 At US$1.09 Billion, Bloats Asset Size Five Times By Assuming Liability Of Customers’ Assets
Coinbase Global (Nasdaq: COIN) reported its Q2 2022 financials, toplined by a quarterly net revenue of US$802.6 million. This is a decline from Q1 2022’s US$1.16 billion and Q2 2021’s US$2.03 billion, as well as misses the consensus estimate of US$854 million. But for Coinbase, this is just yet another part of the cycle, asserting the […]
US Inflation FINALLY Stagnates in July, But Real Wages Are Still Plummeting
The time has come for the 16 month-long streak of rising consumer prices to finally end for the US. Well, kind of. Despite analysts calling for a reading of 8.7% following a June’s jaw-dropping 9.1% print, fresh data from the Bureau of Labour Statistics shows that headline consumer prices stagnated to an annualized 8.5%, as […]
Ned Goodman, Canadian Mining Legend, Passes Away
Ned Goodman, a luminary of Canadian mining and one of the leading architects of the country’s investment management industry, passed away on Sunday, August 7. He was 85 years old. “I am an optimist because I never met a rich pessimist. We try to avoid the things that make us pessimistic and focus on those […]