I'm not talking about SLV. I was referring to silver spot. Spot needs to fall another buck or so to hit $17.50 range. That's when I'll look at what SLV and NUGT are trading at. Until then, I don't really care.
It's actually very close to the same bet imo, as these both have been tracking extremely close to each other.
Kay: A person is smart. People are dumb, panicky dangerous animals and you know it. Fifteen hundred years ago everybody knew the Earth was the center of the universe. Five hundred years ago, everybody knew the Earth was flat, and fifteen minutes ago, you knew that humans were alone on this planet. Imagine what you'll know tomorrow.Is FOMO rational? Keeping up with the Jones'? House prices only go up, buy now or never -- is that informed?
“Real estate price bubble is the work of media, not foreign money” reads the title of a short essay by Brendan Brown, an executive director and chief economist of Mitsubishi UFJ Securities International.
...executive vice-president of Haven Developments, said he expects Vancouver's tax to increase property value in Toronto.
I know you've been suspicious of the China explanation but do you really believe it's just coincidence that the RE markets in places where you allegedly had heavy Chinese involvement are starting to stumble just when a) China has implemented stringent capital controls and b) the yuan is tanking?And we wonder why people are going fucking crazy over houses? But but but, the foreigners.
I know you've been suspicious of the China explanation but do you really believe it's just coincidence that the RE markets in places where you allegedly had heavy Chinese involvement are starting to stumble just when a) China has implemented stringent capital controls and b) the yuan is tanking?
I mean sure, maybe it is in fact coincidence and it was really a feeding frenzy. But then if not Chine, what stopped the frenzy? In the US it was the banking crisis. What you're basically saying is that Canadians have finally come to their senses. And while I like to believe that and I give you guys more credit that I do most paranoid, panicky Americans, that seems odd to me,.
Delinquencies of at least 60 days for subprime auto loans are up 13 percent month over month for July, according to Fitch Ratings, and 17 percent higher from the same period a year ago.
My point was, why now? I don't know jack about Canada's RE market. Pretty much just what you've posted. So from what you've been saying, my impression is that the RE market has started to cool off. If that's the case and I haven't misread you, then aside from the China situation, what has changed that would have precipitated this change in attitude. As you say, interest rates are still low, banks are still lending, etc, etc.Edit: tldr.
In the U.S., it was interest rates rising which THEN caused the market to stumble in 2006 which THEN lead to delinquent mortgages which THEN lead to tanking securities/derivatives based on real-estate which THEN caused the banking crisis/global meltdown. Prices went up initially due to lax lending, low interest rates, greed, and FOMO.
In Canada, we have lax lending, low interest rates, greed, and FOMO. What makes us so different from the United States?
We're not different. Canadians haven't come to their senses. They're just scared of losing money instead of being scared of "buy now or never." If anything fundamental popped it, it was a deteriorating economy and being tapped out: see job losses, 2015 "technical recession," -0.6% GDP in May 2016, 165% debt-income ratio, 10x median price to median income ratio in Vancouver, etc.
I think I know who you mean but can't remember the name. He was talking about the 'neutral rate of interest' which from what I could gather is the rate which neither stimulates nor depresses economic activity. It's not something that's reported anywhere but a number the fed apparently tries to divine.Appears it wasn't Yellen's comments that sent the market down, it was some other guy at the Fed. Made it sound like they could hike it twice this year.
My point was, why now? I don't know jack about Canada's RE market. Pretty much just what you've posted. So from what you've been saying, my impression is that the RE market has started to cool off. If that's the case and I haven't misread you, then aside from the China situation, what has changed that would have precipitated this change in attitude. As you say, interest rates are still low, banks are still lending, etc, etc.
Consumer numbers are looking good. The bull might have some feet under it for another month.