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Yellen Talks Up the Economy at Jackson Hole While US Real-Estate Market Cracks

from The Daily Bell:

Gold hits near 5-week low after Fed strikes hawkish note … Gold slid to a near five-week low on Monday after comments from top Federal Reserve officials fuelled speculation that U.S. interest rates would rise sooner rather than later, weighing on the dollar. Speaking at a meeting of leading central bankers in Jackson Hole, Wyoming, Fed chair Janet Yellen said on Friday that an improvement in the economy and the labour market in recent months had boosted the case for hiking rates. -CNBC

Why buy gold? The economic numbers are looking better and fedgov never lies, right?

However, there is this from ZeroHedge:

In “A Death Knell Just Tolled For Luxury Real Estate”, we documented the sudden trapdoor that opened beneath the ultra-luxury segment in the Manhattan housing market.


Then several days later, we observed that it is not just the luxury NYC market that is in trouble, but the broader market across all of the US, when we noted three “Red Flags” that the broader US housing market was starting to roll over.

What ZeroHedge reports is that mom and pop auction buyers were taking the place of institutional investors. Also, retail prices for home goods and furniture were imploding. Finally, there’s a lot less house-buying traffic.

Traditionally, housing prices are among the first to suffer in an emergent downturn. And in this case, it’s not just the ordinary housing market.

The luxury market has dropped precipitously. Sales of luxury houses and units in the Hamptons have been halved and prices of what’s selling have been dramatically chopped.

Read More @ TheDailyBell.com

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