The Bureau of Economic Analysis (BEA) released its “advance” estimate of Q2 GDP on Friday. The Government would have us believe that the U.S. economic growth accelerated to a 4.1 annualized growth rate in Q2. Other than the fact that a one-time jump in soybean exports ahead of the trade war contributed to 25% of the alleged 4.1% growth, nothing about the report is credible. (excerpt from the latest issue of the Short Seller’s Journal)
Total home sales in SoCal were down over 11% year over year in June (as reported by the California Association of Realtors). With housing, as goes SoCal, so goes the rest of the nation. The homebuilders are the short seller’s gift that keeps on giving.
Silver Doctors invited me on the Weekly Metals & Markets podcast to discuss the GDP report, the housing market and gold:
I just released my weekly issue of the Short Seller’s Journal. In this issue I present more stunning housing market collapse data, I discuss AMZN’s latest earnings report and I talk about Steve “The Big Short” Eisman’s latest short position, which has been one of my SSJ recommendations for a several months. You can learn more about this newsletter service here: Short Seller’s Journal information.