The Kobeissi Letter
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Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com
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BREAKING: Gold extends rally to over +3.5% on the day as India attacks Pakistan.
Keep watching gold. https://t.co/rBxUe8rzVf
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BREAKING: US existing home sales fell -5.9% month-over-month in March, to an annual rate of 4.02 million, the lowest pace of sales for any March since 2009.
This also marked the largest monthly decline since November 2022.
The drop was significantly worse than the expected a -3.1% decrease.
Sales dropped in all four US regions, with the largest declines occurring in the West and South.
Demand remains weak as home prices are near record highs while mortgage rates are above 6.5%.
The US housing market is frozen.
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Over the last 24 hours:
1. Trump says tariffs on China won’t be as high as 145% and “will come down substantially"
2. Bessent says "de-escalation with China" is coming
3. WSJ reports that tariffs on China are set to drop to 50%-65%
4. Bessent says America "first does not mean America alone"
5. Bessent declines to comment on WSJ report in point #3#
6. Bessent clarifies Trump is not offering a unilateral decrease in tariffs on China
7. Bessent says US-China trade deal will take 2 to 3 years
The market's rollercoaster ride continues.
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BREAKING: Goldman Sachs says gold “could plausibly” trade around $4,500/oz by the end of 2025, implying another +38% of upside.
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BREAKING: Apple, $AAPL, opens +7% higher in overnight trading. https://t.co/JSW0Hurtgy
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