Ideas and analysis on money, markets and the world around us.
Gold and silver prices steadied this week and appear to have found a base. This morning in European trading, gold was $2347, down $45 since last Friday’s close. Silver was $27.70, down a dollar on the same timescale.…
Read the articleNow that short-term funding through Treasury bills must be nearly exhausted, how will the US Treasury fund the budget deficit, running at well over $3 trillion this year? According to the US Treasury, the two largest…
Read the articleOil prices have sold off meaningfully from their recent highs. Brent and WTI crude oil lost $4.51/bbl and $4.89/bbl, respectively, from $91.17/bbl and $86.91/bbl (see Exhibit 1) at the time of writing. Exhibit 1: Oil…
Read the articleGold and silver were firmer on the week, with gold trading in Europe this morning at $2390, up $46, while silver was at $28.45, up 60 cents. While both were higher since last Friday, it is best described as a week of…
Read the articleIt’s gradually dawning on markets that lower dollar interest rates are a fantasy. If a chart speaks a thousand words, this is it: From its peak at about 15% in the early eighties, the trend for US bond yields was down…
Read the articleGold is at an all-time high (see Exhibit 1). This is against all odds given the level of interest rates. We have written extensively in the past how gold prices are driven by three main factors: Central bank policy…
Read the articleGold and silver continued their spectacular run, with gold testing the $2400 level in European trade this morning, up $70 from last Friday’s close, and silver $29.15, up $1.70 on the week. Trade volume in silver futures…
Read the articleIn recent weeks, silver’s price has been remarkably strong, threatening to break out above the levels established in August 2020. The long-term chart certainly looks positive. Could we be witnessing a major turning…
Read the articleEquities are pricing in a goldilocks scenario where global economic activity reaccelerates while inflation declines further, allowing the Fed - and potentially other central banks - to cut rates. However, we think there…
Read the articleGold and silver continued their run higher, defying predictions of profit-taking. From last Thursday’s close (Friday was Easter and market were closed), gold rose $50 to $2280 in early European trade this morning, after…
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