Ideas and analysis on money, markets and the world around us.
Precious metals drifted lower this week, with gold losing a further $13 from last Friday’s close, to trade at $1267 in Europe this morning (Friday). Silver lost 30 cents over the same time scale, to $16.73. Prices have…
Read the articleThe accumulation of monetary policy errors by the Fed is increasingly certain to culminate in the credit crisis that always marks the end of the credit cycle. Credit crises are the result of globally coordinated…
Read the articleConclusion: Very large draw of crude and products, which was mainly driven by the record low net import number (mainly due to extremely high exports). While this has accelerated the drawdown in US petroleum stocks, it…
Read the articleConclusion: At first sight the stats look very bullish, with total stocks drawing >11mb more than normal. However, 7mb of that is due to production shut ins alone, which will likely be reversed next week. Record high…
Read the articleAfter the previous two-week rally, it was perhaps natural for precious metals to consolidate this week. Gold, which closed on a high note last Friday, lost $23 to $1281 by early European trade this morning (Friday), and…
Read the articleEvery now and then, there’s a rash of commentary on national productivity. And for the British, productivity is all part of the Brexit angst, with the OECD, the Treasury, the Bank of England and Remainers all saying the…
Read the articleFollowing an article in the Nikkei Asia Review, which reported China will shortly introduce an oil futures contract priced in yuan, there has been some confusion about what it means. The article pointed out that in…
Read the articleGlobal oil prices (Brent) continue to trade in a narrow USD45-55/bbl price range, reversing from a brief breakout to the upside last week. However, although prices are now back to where we started at the beginning of…
Read the articleGold and silver drifted lower in declining volume. On Tuesday, the day of tonight’s Commitment of Traders report, gold’s Comex turnover fell to 211,897 contracts, compared with more normal days of 300,000 to 450,000.…
Read the articleLast week, both Janet Yellen of the Fed and Mark Carney of the Bank of England prepared financial markets for interest rate increases. The working assumption should be that this was coordinated, and that both the ECB…
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