Tag Archive: Gold

The Ultimate Stablecoin, Report 18 Nov 2018

A long time ago in a galaxy far, far away we wrote a series of articles arguing that bitcoin is not money and is not sound. Bitcoin was skyrocketing at the time, as we wrote most of them between July 30 and Oct 1 last year. Back in those halcyon days, volatility was deemed to be a feature.

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Monthly Macro Monitor – October 2018

Stocks have stumbled into October with the S&P 500 down about 6% as I write this. The source of equity investors’ angst is always hard to pinpoint and this is no exception but this correction doesn’t seem to be due to concerns about economic growth. At least not directly.

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A Few Questions From Today’s BOND ROUT!!!!

On April 2, the benchmark 10-year US Treasury yield traded below 2.75%. It had been as high as 2.94% in later February at the tail end of last year’s inflation hysteria. But after the shock of global liquidations in late January and early February, liquidity concerns would override again at least for a short while. After April 2, the BOND ROUT!!!! was re-energized and away went interest rates.

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We Need a Free Market in Interest Rates

We do not have a free market in interest rates today. We have not had one since the creation of the Fed in 1913. The Fed began buying bonds almost immediately, which pushes up the price and hence pushes down the interest rate. However, as I discuss in my theory of interest and prices, the Fed creates a resonant system with positive feedback loops.

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Monthly Macro Monitor – September

This has already been one of the longest economic expansions on record for the US and there is little in the data or markets to indicate that is about to come to an end. Current levels of the yield curve are comparable to late 2005 in the last cycle. It was almost two years later before we even had an inkling of a problem and even in the summer of 2008 – nearly three years later – there was still a robust debate about whether the US could avoid...

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Monthly Macro Monitor – August 2018

The Q2 GDP report (+4.1% from the previous quarter, annualized) was heralded by the administration as a great achievement and certainly putting a 4 handle on quarter to quarter growth has been rare this cycle, if not unheard of (Q4 ’09, Q4 ’11, Q2 & Q3 ’14). But looking at the GDP change year over year shows a little different picture (2.8%).

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Global Asset Allocation Update

The risk budget is unchanged again this month. For the moderate risk investor, the allocation between bonds and risk assets is evenly split. The only change to the portfolio is the one I wrote about last week, an exchange of TIP for SHY.

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Getting Their Pound of Flesh – Precious Metals Supply and Demand

Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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Black Holes for Capital – Precious Metals Supply and Demand

Race to the Bottom, Last week the price of gold fell $17, and that of silver $0.30. Why? We can tell you about the fundamentals. We can show charts of the basis. But we can’t get into the heads of the sellers. We can say that in the mainstream view, the dollar is rising. The dollar, in their view, is not measured in gold but in rupees in yuan and rubles. You know, all the superior forms of money…

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An Idea Whose Time Has Come, Report 1 July 2018

Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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Global Asset Allocation Update

The risk budget is unchanged this month. For the moderate risk investor the allocation to bonds and risk assets is evenly split. There are changes this month within the asset classes. How far are we from the end of this cycle? When will the next recession arrive and more importantly when will stocks and other markets start to anticipate a slowdown?

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Lift-Off Not (Yet) – Precious Metals Supply and Demand

Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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Weekly Technical Analysis: 04/06/2018 – USD/CHF, EUR/JPY, GBP/USD, AUD/USD, WTI

The USDCHF pair managed to break 0.9850 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently in the upcoming period, paving the way to head towards 0.9723 level as a next station, noting that the EMA50 supports the expected decline, which will remain valid for today conditioned by the price stability below 0.9870.

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Bi-Weekly Economic Review: As Good As It Gets?

In the last update I wondered if growth expectations – and growth – were breaking out to the upside. 10 year Treasury yields were well over the 3% threshold that seemed so ominous and TIPS yields were nearing 1%, a level not seen since early 2011. It looked like we might finally move to a new higher level of growth. Or maybe not.

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Weekly Technical Analysis: 21/05/2018 – USD/JPY, EUR/USD, GBP/JPY, USD/CAD, USD/CHF

The USDCHF pair reaches the key support 0.9955 now, and as we mentioned in our last report, breaking this level will confirm completing the double top pattern that appears on the chart, to rally towards our negative targets that begin at 0.9900 and extend to 0.9850. Therefore, we will continue to suggest the bearish trend supported by the negative pressure formed by the EMA50, unless the price managed to rally upwards to breach 1.0055 level and...

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Bi-Weekly Economic Review: Growth Expectations Break Out?

There are a lot of reasons why interest rates may have risen recently. The federal government is expected to post a larger deficit this year – and in future years – due to the tax cuts. Further exacerbating those concerns is the ongoing shrinkage of the Fed’s balance sheet. Increased supply and potentially decreased demand is not a recipe for higher prices. In addition, there is some fear that the ongoing trade disputes may impact foreign demand...

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Global Asset Allocation Update

The risk budget changes this month as I add back the 5% cash raised in late October. For the moderate risk investor, the allocation to bonds is still 50% while the risk side now rises to 50% as well. I raised the cash back in late October due to the extreme overbought nature of the stock market and frankly it was a mistake. Stocks went from overbought to more overbought and I missed the rally to all time highs in January.

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Scorn and Reverence – Precious Metals Supply and Demand

Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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Weekly Technical Analysis: 14/05/2018 – USD/JPY, EUR/USD, EUR/JPY, GBP/USD, USD/CHF

The USDCHF pair provided positive trading yesterday to test 1.0000 level and settles around it, and as long as the price is below this level, our bearish overview will remain valid, noting that our next target is located at 0.9900, while breaching 1.0000 followed by 1.0055 levels represent the key to regain the main bullish trend again. Expected trading range for today is between 0.9920 support and 1.0055 resistance.

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Weekly Technical Analysis: 07/05/2018 – USD/JPY, EUR/USD, GBP/USD, Gold

The USDCHF pair’s recent trades are confined within mew minor bearish channel that we believe it forms bullish flag pattern, thus, the price needs to breach 1.0035 to activate the positive effect of this pattern followed by rallying towards our waited target at 1.0100. Therefore, we will continue to suggest the bullish trend supported by the EMA50, unless we witnessed clear break and hold below 1.0000. Expected trading range for today is between...

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