Tag Archive: newslettersent

Silver Returns Earthward

2016-09-12

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2016-09-12

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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FX Daily, September 12: Markets Off to a Wobbly Start

2016-09-12

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2016-09-12

20160912 Movers and Shakers
The EUR/CHF retreated today together with falling stock prices. When investors sell their stocks and move into cash, then the Swiss Franc very often appreciates. This is the safe haven effect: cash in Swiss Franc is perceived as more secure.

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Swiss Real Estate: Empty dwellings back to 2001 levels

2016-09-12

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2016-09-12

On 1 June 2016, some 56,518 dwellings or 1.30% of all dwellings were unoccupied in Switzerland. Some 5436 more dwellings were empty than in the previous year, representing an increase of 11%. These are findings from the empty dwellings census of the Federal Statistical Office (FSO).

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Emerging Markets: Week Ahead Preview

2016-09-12

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2016-09-12

EM ended last week on a soft note. Perhaps it was the North Korean nuclear test (see below). Perhaps it was disappointment in the ECB or rising Fed tightening odds. Whatever the trigger was, EM FX weakness persisted and appears likely to carry over into this week.

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If Everything Is So Great, How Come I’m Not Doing So Great?

2016-09-12

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2016-09-12

National health expenditures, Gross Domestic Product, Wages
While the view might be great from the top of the wealth/income pyramid, it takes a special kind of self-serving myopia to ignore the reality that the bottom 95% are not doing so well. We're ceaselessly told/sold that the U.S. economy is doing phenomenally well in our current slow-growth world -- generating record corporate profits, record highs in the S&P 500 stock index, and historically low unemployment (4.9% in July 2016).

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FX Weekly Preview: Capital Markets in the Week Ahead

2016-09-11

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2016-09-11

Global bonds and global stocks ended last week on a weak note and this will likely carry into this week's activity. The Bank of England meets, but the data may be more important. Oil and commodity prices more generally look vulnerable, and this coupled with higher yields sapped the Australian ad Canadian dollar in the second half of last week.

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Case For -2 percent Rates, Banning Cash? Jim Grant Blasts Lunatic Proposals

2016-09-11

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2016-09-11

Looking for group think, extrapolation of extreme silliness, linear thinking, and belief in absurd models? Then look no further than Fed presidents, their advisors, and academia loaded charlatan professors. Today’s spotlight is on Marvin Goodfriend, a former economist and policy advisor at the Federal Reserve’s Bank of Richmond, and Ken Rogoff, a chaired Harvard economics professor, a one-time chief economist at the International Monetary Fund.

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Control What You Can and the Asset Ownership of the Wealthy

2016-09-11

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2016-09-11

Our society does not make it easy to control what you can control. Assets are controlled increasingly by a smaller and smaller part of our society. Here's a couple of thoughts on productively controlling what we can control.

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Weekly Speculative Postions: CHF net long positions down from 8.2K down to 1.5K

2016-09-10

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2016-09-10

The Swiss Franc depreciated this week again. The euro rose to 1.960. One reason is the reduction in net long CHF speculative position from 8.2K to 1.6K contracts. Given the weak ISM non-manufacturing PMI, it remains unclear. why speculator now move into the dollar.

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FX Weekly Review, September 05 – September 09: Dollar Proves Resilient as Market Rates Rise

2016-09-10

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2016-09-10

It took the market a few days to overcome the shockingly poor non-manufacturing ISM (51.4 vs. 55.5). However, by the end of the week, the US dollar bulls had regained the upper end.

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Emerging Markets: What has Changed

2016-09-09

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2016-09-09

India has a new central bank head. North Korea detonated a nuclear device. The Turkish government may be eyeing the central bank for the next purge. Mexican Finance Minister Videgaray resigned. Incoming Mexican Finance Minister Meade announced new spending cuts.

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Fiction, Fairy Tales, and Fiat

Do young Americans today know anything about economics? No, they don't, according to a study during the 2016 presidential primary season, which says lots of other Americans don't either. The survey found 58% of millennials favor government-run socialism (statistically 6 out of 10), while a nearly identical number (64%) don't want government interference in free markets.

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FX Daily, September 9: Ahead of the Weekend

2016-09-09

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2016-09-09

The US dollar is lower against all the major currencies this week as North American participants close it out. On the day, the dollar is consolidating swings yesterday and is narrowly mixed.Bond yields are higher and equities are mostly lower. The euro has finished lower the last three Fridays. The streak may end today. The euro has found support nearly $1.1260, and the intraday technicals favor a move higher in the US morning.

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Swiss stocks fluctuate as central bank decisions dominate the landscape

2016-09-09

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2016-09-09

The Swiss Market Index, along with other European markets, fluctuated this week as central bank decisions dominated the landscape. Equity markets advanced at the beginning of the week as chances of the Federal Reserve raising US interest rates later this month declined after a surprisingly weak report on the US service-sector earlier this week.

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Basel to overtake Zurich as second-most attractive Swiss canton

2016-09-09

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2016-09-09

Basel City will leapfrog Zurich to become Switzerland’s second-most attractive location for businesses by 2020 as Swiss cantons cut corporate tax to bolster their appeal, according to Credit Suisse Group AG.

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Swiss trains the most expensive in Europe

2016-09-09

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2016-09-09

A study by GoEuro, compares the cost of travelling 100km by train. Switzerland led the ranking with the most costly train trips in Europe. Travelling 100km in Switzerland cost CHF 52.

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Negative and the War On Cash, Part 2: “Closing The Escape Routes”

2016-09-08

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2016-09-08

History teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated. As Alan Greenspan wrote in 1966:

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FX Daily September 8: Draghi Says Little, Door Still Open for More

2016-09-08

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2016-09-08

In the last two days, the euro moved upwards against CHF. Given that Swiss GDP was stronger than the one in the euro zone, this is surprising. But we must recognize that Draghi could be the reason. Inflation forecasts of 1.2% in 2017 and 1.8% in the euro zone would mean the ECB hikes rates maybe in 2018 or 2019. I personally do not believe it, given that wage inflation in Italy or Spain is clearly under 1%. This is lower than Swiss wage inflation...

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Our Selfie Society Is Incompatible with Democracy

2016-09-08

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2016-09-08

Now that the U.S. is a neoliberal selfie society, we have the worst of all possible worlds in terms of a failed, doomed democracy. Each individual's liberty to do whatever you want, be whatever you want, go wherever you want, etc. (within the legal boundaries set by the state) is the core of the American Dream. The individual's civil liberties and right to the unlimited pursuit of happiness is sacrosanct.

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How is Real Wealth Created?

2016-09-08

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2016-09-08

An Abrupt Drop. Let’s turn back to our regular beat: the U.S. economy and its capital markets. We’ve been warning that the Fed would never make any substantial increase to interest rates. Not willingly, at least. Each time Fed chief Janet Yellen opens her mouth, out comes a hint that more rate hikes might be coming.

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