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Was the BOE’s Pivot a Warning of Things to Come? | Alasdair Macleod, Michael Oliver, Quinton Hennign

Alasdair Macleod, Michael Oliver and Dr. Quinton Hennigh return as guests on this week’s program of Turning Hard Times Into Good Times with Jay Taylor.

On September 28, the Bank of England (BoE) announced it would begin buying the 30-year gilt at a 20-year high yield at above 5% as pensions funds and other institutions were approaching insolvency due to losses on gilt investments. The fear of a liquidity crisis among pension funds caused by rising interest rates prompted the BoE to pivot even though it was expected to raise rates by as much as 1%. Alasdair emailed your host on October 4 stating, “The BoE's action probably was a turning point. Equally it could be claimed that the public discovery that Credit Suisse has issues could have persuaded the Fed that higher interest rates bring forth systemic risks. We may have a clearer idea on 11th when I’m on your show again!”

Stock and bond markets rallied hard off of that news but there are no signs of a change of heart at the Fed. In fact, as Adam Taggart opined on this show on Oct. 4th, it is exactly this kind of Pavlovian pivot psychology that Adam Taggart told listeners that Chairman Powell is determined to dismantle from investor thinking. Since the BoE’s action, the Fed and other banks have stood resolutely hawkish, sending U.S. Treasuries rates higher again while equity prices have cooled.

Meantime, the rallies in the price of gold and especially of silver have Michael issuing one of his most bullish declarations in recent memory. Alasdair gives his latest views on the significance of the BoE pivot and Michael explains his sudden bullish views on precious metals. Quinton comments on some spectacular gold assays reported by Lion One Metals.
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Alasdair Macleod
Alasdair has been a celebrated stockbroker and Member of the London Stock Exchange for over four decades. His experience encompasses equity and bond markets, fund management, corporate finance and investment strategy.
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