The Federal Reserve’s balance sheet grew by $394B in the past two weeks. In the context of all G4 central banks, this move alone erases half of all quantitative tightening (QT) progress since the beginning of the year. A directional change like this could indicate...
Agnico Eagle Mines was founded in 1957 when five small struggling silver mining companies consolidated resources to try their hands at gold mining, ultimately saving the companies and their miners’ livelihoods. Today the firm mines silver, gold, copper and zinc from sites in Canada, Finland...
Franco-Nevada is the world’s largest gold royalty and streaming company. This means the firm invests in gold and mines, but indirectly, the idea being to provide investors with exposure to gold prices and gold exploration while limiting the risks of investing directly in mining companies....
Widespread underperformance of Dow Jones Industrial Average stocks is a significant negative indicator for US stocks in our view. In this special report, we present charts of the 30 Dow stocks relative to long-duration US treasury bonds and gold for the last five years. Spoiler:...
Oil prices have pushed through resistance and are breaking out while the US dollar has pushed through support and is breaking down. All of the major industrial commodity prices are moving in lock step, while the global economy appears to be accelerating led by the...
Ending a 66-day streak of consecutive days without a 1% down finish, the S&P500 finally succumbed to statistics as it lost about 1.2% today. Bonds and gold, on the other hand, rallied as the US 10-year treasury yield lost 7bps, the 30-year lost 6bps, and...
Stocks are once again departing from most other asset classes today as the S&P 500 and Russell 2000 rip higher while treasury yields and most hard commodities are down on the day, though higher than in early morning futures trading....
A few months ago in a post titled, ”How Bullish is a Bull Flattener?” we took a look at how bull flattening of the yield curve (when the long end falls faster than the shorter end) has tended to impact various assets....
Over the last 4.5 months the spread between the 30 year treasury yields and 10 year treasury yields has fallen from 112bps to 85bps, a difference of 27bps, and that spread has been falling fast in recent weeks....
The JPY/USD cross is once again going tick for tick with S&P 500 futures as investor appetite for risk did a 180 overnight: With the euro selling down to 1.355 vs the USD, the USD is the big winner on the day: As gold struggles:...
Gold isn’t taking tapering so well this morning. It is down about 3% so far and is at levels not seen since mid-2010. Meanwhile the USD is strengthening with the main casualty being the yen. With Fed tapering now a reality, the BOJ may be...
In an almost perfect ”taper on” sort of manner, stocks had their worst day since November 7th, the 10-year treasury bond sold off by 4bps, gold finished down $9.00, and the euro rose to the highest level since mid-October, and November 2011 before that....
Gold has had a rough go over the last month, dropping about $100, and it now finds itself testing the low it made in June. There are many possible taper and non-taper explanations for this persistent weakness....
