The World Gold Council mid-year outlook suggests that higher rates running faster than inflation hurt in the first half. Current expectations for real yields (inflation versus nominal yields) now suggest gold should be on the podium. That fact that gold is not shinning requires a
The greater the number of stocks participating in the trend is bullish. There is no debate about it. When fewer larger stocks are lifting markets, the signal is that of a later stage more defensive rally (buy big safe blue-chip quality stocks). This does not
Expectations for 2021 earnings and beyond are robust to say the least. History suggests such a high bar is harder to jump. As a reminder, the market prices in forward expectations and in order to do even better, results need to beat expectations. That will
Oil markets were devastated by COVID in 2020, but it is really Environment Social Governance (ESG) investing trends that has had a bigger (longer-term) impact. Most understand that the future of energy creation will be in renewables. I am not sure transatlantic flights will every
The famed fund manager Michael Burry featured in “The Big Short,” warned last week loses on crypto and meme stocks could be more than the GDP of some countries. Crypto, Meme Stocks: Michael Burry Warns About ‘Mother of All Crashes’ – Bloomberg We look at
The Federal Reserve has started to talk about removing extraordinary accommodation. Market expectations are building for the reduction in stimulus to begin in September with the forward guidance to come out of the Jackson Hole conference. Likely, they will first reduce support for mortgage-backed securities.
There is a significant shift developing towards minimum tax rates and for many companies to pay their far share. Treasury Secretary Janet Yellen recently achieved an agreement within the G-7 backing a global minimum tax rate of 15%. G7 backs Biden’s sweeping overhaul of global
Treasury Secretary Yellen said after her return from the G-7 finance minister’s meeting that President Biden should push forward with his $4 trillion spending plans “even if we ended up with a slightly higher interest rate environment it would actually be a plus for society’s
The natural rate of growth for an economy is a combination of how many workers there are (population) and how productive they are working (output per unit of labour costs). Simply put, how many widgets do we produce and how many workers do we have
When it comes to ex-anti forecasting, time frame is everything. As much as the industry preaches that timing does not work, decision making about risk and return has everything to do with timing. The first chart we look at of gold bullion spot price in