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Now that cey is in such good nick operationally one of the biggest downside risks I worry about is the GP itself. After more than 10 years of QE and unprecedented fiscal looseness the price of all assets has been inflated: housing, equities cryptos and yep gold. Now that central banks are raising the cost of capital and reducing liquidity, will this exert further downward pressure on the GP? I wonder if that is the logic behind Marshall Wace's short position. Anyhoo... typical of me to come over all bearish with the SP close to 6 month highs.
US futures up and were down earlier so the answer is no, hopefully :-).
Equities in Europe traded lower in the premarket on Monday just as the newest reports on Germany's industrial production and the United Kingdom's house prices were about to be released, as well as the one on investor confidence in the Eurozone later in the day.
Earlier, it was reported that British Chancellor of the Exchequer Jeremy Hunt is planning to introduce tax raises worth £25 billion and spending cuts worth £35 billion in his forthcoming budget statement. Meanwhile, Bank of France Governor Francois Villeroy de Galhau estimated that inflation could reach its peak in early 2023.
The DAX stood flat at 8:00 am CET. At the same time, the FTSE 100 declined by 0.33%. The CAC 40 went up by 0.13%.
The euro lost 0.13% to the dollar at 8:00 am CET to sell for $0.99456. A minute later, the pound sterling fell by 0.49% against the greenback to go for $1.13194.
Baha Breaking News (BBN) / JR
Happy Monday y’al
Retrace tomorrow
Already in early 2021, there were reasons to question the prevailing wisdom about the Biden stimulus. Most notably, Harvard economist and former U.S. Treasury Secretary Lawrence Summers began warning that the bill being contemplated could lead to inflation. Although serious inflation had not occurred in decades, Summers had a simple and compelling insight. Throwing trillions of dollars into an economy with severe supply constraints and only a modest demand shortage had to be inflationary.
11/2022: Prices across many emerging markets and developing economies have risen even faster, for example, with inflation exceeding 80 percent in Turkey and nearing 100 percent in Argentina.
MAGICAL MONETARY THINKING
Be interesting to see how the magical money theories will turn out. I am willing to take a bet they will turn out fairly badly, but hope they pull out a tad short of chaos.
Should be good for gold if we have a proper functioing market...always a long shot. ....
best
the Gnome
A little humour and diversion is neccesary.
Going back to your comments of Basel, you may be rght for now as Basel is only an accord.
There are certain counries break accord if it dosn t suit.
Otherwise Christmas should certainly show a dramatic rise in POG.
Or not, ;-).
Lol MrBond :-)
Most holders here would agree that even with the higher costs involved in extraction that gold be a safe haven for a very long time .
In case no one noticed is 1681 dollors.
Good weekend all LTH.
https://twitter.com/bloombergtv/status/1588571805308125184?s=46&t=fxTke64T6uUU3gsO3LQeXg
Nov 4, 2022
Pan American Silver Corp. and Agnico Eagle Mines Ltd. have offered to buy Yamana Gold Inc., in a deal valued at US$4.8 billion.
Yamana says the offer is superior to its planned takeover by Gold Fields Ltd. of South Africa. Despite this, Gold Fields says it will continue its work on buying Yamana.
https://www.bnnbloomberg.ca/yamana-pan-american-agnico-eagle-make-us-4-8b-takeover-offer-1.1841895
Chart gap higher up now closed.
Well. looks so far the that my 15:02 post yesterday "hope....." etc is being realised :-)
if and when the $ falls/collapses, does that mean commodity shares such as miners are likely to rocket or collapse......given that most companies are in $ irrespective of whether on Ftse or Dow Jones or elsewhere in world markets
Afraid not bear....Wouldn't really call myself that successful either.
Only trading until the dollar rolls over, the smartest thing to do at that point will be just holding.
BushyTailed you're not related to Wildtiger by any chance - he's a really successful day trader too?
Yep Razor- FTSE futures up and gold too based on the 16:30UK time yesterday.
Interesting BofE statements yesterday, they mucked up on rates for sure, but at least raised yesterday- lesser raise would have kicked the markets down (well the UK ones I mean).
Major European stock indexes traded above the flatline in premarket on Friday as investors awaited to receive updates on the Eurozone's and German services sector, as well as the report on the United Kingdom's construction PMI.
In addition, data on the euro area's producer price index will be published in the coming hours, while market participants brace for the release of the nonfarm payrolls which is to unveil the unemployment rate in the United States.
Frankfurt's DAX rose by 0.44% at 7:28 am CET. The CAC 40 and the FTSE 100 increased by 0.57% and 0.58% respectively.
The euro gained 0.30% against the dollar, to change hands to $0.97805 at 7:29 am CET. The pound sterling grew by 0.56% against the American currency, to sell at $1.12206 a minute later.
Baha Breaking News (BBN) / AB
Happy Friday y’al
Gold currently up over 1%
Not too shabby, enjoy your weekend.
Been patiently waiting for that for some time!
Silver and producers catching a bid, goldies look like 3-4 hours behind in the pattern
As the $DXY index inevitably rolls over these gold producers will move up sharply
Well atleast we finally have a serious acknowledgement from a majot CB about the strength of the upcoming economical contraction. EPS destruction will force people back into treasuries and gilts eventually, forcing the yields back down
I'm hoping we'll get a green day in the western markets or at least a far less "drop" than last night. and a rise tomorrow- hopefully pointing towards my earlier comment at 11:30.
Useful explanation for anyone interested:
https://www.poundsterlinglive.com/gbp-live-today/17746-pound-to-euro-and-dollar-bank-of-england-november-mpr