I had the pleasure of sitting down with Louis Gave last week and we discussed many of the pressing issues facing the global macro world. In May 2020, Richard Bonugli provided the FRA platform as a place to discuss the global outlook with a little bit of FORESIGHT. We HIT IT OUT OF THE PARK. Hopefully, our most recent analysis will provide similar investment outcomes and maybe succeed in clarifying some important issues facing the investment community as 2021 begins.
Posts Tagged ‘precious metals’
Notes From Underground: Thursday In the Park With Louis Gave
January 10, 2021Tags:Euro, Federal Reserve, Japanese yen, nonfarm payrolls, precious metals, Treasury bonds, U.S. Dollar, U.S. yield curve, yield curve control
Posted in Currency, United States | 20 Comments »
Notes From Underground: Been Down So Long, Looks Like Up To Me
May 7, 2020As I reflect on the past eight weeks it seems that Richard Farina’s cult novel title is very apropos. The weekly rise in jobless claims has resulted in even the less informed becoming aware of the possibility of the unemployment rate rising above 20%.
Tags:average hourly earnings, nonfarm payrolls, precious metals, U.S. Dollar
Posted in data, United States | 23 Comments »
Notes From Underground: The King of Hearts Searches for Sanity
September 15, 2019The inmates are running the asylum as policy makers are busy putting out old prairie fires. The European Central Bank’s move on Thursday was a final curtain call for President Draghi as he sought to cement his legacy as the man that would do whatever it takes to “preserve the Euro” and would have no taboos in his efforts. But it seems like the opposition to both the rate cut and new QE was far greater than the magician of Frankfurt let on at his final obfuscation. It is amazing how the dissidents find their voice the day after. Oh well, so it goes in the world of consensus-driven outcomes.
Tags:central banks, copper, crude oil, ECB, Fed, fiscal stimulus, Gold, Mario Draghi, precious metals, Saudi Arabia
Posted in Oil, Saudi Arabia | 13 Comments »
Notes From Underground: The Market Remains a Tribute to the Balance Sheet Recession (KOO KOO K’KOO)
December 10, 2013Janet Yellen as her first meeting as Chairwoman:
I am he as you are he as you are me and we are all together
See how they run like pigs from a gun,see how they fly
I’ m Crying
Tags:Ben Bernanke, Bill Gross, Dollar, Dow, ECB, Euro, Fed, NASDAQ, PIMCO, precious metals, QE, Richard Koo, S&P, taper
Posted in Fed, Uncategorized, United States | 16 Comments »
Notes From Underground: GERMAN COURT CONFIRMS, NOW FRIENDS WITH CONDITIONS, THEN BENEFITS
September 12, 2012The German High Court sustained the ESM but laid out that the BAILOUT FUND had to stick to its agreed cap (EU190 BILLION) and that as suspected any further moves to enhance the bond buying program would have to be decided by the BUNDESTAG. It sustained the position of Chancellor Merkel for the time being, thus it makes President Draghi’s move to keep the period of financing to the short-term (LTRO FOREVER) a wise strategic move. The BUNDESTAG will be under pressure to adhere to the concept of “STRICT CONDITIONALITY” as Merkel and Schaeuble will have to be very attuned to the mood of the German citizenry as the Merkel government faces national elections in 2013.
Tags:Brazilian real, Bundestag, corn, Dutch elections, ESM, EUR/CHF, Euro, FOMC, GCC, Gold, Kiwi, Merkel, oats, platinum, precious metals, RBNZ, SNB, soybeans, Thomas Jordan, Weidmann
Posted in Commodities, Currency, Germany | 4 Comments »
Notes From Underground: HIGHER OIL … Greasing the Skid or Lubricating Liquidity
February 23, 2012Sorry, couldn’t resist the obvious. Many MOONS ago if OIL PRICES were rising the BOND MARKET WOULD BE GETTING SOLD, EQUITY MARKETS WOULD BE STRUGGLING AS IT WAS FEARED THAT THE FED AND OTHER CENTRAL BANKS WOULD BE RAISING RATES TO STEM THE FEAR OF INFLATION. WHAT A DIFFERENT WORLD IN WHICH WE INVEST. As oil prices head higher, the bonds and equities both rally as did the PRECIOUS METALS. SO WHAT DYNAMIC MAY BE AT WORK?
Tags:Brent, ECB, equity, Europe, Fed, inflation, oil, precious metals, selloff, WTI, ZIRP
Posted in ECB, Fed, Oil | 8 Comments »
Notes From Underground: One Big Question For the FED
May 11, 2011If the prices of commodities are falling because of increased margin requirements on ENERGY and PRECIOUS METALS, WHY DOESN’T THE FED JUST ASK FOR EMERGENCY POWERS TO CONTROL MARGINS FOR ALL INVESTMENTS? Chairman Bernanke is on the record as believing that INFLATIONARY PRESSURES ARE TRANSITORY. Well, it seems that the power to make higher commodity prices transitory is to raise margins and force the speculators to disgorge their positions. The increase in MARGINS and the RESULTING LIQUIDATION WOULD ALLOW THE FED TO MAINTAIN QE POLICIES WITHOUT THE FEAR OF TRANSITORY PRICE INCREASES.
Tags:Axel Weber, Bernanke, bonds, BRICS, central banks, Chinese, Commodities, Dollar, ECB, energy, Equities, Euro, Eurocrats, Fed, inflation, margin requirements, Mario Draghi, PPI, precious metals, real estate, retail sales, transitory, Trichet
Posted in Commodities, ECB, Europe | 4 Comments »
Notes From Underground: CNBC- Fed is ‘Stuck’
December 15, 2010
Click on image to watch me on CNBC.
Tags:2/10, Fed, Jackson Hole, precious metals
Posted in Federal Reserve | 1 Comment »