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Cool Video: Sketch of Bullish Case for Gold

June 25, 2019
I know some people who are always bullish gold.  I am not.  In fact, I often think I can find higher returning assets.  However, I have recently have turned bullish gold, and while in Toronto on business, I was invited to the set of Bloomberg to discuss my change of heart.
Many of the reasons the gold bugs cite would seem to justify owning gold b…
Cool Video: Sketch of Bullish Case for Gold Cool Video:  Sketch of Bullish Case for Gold Reviewed by Marc Chandler on June 25, 2019 Rating: 5
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Heightened Political Risks Weigh on Sentiment

June 25, 2019
Overview:  It is far from clear that the US sanctions against nine Iranian officials, with the foreign minister to be added later brings negotiations any closer.  At the same time, US officials trying to keep expectations low for the weekend meeting between Trump and Xi.  The heightened political anxiety will have to make room for Fed Chairman Pow…
Heightened Political Risks Weigh on Sentiment Heightened Political Risks Weigh on Sentiment Reviewed by Marc Chandler on June 25, 2019 Rating: 5
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Slow Start to Important Week

June 24, 2019
Overview:  The Trump-Xi meeting at the G20 this coming weekend and heightened tensions in the Gulf, with the US set to impose new sanctions on Iran's crippled economy are keeping investors on edge.  News the opposition won the re-do of the Istanbul mayoral election has lifted the Turkish lira.  Most of the major Asia Pacific equity markets, in…
Slow Start to Important Week Slow Start to Important Week Reviewed by Marc Chandler on June 24, 2019 Rating: 5
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Greenback Breaks Down

June 23, 2019
The US dollar fell against all the world's currencies last week. Although most of the G10 central banks have what can be considered easing biases, the dollar is most vulnerable because there is so much more scope to ease and its strength had been in no small measure predicated on monetary divergence.  
It is striking that the dollar did not ral…
Greenback Breaks Down Greenback Breaks Down Reviewed by Marc Chandler on June 23, 2019 Rating: 5
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The Week Ahead: Cutting to the Quick

June 22, 2019
Central banks are prepared to take fresh measures to strengthen and extend the business cycle primarily because price pressures are below what their predecessors thought would be acceptable levels. Draghi, speaking for the ECB, the Federal Reserve, and the Bank of Japan ratcheted up their concerns, which, even without new initiatives, were suffic…
The Week Ahead: Cutting to the Quick The Week Ahead: Cutting to the Quick Reviewed by Marc Chandler on June 22, 2019 Rating: 5
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Markets Pause Ahead of the Weekend

June 21, 2019
Overview: The global capital markets are trading quietly ahead of the weekend.  Equity markets are mostly narrowly mixed.  Chinese shares extended their run, and the major benchmarks were up 4%+ on the week. Japan, Australia, South Korea, and India saw gains pared.  European equities were edging higher, and the Dow Jones Stoxx 600 is holding on to…
Markets Pause Ahead of the Weekend Markets Pause Ahead of the Weekend Reviewed by Marc Chandler on June 21, 2019 Rating: 5
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Doves Rule the Roost Except in Oslo

June 20, 2019
Overview:  The prospect of "lower for longer" continues to fuel the bond and stock rally.  The initial US equity response to the Fed was positive but not strong and closed about 0.3% higher.  Asia Pacific equities followed suit with mostly modest gains, except for China and Hong Kong, where gains of more than 1% were recorded.  Hong Kong…
Doves Rule the Roost Except in Oslo Doves Rule the Roost Except in Oslo Reviewed by Marc Chandler on June 20, 2019 Rating: 5
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Still Patient?

June 19, 2019
Overview:  Risk-taking was bolstered by the dramatic shift in Draghi's rhetoric less than two weeks after the ECB meeting and a Trump's tweet announcing that there was going to be an  "extended" meeting between him and Xi at the G20 meeting and that the respective staff would begin coordinating.  It was later confirmed by the Chi…
Still Patient? Still Patient?  Reviewed by Marc Chandler on June 19, 2019 Rating: 5
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The Yuan and Tariffs

June 18, 2019
Consensus thinking sees two levers.  One is the US tariff, and the other is the weakness of the Chinese yuan. They talk as if China may be depreciating the yuan, or tolerating a weaker yuan to offset the tariffs.  This feeds the fear that China can escape from US pressure and supports those favoring an aggressive confrontation with China.   The v…
The Yuan and Tariffs The Yuan and Tariffs Reviewed by Marc Chandler on June 18, 2019 Rating: 5
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Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down

June 18, 2019
Overview: ECB President Draghi underscoring the likely need for more stimulus broke the subdued tone as market participants took a "wait and see" stance ahead of tomorrow's FOMC decision.  Draghi's comments sent the euro through $1.12 for the first time in two weeks and drove European bonds yields to new lows.  Asian equity marke…
Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down Reviewed by Marc Chandler on June 18, 2019 Rating: 5
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