Sleepwalking in a world turned upside-down ..... ref :- "Negative rates take markets into sur

Sleepwalking in a world turned upside-down ..... ref :- "Negative rates take markets into surreal territory" , by Gillian Tett, Opinion in the Financial Times Ms Tett is usually worth a read , and this morning is no exception. It's not as though negative rates and bond yields , that seemingly insane condition that makes lenders pay borrowers for the privilege of lending them money, is a breaking story -- they've been around for a few years now (well, about 20 if you include the obscure corners of Japanese money markets). But in the wider scheme of things it was not so long ago that economists -- anybody, in fact -- would still have looked at the phenomenon of negative returns and thou

GOLD .... long overshadowed as a safe-haven but once again screaming its credentials (for now, that

ref :- "PRECIOUS - Gold jumps to 6-year peak on a weaker dollar, U.S. - Iran friction" , Reuters Markets We can't help keeping a fond eye on the gold market, but that's just a personal history thing. It's certainly not because it's been an obviously good investment in recent years. In fact, one could argue that it's been easier to make money by shorting rallies in the gold price rather than buying into them and that's because the knee-jerk reactions that prompt investors to get into gold in times of strife have just not been sustained. The rallies more often than not have petered out almost as quickly as they appeared. When things have been rolling along smoothly, one look at the performanc

President Trump can't see a central banker without taking a shot , and it seems they don't e

ref :- "Trump rails at Draghi's QE comments" , The Financial Times, International Section .... and "Tail Risk", The Financial Times, Companies and Markets Talk about making yourself a hostage to fortune .... by the time most of you read this, the US Federal Reserve will have concluded their two-day monetary policy meeting , announced their decision and communicated their thoughts to the world. Making predictions that may already have been proved wrong by the time anybody hears them seems like a mug's game, so we'll just say that the most widely expected outcome is that there will be no change in rates today, but that Chairman Powell will further prepare the ground for a rate cut (or cuts) la

It's all about "Interpretation" .... which is just another way of saying that nobody r

ref :- "Investors are mispricing Fed's next moves on rates, say Goldman and UBS" , The Financial Times, Markets and Investing It's always fascinating to watch how different parties can examine the same piece of information and draw entirely different conclusions. (NOTE No. 1 : Avoid tired old clichés about "that's what makes a market") . Sometimes when opposing views seem to be expressed by different reporters in the same media outlet, we sometimes wonder whether that's just a healthy reflection of the range of opinions out there, or some kind of editorial oversight. We'll assume the former .... On the front page of today's FT is a report on European Central Bank boss Mario Draghi's policy

Is your faith in Gold restored, or are you still nursing burnt fingers?

ref: - Gold prices are up: What now?”, Gold is always referred to as the classic safe-haven, but the fact is that in recent years it has flattered to deceive far too often for many investors' tastes. "Flights to safety" in times of stress have been aimed more towards other vehicles better suited for the purpose such as government bonds, the Japanese Yen or even the mighty US Dollar. Which is not to say that Gold is totally ignored .... the bullion price tends to receive short-term, knee-jerk boosts when things get dicey without being able to stage the more substantial rally that gold hawks have long been waiting for. Perhaps our judgement has been spoiled by Gold's spectacular rise

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