THE REAL MESSAGE FROM THE GDXJ MESS

In what seems a lifetime ago, I was the equity index trader at a big bank on Bay Street. Although a lot has changed since then, there are parts of the game that are timeless. So I am putting my...

BRITISH POUND - GIDDY UP

British Prime Minister stunned markets this morning by announcing her intention to call a snap election for June 8th. Figuring that she would have to face re-election anyway before BREXIT negotiations were complete, and given she is currently leading in...

WE'RE ALL YEN TRADERS NOW

Today’s post will have no answers. I am not sure anyone truly understands the strange day to day squiggles of the increasingly intertwined global financial system, but I wanted to highlight a relationship that cannot simply be monkeys typing Shakespeare....

SECOND WORST DOVE

The market was sent for a spin yesterday afternoon after President Trump told the Wall Street Journal the U.S. dollar “is getting too strong” and he would prefer the Federal Reserve keep interest rates low. From the WSJ: Mr. Trump...

GOLDHOLICS ANONYMOUS

With the rising global political tensions, gold has gotten a bid over the past week. But is that what is driving the price? Over the longer term, I would argue that real rates are the most determining factor affecting the...