SNB & CHF

What’s unfettered in America is “Communism for the Rich” and the normalization of corruption that results from the auctioning of political power to protect monopolies and cartels. The irony of constantly being accused of being a communist is rather rich. When I point out that “free market capitalism” in America is neither a real market nor real capitalism, those who equate any criticism of “capitalism” as proof of communist leanings are triggered. Noting that Marx...

Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.0% The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.0%. In doing so, it is countering increased inflationary pressure and a further spread of inflation. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary...

Keystone / Ennio Leanza Swiss cement giant Holcim said on Wednesday it would leave Russia, adding that the business there would then operate independently under a different brand. Holcim has signed an agreement to sell its Russian unit to the local management team, it said in a statement on Wednesday. The sale will have “no significant impact” on the world’s biggest cement maker, as the unit generated less than 1% of the group’s net sales in 2021, it said. Holcim...

Keith Weiner, Quinton Hennigh and Chen Lin return. Keith Weiner’s Monetary Metals encourages investors to lease or lend their gold or silver to Monetary Metals’ clients in exchange for interest payable in kind. At the same time, Keith makes a very strong case that the dollar will continue to get stronger relative to the Euro, Swiss franc, Japanese yen, Canadian dollar, British pound and Swedish krona. Generally, a strong dollar is viewed as bearish for gold. So why...

An excellent new book from Edward Chancellor, The Price of Time, sets out to explain both the theory and history of interest rates across five millennia and countless cultures. The theory is frequently bungled by economists; the history is frequently glossed over by historians. But thankfully Mr. Chancellor is up to the task. He is an excellent and engaging writer, owing presumably to his long career as a financial journalist. We need more books like this....

Der SMI fällt 0,40 Prozent auf 11’091,93 Punkte. Vor der am Abend erwarteten Zinsentscheidung der US-Notenbank haben die Anleger einen Gang zurückgeschaltet. Die Freude von Vortag, als die Nachricht über den nachlassenden Inflationsdruck in den USA die Märkte angetrieben hatte, sei wieder der Vorsicht gewichen, heisst es in Börsenkreisen. Daher bröckelten die Kurse ab. Nach dem Rückgang der Inflation dürfte das Fed den Leitzins wie erwartet wohl nur um 50 Basispunkte...

The FOMC met today and hiked rates. More than that, they set course for more to come and policymakers holding those up for a longer period. And the markets completely, totally, utterly rejected the "almighty" Fed. This is why. Eurodollar University's Money & Macro Analysis Twitter: https://twitter.com/JeffSnider_AIP https://www.eurodollar.university https://www.marketsinsiderpro.com https://www.PortfolioShield.net RealClearMarkets Essays: https://bit.ly/38tL5a7 THE...

Keith Weiner clarifies why he is touting gold ownership and is bullish on the dollar and explains and why leasing or lending precious metals may be valuable.

Overview: The softer than expected US CPI drove the dollar and interest rates lower, while igniting strong advances in equities, risk assets, commodities, and gold. Calmer market conditions are prevailing today, and we suspect that in the run-up to the FOMC meeting, a broadly consolidative tone will emerge. The dollar is mostly softer, but within yesterday’s ranges. Only the New Zealand and Canadian dollars among the G10 currencies are softer. Emerging market...

What physical precious metals investors can expect 2023 and beyond Throughout the better part of 2022 there has been one question that has consistently, and predictably, popped up in conversations with my friends, clients and readers. Those who know me and are familiar with my ideas are well aware of my position on precious metals and the multiple roles they serve, so I can’t blame them for them for being curious whether I still “stick to my guns” in this...