SNB & CHF

Warum Geld seinen Wert nicht vom Staat erhält Warum hat der Geldschein in unserer Tasche einen Wert? Einigen Kommentatoren zufolge hat Geld einen Wert, weil die Regierung, die an der Macht ist, dies sagt. Für andere ist der Wert des Geldes auf die gesellschaftliche Konvention zurückzuführen. Dies bedeutet, dass Geld einen Wert hat, weil es akzeptiert wird, und warum wird es akzeptiert? … weil es akzeptiert wird! Offensichtlich ist dies keine gute Erklärung dafür,...

In today's live stream, Coach Dale Pinkert welcomes Marc Chandler who is a foreign exchange market analyst, writer, speaker, and professor. Marc Chandler has been covering the global capital markets for more than 30 years, including stints as the global head of currency strategy for both HSBC and Brown Brothers Harriman. Chandler recently joined Bannockburn Global Forex as a Managing Director and Chief Market Strategist in 2018. Marc is very constructive on The Canadian economy with the...

Checking a Covid certificate in a Lausanne café in September Keystone / Laurent Gillieron While most Swiss hotels and restaurants are critical of the need to show a Covid certificate, overall small and medium-sized enterprises (SMEs) do not perceive it as a disadvantage. A survey of 201 SMEs in German-speaking Switzerland found that 58% of managers in the hotel and catering industry described the consequences of the certificate as negative to very negative. Since...

There was never really any answer given by the Chinese Communists for why their own export data diverged so much from other import estimates gathered by its largest trading partners. Ostensibly different sides of the same thing, it’s not like anyone asked Xi Jinping to weigh in; they report what numbers they have and consider them authoritative. However, the United States’ Census Bureau’s tallies of China-made goods entering this country used to track very closely...

This week’s episode of the Gold Exchange Podcast explores the idea of profits, and why it matters how you get them. Much of the financial world has confused the idea of profit with price appreciation. Or as we like to say, they confuse investment with speculation. Investment is deploying capital productively in a business for a yield. Speculation is betting one’s capital on an asset price rising. There’s a reason why this confusion exists. Central Banks have...

In assessing the trajectory of Fed policy the market is discounting, we prefer using the Fed funds futures contracts over the Eurodollar futures.  The Fed funds settle at the average effective rate, while the Eurodollar futures contracts are three-month deposit rates.  The Fed funds futures seem to be implying aggressive tightening by the Federal Reserve, which as of less than a month ago, half of whom did not expect a rate hike would be appropriate next year.  The...

Oil prices are intentionally offered as Inflation Exhibit A, even though at best it is a lagging indicator. In 2008, 2011 and 2018 we saw metal prices turn south while oil kept heading north - incorrectly interpreting the economic setting each time. A reading, by Emil Kalinowski. ----------WHO---------- Jeff Snider of Alhambra Investments. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound. ----------WHAT---------- Chip...

14.10.2021 – The Producer and Import Price Index rose in September 2021 by 0.2% compared with the previous month, reaching 104.1 points (December 2020 = 100). In particular, basic metals and semi-finished metal products as well as petroleum and natural gas saw higher prices. Compared with September 2020, the price level of the whole range of domestic and imported products rose by 4.5%. These are the results from the Federal Statistical Office (FSO). In particular,...

China’s high-yield bond crisis continued last week, with yields on the ICE BofA index of Chinese high-yield US dollar bonds moving above 18% at one stage last week, the highest level in a decade. Further nervousness was caused by one real-estate issuer’s decision not to reimburse USD200 mn of offshore bonds–despite having USD4 bn in cash on its balance sheet. This suggests the company in question favours domestic investors and its own cash needs over its offshore...