SNB & CHF

Gold has not made new highs in many months. Gold peaked last year at US$2067 on August 6. The 7 month down leg of more than 18% as been deep enough and long enough that some commentators are now saying that the bull market has now turned to a bear market for gold.  Losing faith is understandable because falling prices feel bad. But this week we want to show that current prices may not reflect reality. We will review the story of Archegos Capital Management which...

Traditionally, Austrian theorists have focused with particular interest on the recurrent cycles of boom and recession that affect our economies and on studying the relationship between these cycles and certain characteristic modifications to the structure of capital-goods stages. Without a doubt, the Austrian theory of economic cycles is one of the most significant and sophisticated analytical contributions of the Austrian School. Its members have managed to explain...

As the collapse of Greensill Capital threatens to ensnare former PM David Cameron in a humiliating public probe, the Financial Times on Thursday reported some disturbing new details that appear to suggest Greensill wasn’t merely reckless, but potentially guilty of a Wirecard-style fraud. According to the FT, Greensil’s administrator – who is responsible for winding down whatever assets remain and managing creditors’ claims – “has failed to verify invoices...

Perhaps the aliens’ keen interest in Earth’s central bank magic and its potential for destruction results from a wager. You’ve probably noticed the recent uptick in UFO sightings and video recordings from aircraft of the extraordinary flight paths of these unidentified objects. Perhaps it’s not coincidence that UFO sightings are soaring at the same time as central banks pursue unprecedented monetary policies. Imagine having the power to destroy an entire planet’s...

Four major forces shaped the investment climate in the first quarter: the evolution of the virus and the rollout of the vaccine, the rising long-term interest rates driven by higher oil prices, America’s large fiscal stimulus, and optimism about the outlook, a sharp divergence between the US and other high-income countries, and a recovery in the US dollar after sliding in November and December 2020. These forces will  continue to dominate at the start of the second...

Children working at a brick factory on the outskirts of Kabul, Afghanistan, in 2019. Switzerland has joined a global platform to combat child labour, forced labour and human trafficking. Copyright 2019 The Associated Press. All Rights Reserved. Economics Minister Guy Parmelin and the Director-General of the International Labour Organization (ILO), Guy Ryder, have concluded an agreement on development cooperation. Parmelin, who holds the rotating Swiss presidency this...

Allen Mendenhall joins the show to expand last week’s discussion on the intellectual state of America. Are we living in a decidedly anti-intellectual age, or has America always been predisposed toward doers over thinkers? Have Americans simply stopped reading books? Have we lost our ability to think deeply, due to the constant distractions of the digital age? And what does the shift away from any shared baseline cultural knowledge mean for our future? Don’t miss this...

Federal Reserve Chairman Jerome Powell analogized the central bank actions in March 2020 to the heroic evacuation of soldiers from Dunkirk in WW2. A more fitting analogy is the blunderous loss at Dunkirk that necessitated the rescue at all. Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Topics & Time Codes 00:05 Jerome Powell analogized the Fed actions in March 2020 to the WW2 Dunkirk rescue 01:27 Powell was interviewed by America's...

**This webcast originally aired live on Hedgeye.com on March 18, 2021** This is an exclusive "Hedgeye Investing Summit" interview between Jeffrey Snider, Head of Global Research at Alhambra Investments, and Hedgeye CEO Keith McCullough. Get access to Hedgeye's FREE Market Brief newsletter: https://hedgeye.com/marketbrief To watch other "Hedgeye Investing Summit" interviews, click here: https://app.hedgeye.com/feed_items/96265?with_category=17-insights

Last year a government report indicated that the law on Swissness contributes more than CHF1.4 billion ($1.48 billion) a year to the Swiss economy. © Keystone / Gaetan Bally Major industry associations have joined forces with public agencies to combat free-riders who abuse the “Swiss brand” abroad. The association for Swissness enforcement is intended to foster coordinated action against the wrongful use abroad of Swiss indications of source. It comprises 13 members,...