SNB & CHF

Longtime correspondent Paul B. suggested I re-publish three essays that have renewed relevance. This is the first essay, from June 2008. Thank you, Paul, for the suggestion. I’m not trying to be difficult, but I can’t help cutting against the grain on topics like surviving the coming bad times when my experience runs counter to the standard received wisdom. A common thread within most discussions of surviving bad times–especially really bad times–runs more or less...

An economic cataclysm has been unleashed upon the world by Western politicians and bureaucrats. Unbelievably, economic activity in the West has slowed to a creep, as entire populations have been confined to their homes for weeks, if not months. As a result, millions have had their lives turned upside down. Most entrepreneurs and self-employed persons have had their livelihoods jeopardized. The EU economy may shrink by 5 percent according to the European Central Bank...

Swiss Franc The Euro has risen by 0.11% to 1.0535 EUR/CHF and USD/CHF, May 05(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The S&P 500 recovered yesterday after dipping trading below the 20-day moving average for the first time in a month. The key area is the gap between the April 30 low (~2892.5) and the May 1 high (~2869). Oil reversed higher as well. June crude was off nearly 9% in the US morning and...

05.05.2020 – The consumer price index (CPI) fell by 0.4% in April 2020 compared with the previous month, reaching 101.3 points (December 2015 = 100). Inflation was –1.1% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO). The 0.4% decrease compared with the previous month can be explained by several factors including falling prices for air transport. Hotel accommodation also recorded a price decrease, as...

To subscribe to our newsletter and get notified of new shows, please visit http://palisaderadio.com Tom welcomes a new guest to the show Mark O'Byrne who is Research Director and founder of GoldCore, a Bullion dealer based out of Ireland. They provide services and bullion sales around the world, with vaults in Singapore and Switzerland. Mark discusses his outlook for the precious metals markets and what lead him to start a bullion business. He outlines the differences between bail-outs and...

Der Bundesrat hat im November 2019 die Einführung der Finanzierungsquote für Banken (Net Stable Funding Ratio, NSFR) beschlossen. Dies macht kleine Anpassungen des FINMA-Rundschreibens „Liquiditätsrisiken – Banken“ notwendig. Dazu eröffnet die FINMA eine Anhörung, die bis am 13. Juli 2020 läuft. Der Bundesrat hat im November 2019 beschlossen, die Finanzierungsquote für Banken (Net Stable Funding Ratio, NSFR) auf Mitte 2021 einzuführen und die Liquiditätsverordnung...

The International Air Transport Association (IATA) and the Universal Postal Union (UPU) have asked governments to increase air capacity for postal services. A 95% decrease in passenger flights coupled with an almost 30% increase in online purchasing is putting pressure on postal services delivering international mail, the UPU and IATA said in a statement on Monday. They warned that air capacity for postal services is insufficient to meet demand. Maintaining...

The dollar fell against all the major currencies and most of the emerging market currencies last week. The Dollar Index fell by 1.3%, the biggest loss since the last week of March, and posted its lowest close in nearly three weeks ahead of the weekend. There seemed to be a change in the market after key equity benchmarks, like the MSCI ACWI Index of both emerging and developed markets put in a recovery high in the middle of last week. The S&P 500 also peaked at...

The price of gold dropped $29 and the price of silver dropped $0.27. We’ll get back to where we think the prices are likely to go in a bit. In recent Reports, we’ve looked at the elevated bid-ask spread in gold (though not nearly as elevated as some goldbugs would have you believe) and the elevated gold basis. As an aside, we continue to see articles that get the high gold basis exactly backwards, the way John Maynard Keynes got commodity markets backwards. A high...

As we get deeper into this crisis and we get used to our “new normal”, it’s easy to focus on the daily corona-horror stories in the media or the latest shocking unemployment numbers, and lose track of the bigger picture and of what is really, fundamentally important. Even as the lockdown measures begin to get phased out, the scale of the economic damage is unimaginable and the idea of returning to “business as usual” is no longer tenable. The last couple of months...