SNB & CHF

  The New In Gold We Trust Report is Here! The In Gold We Trust 2020 report by our good friends Ronald Stoeferle and Mark Valek was released last week. It is the biggest and most comprehensive gold research report in the world. As always it contains a wealth of new material, as well as the traditional wide-ranging collection of charts and data that makes it such a valuable reference work for everything of interest to gold investors or indeed for anyone interested in...

The Swiss town of Davos, awaiting the arrival of the 2020 WEF. (Keystone / Gian Ehrenzeller) The World Economic Forum has vowed to hold its annual meeting in Davos in January, testing the willingness of a globetrotting elite to resume the high-powered networking that has been frozen by the coronavirus pandemic. Such events have been cancelled around the world since the pandemic began, with many chief executives expressing doubt that they will return to the conference...

Swiss Franc The Euro has risen by 0.60% to 1.076 EUR/CHF and USD/CHF, June 2(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: Liquidity trumps everything else. US equities shrugged off the national guard being called into action in nearly a third of US states, and the S&P 500 closed yesterday at nearly three-month highs. Asia Pacific markets followed suit.  Most markets in the region rose by more than 1%. The...

FAS, 31 May 2020. PDF. Monetary deficit financing is the norm—after all, central banks distribute their profits. Monetary financing occurs in the context of regular open market operations and QE and, hyper charged, with helicopter drops. The question is not whether monetary policy should finance the government, but why it does so, and to what extent. Fiscal and monetary policy are inherently connected; what constitutes monetary policy is defined by objectives....

The investment climate in June will be shaped by forces that emerged in May. Many countries began relaxing lockdowns and various activity-based alternative data, like traffic pattern, Open Table Reservations showed improvement on the margins. Sentiment surveys, while mostly still depressed, were better than April readings. The long slog back has begun. There was also optimism over several different vaccines that had been initiated or soon will begin human tests. The...

Our ruling elites, devoid of leadership, are little more than the scum of self-interested, greedy grifters who rose to the top of America’s foul-smelling stew of corruption. The Founding Fathers were wary of institutional threats to liberty and the citizenry’s sovereignty, which included centralized concentrations of power (monarchy, central banks, federal agencies, etc.) and the tyranny of corruption unleashed by small-minded, self-interested, greedy grifters who...

The United States was waiting for the zombie apocalypse. The country was given a coronapocalypse instead. But could the two events merge and provide the nation with a dangerous economic trend? Corporate America’s worst-kept secret had been the swelling number of zombies kept on life support and hidden away during the boom phase of the business cycle. Now that the coronavirus pandemic has exposed the fault lines underneath the economy, the zombification may accelerate...

When US attorney general William Barr recently announced that the Department of Justice was reversing course and dropping all charges against former Trump adviser Michael Flynn, the response from Democrats, the mainstream news media, and Never-Trump Republicans such as David French was thermonuclear, to put it mildly. The New York Times, which many times has editorialized against prosecutorial tactics that drive people to plead guilty instead of going to trial,...

All-Stars #107 Jeff Snider: Huge Money Printing Speaks For Itself, So Why Is Jay Powell Trying To Sell It So Aggressively? Download chartbook: https://bit.ly/3cppakW Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials.

Jeff Snider, Head of Global Investment Research at Alhambra Investments, and Emil Kalinowski make sense of today's global monetary system.