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Scottsdale, AZ—Monetary Metals is pleased to announce that it has hired Bron Suchecki as Vice President, Operations. Bron will help the company develop new products and processes. “We are excited to be able to attract someone of Bron’s caliber. We are growing to serve many customer opportunities, and Bron is a key part of our team,” said Keith Weiner, the CEO. Bron leaves a management position at the Perth Mint, where he has become widely known over 20 years there. His areas of...

Scottsdale, AZ—Monetary Metals is pleased to announce that it has hired Bron Suchecki as Vice President, Operations. Bron will help the company develop new products and processes. “We are excited to be able to attract someone of Bron’s caliber. We are growing to serve many customer opportunities, and Bron is a key part of our team,” said Keith Weiner, the CEO. Bron leaves a management position at the Perth Mint, where he has become widely known over 20 years there. His areas of expertise...

The conundrum that everyone is wrestling with is the euro and yen's strength given their negative interest rates and prospect for even lower interest rates.   The divergence of monetary policy, even if the Fed is on hold for the rest of this year and next, should be dollar-positive.   We have tried making sense of what is happening by separating the developments into two buckets.  The first bucket, and what we think is the medium and long-term driver is the divergence of monetary...

The continued sell-off in global equities is the main driver of the capital markets.  It, along with the push lower in oil prices, are pushing core bond yields sharply lower.  The US 10-year yield is nearing 160 bp having begun the year above 225 bp.    The 10-year gilt yield is at a new record low of 130 bp.  It began the year near 195 bp.  The yield on the 10-year bund is also at new record lows today near 17 bp.  It had begun the year above 60 bp.  The only thing that saves the 10-year...

There are few industries that offer a picture glass window to see numerous macroeconomic forces as steel does.   Excess capacity, trade policy, and the yuan all intersect when looking at the steel industry.   Moreover, it also shed light on why the drop of energy and other commodity prices, such as iron ore, have not bolstered the steel industry, let alone the general economy, as many expected.   At the heart of the problem is that globally there is greater capacity to produce steel than...

After another soggy Asian session, European markets have begun on a firm note, and US shares are trading broadly higher in Europe as well.  Led by the beleaguered financial shares, and healthcare, the Dow Jones Stoxx 600 is up 2%.  Similarly, the peripheral bonds, including Portugal (though not Greece) are seeing a reprieve from the recent selling.  Spanish and Italian 10-year benchmark bonds are off 5-6 bp while the Portuguese yield is off 10 bp.  The yield on JGBS, bunds, gilts and...

Portugal's 10-year bond yield has almost 120 bp this year.  It is one of the few eurozone members that still pay to borrow two-year money.   There are two set of drivers.  One set is country specific.  These may matter only to current or prospective investors.  The other set of considerations may have broader applicability.  This means that even those without direct exposure may want to take note of developments in Portugal.   There are a few country-specific considerations that are...

Investors and policymakers continue to wrestle with the economic impact of the dollar's rise.  The Federal Reserve has argued that the dollar's appreciation acts as a headwind on exports and dampens imported inflation.  At the same time, despite the dollar's appreciation and the fall in oil prices, core inflation rose steadily last year. Core CPI rose from 1.6% at the end of 2014 to 2.1% at the end of 2015.  The core PCE deflator lagged, but the after bottoming last July below 1.26%, it...

After a meltdown in Asia, the global capital markets are stabilizing in Europe.   The US S&P managed to recoup about half of its losses before the close yesterday, but this gave not comfort to Japanese investors.  The yen's strength and ongoing concerns about banks' exposure to energy companies took the down 5.4% and pushed the 10-year JGB yield into negative territory for the first time.   The Dow Jones Stoxx 600 is off 0.25% near midday in London.  Telecoms and consumer staples are...

Last Thursday, January 28, there was a flash crash on the price chart for silver. Here is a graph of the price action. The Price of Silver, Jan 28 (All times GMT) If you read more about it, you will see that there was an irregularity around the silver fix. At the time, the spot price was around $14.40. The fix was set at $13.58. This is a major deviation. Many silver bugs are up in arms about how unfair the new silver fix is. That’s nothing new. They were up in arms about the old one. The...