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Another month, another OPEC meeting beckons for 2nd June. But unlike typical meetings on the Danube (let alone dust filled haze of Doha), the producer group might just have a new King in town. It comes in the form of Russia; the number one global producer that’s not even technically a member of the cartel. Confused? Don’t be. The argument is quite simple. Irianian and Russian Crude/Condensate Production Iranian and Russian Crude/Condensate Production – click to enlarge. Unlike...

12.05.2016 09:15  – FSO, Demography and Migration (0353-1605-00) Population projections for the cantons in Switzerland 2015-2045 Large increase expected in number of retired people Neuchâtel, 12.05.2016 (FSO) – Almost all cantons will record positive population growth over the next thirty years. This growth will be accompanied by a marked increase in the number of people of retirement age in all the cantons according to the new population trend scenarios for Switzerland’s cantons...

  Pretenses and Conceits US election circus: Deep State Rep vs. Rage Channeller The markets are eerily quiet… like an angry man with something on his mind and a shotgun in his hand. We will leave them to brood… and return to the spectacle of the U.S. presidential primaries. On display are all the pretenses, conceits, and absurdities of modern government. And now, the race narrows to the two most widely distrusted and loathed candidates. The first, a loose reality-TV star with a hot...

  Commercial and Non-Commercial Market Participants The commitments of traders in gold futures are beginning to look a bit concerning these days – we will explain further below why this is so. Some readers may well be wondering why an explanation is even needed. Isn’t it obvious? Superficially, it sure looks that way. As the following chart of the net position of commercial hedgers illustrates, their position is currently at quite an extended level: Gold Hedgers Position Net position...

Following a scramble by European nations to issue ultra long-dated government paper, which saw France and Belgium sell 50-year bonds last month, while Ireland and Belgium went all the way and issued century bonds, with even Switzerland locking in 42-year paper yesterday, moments ago Spain was the latest to extend maturities all the way to 2066 when it sold €3 billion in 50 year bonds at Midswaps+50. According to MarketNews, the issue was over 3 times oversubscribed with the orderbook...

The Japanese yen is recovering from two-day two percent decline.  The yen is the strongest of the majors today, rising about 0.6%.   The greenback initially extended its gains marginally in early Tokyo before the selling pressure emerging.  The price action reinforces the importance of the JPY109.50 resistance area.   The Nikkei initially moved higher and filled the gap created by the sharply lower opening on May 3, following disappointment with the BOJ lack of action at the end of the...

By all accounts Bernhard Gubser was living the American Dream. Born in Switzerland he moved to the Land of the Free in the early 1980s to work at an international shipping company based in Laredo, Texas. Eventually Mr. Gubser worked his way up to be President of the company and began traveling around the world to expand the business. He became a naturalized citizen of the United States in the 1990s, something that would eventually cost him $1.35 million. As a Swiss native, Gubser had a...

  Hacks and Has-Beens NORMANDY, France – What has happened to TIME magazine? Henry Luce, who started TIME – the first weekly news magazine in the U.S. – would be appalled to see what it has become. Time cover featuring the sunburned mummy heading the globalist IMF bureaucracy (which inter alia advocates that governments should confiscate a portion of the wealth of their citizens overnight, even while its own employees don’t have to pay a single cent in taxes). Once you see the list of the...

Sometimes the mountain looks clearer from the plain the summit to paraphrase a American-Lebanese poet.   The dollar appears to have entered a new phase on May 3.  On that day, it reversed higher against the euro, yen, and sterling for lows not seen in a while.     It is tempting to construct a fundamental narrative for the change.  However, the usual drivers are noticeable by their absence.  The US economic data has been mixed, including the employment report that often sets the tone for...

The current financial market volatility increasingly reflects loss of faith in policy makers. Celebrity central bankers are learning that they must constantly produce new miracles for their followers. First, the measures implemented since 2009 created an artificial stability and an asset price boom in many markets. But the absolute rate of GDP expansion and level of price changes is inadequate to solve global debt problems. Second, new initiatives seem the risky response of clever...