Tag Archives: newsletter

This time, we start with the gold-silver ratio. Let’s revisit something we said on 23 August: “…the supply and demand fundamentals of silver are stronger here than they have been since the Covid crisis. … physical silver is scarcer than gold.” This corresponds to the peak where we have drawn an arrow on the gold-silver ratio chart. Soon after we said that, the ratio moved down about 5% (i.e. in favor of silver). And now we see a similar pattern in the ratio of the...

This time, we start with the gold-silver ratio. Let’s revisit something we said on 23 August: “…the supply and demand fundamentals of silver are stronger here than they have been since the Covid crisis. … physical silver is scarcer than gold.” This corresponds to the peak where we have drawn an arrow on the gold-silver ratio chart. Soon after we said that, the ratio moved down about 5% (i.e. in favor of silver). And now we see a similar pattern in the ratio of the...

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The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks. NPR highlighted the growing number of mobile home part evictions. According to the report, real estate investors continue to buy up mobile home parks across the US. They then raise lot rents and fees, and evict residents who can’t pay. As the report explains, the government makes this scheme possible with easy financing through agencies such as Fannie Mae and...

Overview: The markets are in a wait-and-see mode, it appears, ahead of the US CPI figures, as it absorbs bond supply from Europe and monitors the potential restructuring of China’s Evergrande. A new storm may hit US oil and gas in the Gulf before recovering from the past storm and helping to underpin prices. China and Hong Kong led the decliners in the mixed Asia Pacific session that saw the Nikkei post its highest close since 1990. South Korea, Taiwan, and Indian...

As expected, last week the European Central Bank hinted at a “moderate” reduction of the bond buying it undertakes as part of its Pandemic Emergency Purchase Programme (PEPP). But ECB president Christine Lagarde refrained from providing a precise timeline and she was adamant that a reduction in PEPP purchases did not mean the ECB would tighten financing conditions. Indeed, the ECB could well compensate smaller PEPP purchases by beefing up its regular asset...

Keystone / Mast Irham The global community is slipping in its efforts to tackle money laundering and terrorist finance, a Swiss corruption watchdog warned on Monday. The Basel Institute on Governance said the global risk score increased from 5.22 to 5.3 out of 10 (highest risk score) in its Anti-Money Laundering Index. In 2021, Switzerland scored 4.89 in the independent annual ranking that examines the risk of money laundering in 110 jurisdictions. That marks an...

Alhambra CEO Joe Calhoun responds to questions about a slowing economy, long-term economic impacts of COVID, stock prices and the business cycle. [embedded content] [embedded content] You Might Also Like SNB Sight Deposits: Inflation is there, CHF must Rise 2021-09-13 Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars....

Picture, if you will, a government that deliberately inflicts bad policy on the people. I know this sounds crazy, and could never happen, but please bear with me. Suppose the government criminalizes hiring someone who produces less than an arbitrary threshold. Or it forces the closure of all businesses deemed to be non “essential”. Or it makes all employers obtain government permission for a long and growing list of things, and then denies permission arbitrarily and...

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist."–John M. Keynes1 It is held by many commentators that the Fed’s monetary policy, which is aimed at achieving price stability, is the key...