Sailing in the Cyclades
I’m watching markets from the comfort of a yacht in the Greek isles. No point in getting too excited before gold takes out $2360—70…
Waiting for the bull market to resume…
On Thursday, we have the UK’s general election. We’ve had the first round of the French, which has many commentators talking of insurrection. And President Biden’s tangential relationship with reality is truly pitiful. But then politics is a cruel game. Meanwhile, the yen is collapsing through JPY161.
The question some are asking is will the Fed come to the yen’s rescue and cut interest rates? Time will tell but those who think the Fed will do so are hoping for it to push their failing bubbles even higher. The Fed is not the foreigner’s friend until it suits itself. And for now, carry traders are the buyers funding the budget deficit. I guess it will get worse to the point of systemic failure before the Fed comes to anyone’s aid.
Meanwhile, the oil price is rising:
This sudden strength is beginning to push up gasoline, which has risen from $2.31 to $2.575 per gallon since 3 June. Not good for inflation watchers!
Back in the real world: On our sailing ship the captain is Ukrainian, and the First Officer is Russian. They seem to work well together. Clearly, the politicians are the problem!
Nice picture of investors waiting for PMs to reach fair value!
Best quote of the week.
‘Back in the real world: On our sailing ship the captain is Ukrainian, and the First Officer is Russian. They seem to work well together. Clearly, the politicians are the problem!’
History clearly demonstrates that never truer words were spoken. Fiat currency is the most toxic substance ever inflicted upon humanity.