Asia

US equity futures have hit a new records, helped by surging Asian and European stocks which have all started November on a euphoric note. Surging commodity prices, optimism about tax reform and hope for a new dovish Fed chair all combined to drive global stock markets to record highs on Wednesday, with the MSCI’s world stock index climbing 0.3% to a fresh all time high. Mining stocks lead gains as nickel and other industrial metals soar.

There will be "almost no prospective returns" from U.S. stocks over the next decade because the market is fully valued following years of gains, according to the global strategist at Allianz Global Investors, which manages $569 billion.

Yesterday's sharp Chinese selloff is now a distant memory after the BTFDers emerged, and this morning U.S. equity futures are once again levitating as the FOMC begins its two-day policy meeting, following an uneventful BOJ announcement on Tuesday morning which left all QE parameters unchanged. Asian stocks traded mixed steady while European shares climb.

Via CaseyResearch.com,

Today, Doug Casey continues his argument for why this cryptocurrency bubble is only getting bigger from here. He also explains what this all means for the price of gold. (If you missed the first part of this essay, you can catch up here.)

By Doug Casey, founder, Casey Research

 It’s not received much attention, but global butter prices have roughly tripled since Summer 2016 as production cuts have hit supply...