Barbarous Relic or safe haven of last resort? Since The Fed policy-error'd in December, gold is now up 22% over US equities...
Gold tops $1200 for the first ime since June 2015...
as the policy error gap widens further...
The US Treasury yield curve has plunged further today (2s10s -5bps at 107bps) breaking to its flattest since January 2008.
The curve has been flattening since The Fed began to taper QE3 and as financials begin to catch down to that ugly reality...
One wonders just what The Fed can do about this?
But it was a "great" jobs report, right?
Last week, we were dismayed - although not entirely surprised - to learn that Germany’s Social Democrats have proposed a €5,000 limit on cash transactions and the elimination of the €500 note.
The rationale: if you’re paying in cash for something that costs more than €5,000, you’re probably a terrorist or a “foreign criminal.”
Of course that’s nonsense but it’s a reflection of a changing world.
Back in the summer of 2011, when we reported that Canadian banks appear dangerously undercapitalized on a tangible common equity basis...
... the highest Canadian media instance, the Globe and Mail decided to take us to task. To wit:
Were the folks at Zerohedge.com looking at the best numbers when they argued that Canadian banks were just as levered as troubled European banks?