"It's a wake-up call for a lot of people who will say ‘Look, the stuff I own is actually very risky'..." warns Ray Jian, who oversees about $6 billion at Pioneer Investment Management Ltd. in London. "People have been ignoring risks in places like Lebanon for a long time," and the official default of Venezuela this week has emerging-market money managers are looking to identify countries that might run into trouble down the road.
Authored by Deb Shaw via MarketsNow.com,
Authored by James Rickards via The Daily Reckoning,
The physical fundamentals are stronger than ever for gold.
Russia and China continue to be huge buyers. China bans export of its 450 tons per year of physical production.
Gold refiners are working around the clock and cannot meet demand.
Via Dana Lyons' Tumblr,
The past few days have seen a reversal from substantial net New lows to substantial net New highs – a condition that has preceded poor performance in the past.
It's not easy being "the world's most bearish hedge fund", a description we first conceived nearly three years ago, and one look at Horseman Capital's returns over the past three years confirms it: after generating market-beating returns for much of its existence, things went bad in 2015, and much worse in 2016...
... when the Fund had a record net short equity position of over -100%, just as the market ripped higher after the Trump election.