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While we are disappointed to hear of Marc Faber's recent comments and the fallout from them, Sprott Money is not affiliated with Sprott Inc. and have had no bearing in Mr. Faber's resignation from the board. We are a private company held by Eric Sprott. Thanks.
Under The Thumb Of The Banks
Written by Craig Hemke, Sprott Money News
With The Donald J. Industrial Average surpassing new record highs every day, questioning this bull market's continued existence remains heresy outside of dark little corners of the internet.
However, continuing his series, Bloomberg's macro strategist Mark Cudmore dares to mention a few of the more prescient 'known unknowns' that could hamper the meltup for the rest of the year... and in the case of today, some that may not.
Via Bloomberg,
Amsterdam | As the financial world happily fixates on who will be the next Fed Chairman, I am in Europe celebrating the 30th anniversary of Black Friday, October 19, 1987. Three decades ago, I was on a trading desk at Bear, Stearns & Co in London along with David, Joey, Gregory, Peter and Paul, among others. We had just finished a remarkable four year run, but the party was over.
Following API's huge 7.1mm barrel crude draw overnight, WTI prices are slightly higher (driven more by OPEC jawboning) as last week's API errors are still on traders' minds, but DOE confirmed a big crude draw but notable builds in gasoline and distillates surprised. However, the biggest headline is likely the 11%-plus collapse in US crude production...
API
In the past few week’s we’ve highlighted some assets and indicators that point to a stable/improving economy: Copper prices, firmer interest rates, etc. Time to add one more to the list: rising steel prices.
Today we’ll look at a chart of the VanEck Vectors Steel ETF (NYSEARCA:SLX).