Having previously exposed the greatest trick the market has pulled on Biotech investors in the past - What Is The PE Of The iShares Biotech ETF? It Depends On Whether You Read The Fine Print - it appears investors need another lesson in reality versus perception.
As Horizon Kinetics puts it so eloquently - It’s One Thing to Not Know, It’s Another to Be Told What Isn’t So
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The current Fed rate raising cycle began on December 15, 2015. And while we all hear the wild claims about what will “obviously” be the different market reactions to the rate increase, let’s stick to the facts. The knee-jerk reaction to an interest rate increase is to sell gold. According to the consensus, rising rates = falling gold prices. But that theory is total crap.
Venezuela’s anti-government protests are growing increasingly violent, with the death toll from clashes between protesters and government forces that began in May topping 100. Despite the country’s increasing political instability, and US President Donald Trump’s half-serious threats of an invasion, President Nicolas Maduro has decided to press ahead with his vote to create a rubberstamp constituent assembly that will allow him to amend the country’s constitution.
By Wolf Richter of WolfStreet
Even the Fed put commercial real estate on its financial-stability worry list.
No, the crane counters were not wrong. In 2017, the ongoing apartment building-boom in the US will set a new record: 346,000 new rental apartments in buildings with 50+ units are expected to hit the market.
Gold Hedges Against Currency Devaluation and Cost Of Fuel, Food, Beer and Housing