Mallaby knives Greenspan following gold comments
Contributed by: Sprott Money News
December 5th, 2016
Two years ago, Alan Greenspan humiliated America’s financial and political establishment by publicly highlighting the US dollar’s secondary role. "Gold is a currency,” Greenspan said, at a Council on Foreign Relations conference. “No fiat currency, including the (US) dollar, can match it."
Submitted by Jeffrey Snider via Alhambra Investment Partners,
Now that we've entered the final month of trading for 2016, it's time for Goldman economist David Kostin to opine on what will happen in 2017 (mind you we still don't know for certain if the Fed will hike or not this month, although it does appear fairly certain they will.) Following a tough 2016 that has beaten analysts down to the point of losing their minds, Kostin believes 2017 will see the S&P 500 reaching 2400 in Q1 before fading out to 2300. He still believes Op EPS growth will be 10%. The breakdown of his outlook comes in two parts, Hope and Fear.
Donald Trump has vowed to abolish the Federal Reserve and reinstate the gold standard when he enters the White House in January. One of Trump’s picks for the Treasury Department Secretary, John Allison, is planning to begin implement the gold standard when the current Federal Reserve Chief, Janet Yellen, retires in 2018. Conservativedailypost.com reports: On the campaign trail, Trump often questioned the future of the Federal Reserve’s political independence. In line with these comments, Allison wants to abolish Federal Reserve all together and go back to the gold standard.
Submitted by Alasdair Macleod via GoldMoney.com,
The Trump shock produced some unexpected market reactions, partly explained by investors buying into a risk-on argument,equities over bonds and buying dollars by selling other currencies and gold.