US Federal Reserve

Gold Up 74% Since Last Market Peak 10 Years Ago

For anyone who wasn’t included on the 1.5 million person distribution list for Incrementum AG’s latest 160-page annual tome on the gold sector, “In Gold We Trust”, the authors/portfolio managers, Ronni Stoeferle and Mark Valek, helpfully condensed the report into a chartbook containing "only" mere 60 charts. This can be viewed below, and as a courtesy for those short on time, here is our pick of the 14 best charts. 

One week after Politico reported for the second time that Trump, and Treasury Secretary Steven Mnuchin, were leaning toward Fed governor Jerome "Jay" Powell for Fed Chair, Politico's Ben White and Josh Dawsey decided to triple down, and with minutes left until the close, Politico reported - for the third time in three weeks - that "Powell is the leading candidate to become the chair of the U.S. central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said."

Back in mid-July, BofA's chief investment strategist Michael Hartnett predicted that the "most dangerous moment for market will come in 3 or 4 months." Well, we are now "between 3 and 4" months since the forecast fate and the most dangerous moment we have experienced since then, ironically, is today's modest selloff on the 30 year anniversary of Black Monday. So looking back at his forecast, has Hartnett thrown in the towel on calls for a correction, and joined all the other BTFDers?

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.