Sticking with the history of the “dollar” of these past two years, economists and gold de-buggers had to have been at least initially encouraged by what they saw outwardly of interest rates and related financial factors in 2013. Almost as soon as “taper” became a mainstream concept, right at the start of that May, the treasury curve steepened and nominal [...]
Who Owns Greek Debt?
July 2015: Austrian Investment Monthly
With all the problems right now beyond Greece and China, from Canada’s “puzzling” recession to Brazil’s unfolding disaster, and even the still-“shocking” US economic slump, it is interesting that gold garnered the most attention in early Monday trading. The fact that gold prices were slammed in Asian trading was certainly significant, but that really isn’t why gold is being highlighted [...]
Wow what a recovery. The S&P 500 Cap-Weighted Index ((IVV)) held support at the 200-day moving average and bounced right back to the top end of the range it has been trading within since February. The index has been straddling the 50-day moving average for some time now. If it can’t blast through the 2120 level, look for the index [...]
All that we see or seem is but a dream within a dream. Edgar Allan Poe All things are subject to interpretation. Whichever interpretation prevails at a given time is a function of power not truth. Friedrich Nietzsche I was walking down the street wearing glasses when the prescription ran out. Steven Wright I think one of the [...]
The Greek government, EU, IMF and ECB agreed to new terms for a third bailout. As I see it, there are two very important items for markets today. The Greek government will be selling assets to pay down debt and re-capitalize the banking sector. Creditors essentially accessed the Greek collateral they were seeking. In return, the European Commission will provide Euro [...]
July 2015
July 2015
At this point, no commentary is necessary though I will point out that repo volume in MBS (through DTCC) is very heavy of late. The 7-day average is the highest since March 4, 2013.
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