Sailing in the Cyclades
I’m watching markets from the comfort of a yacht in the Greek isles. No point in getting too excited before gold takes out $2360—70…
Waiting for the bull market to resume…
On Thursday, we have the UK’s general election. We’ve had the first round of the French, which has many commentators talking of insurrection. And President Biden’s tangential relationship with reality is truly pitiful. But then politics is a cruel game. Meanwhile, the yen is collapsing through JPY161.
The question some are asking is will the Fed come to the yen’s rescue and cut interest rates? Time will tell but those who think the Fed will do so are hoping for it to push their failing bubbles even higher. The Fed is not the foreigner’s friend until it suits itself. And for now, carry traders are the buyers funding the budget deficit. I guess it will get worse to the point of systemic failure before the Fed comes to anyone’s aid.
Meanwhile, the oil price is rising:
This sudden strength is beginning to push up gasoline, which has risen from $2.31 to $2.575 per gallon since 3 June. Not good for inflation watchers!
Back in the real world: On our sailing ship the captain is Ukrainian, and the First Officer is Russian. They seem to work well together. Clearly, the politicians are the problem!
Best quote of the week.
‘Back in the real world: On our sailing ship the captain is Ukrainian, and the First Officer is Russian. They seem to work well together. Clearly, the politicians are the problem!’
History clearly demonstrates that never truer words were spoken. Fiat currency is the most toxic substance ever inflicted upon humanity.
Oh .. How hellish life has become for our favourite ' Metals & Markets Guru ' ...bobbling about in turquoise waters ..... Ice Cold G & T firmly in hand and a light south westerly pushing you gently toward you next port of call ..etc . This aside and by the looks of the Photo you've sent - you and you're party aren't coping very well on the local; Aegean Diet as you all appear to be losing rather a lot of weight along with massive hair loss . Suggest you get under sail and head toward Mykonos
and greatly up your calorie count with a mountain of chips and a big greasy burger washed down with 2 - 3 x Pints of Guinness - Job Done ..!! . Have a lovely time ( I'm not jealous - truly ) .
French Insurrection : Bring it on - Out with Madame Guillotine & off with Manny's Head ...Result .
UK Election : Come on George & Sir Nige - everything to play for - you'rs to lose .
Skid Marks Joe ; Beautifully descriptive - Just hope this " Cruel Game Of Politics " finishes him off .
JPY : Deary Me , Has the Yen Carry Trader's long awaited ' Hara Kiri ' moment finally arrived ....??
FED : Have Jay Powell and his merry band of misfits actually got any more tools in their little box ..??
Gasoline : At a price of $ 2.575 per Gallon - Daylight Robbery - Thank God I live in the UK .
Skipper & 1st Officer : Working well together - Could be jointly planning to ' Off ' all you passengers and throw you over the side before making off with the booty . Keep your Swiss Army Knife close by