Global Market Commentary, Analysis and Investments
Global investors had to muster the courage to keep calm as news of Cyprus’ proposed partial theft of all bank deposits took Wall Street by surprise, closed the country’s banks and drove the price of gold higher.
The thoughtless idea was intended to capture a portion of the $31 billion in bank assets held by Russians. According to The Financial Times, Cyprus has developed a “well-earned reputation for being a haven for dirty money from Russia.”
[Read more...]Watching this administration pretend that refusing to raise the debt ceiling is the federal government’s real problem — rather than its spending — is simply surreal.
All the major players pushing for more debt, including the president, said exactly the opposite just a few years ago. Roughly, about the time The Daily Reckoning was filming and releasing I.O.U.S.A. Back then, the current powers-that-be were criticizing the prior administration, and rightly so, when the debt was $10 trillion.
[Read more...]Last-minute bailout…
Where have I heard this one before?
Eleventh-hour deals are quickly becoming the norm these days. Cyprus has become the latest member of the just-in-time club, notching a deal late last night in Brussels to grab its $13 billion bank bailout.
The third-smallest eurozone economy didn’t come out squeaky clean, though. There’s still the matter of shuttering its second-largest bank. And anyone with an account larger than 100,000 euro is taking it on the chin.
[Read more...]Even though the newsletter I write for Casey Research is focused primarily on gold, our metals investments cover all the precious metals, and when warranted, some base-metals plays too. And with the markets in the state they are, I want to say something about silver…
My talk at the Vancouver Resource Investment Conference in January was titled Is D-Day for Silver Approaching?, and highlighted the delicate balance between supply and demand. I concluded that there would be insufficient metal to meet a major spike in investment demand if it were to occur, leading to all kinds of negative consequences for those who don’t own silver (and lots of wonderful rewards for those who do).
[Read more...]I jumped on the housing market recovery back in 2011.
Homebuilders had been locked in purgatory for more than five years. They overbuilt (massive understatement there, I know) during boom times. When demand fell off a cliff, they were forced to sit around and lick their wounds.
So they waited. Some even strategically bought land at a deep discount. And when homebuilders looked to be bottoming in late 2011, I turned bullish. The decision sparked a lot of hate mail. There’s no new housing boom… The bottom’s going to fall out again… How could I be so stupid?
[Read more...]The bandwagon’s getting crowded.
Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse and Jefferies have all increased their targets for U.S stocks within the last week. Not a bear in the bunch.
The financial media have moved from touting new highs to rooting out the last skeptic standing. Famously bearish analysts are coming around to U.S. stocks at an alarming rate, prompting headlines like this one:
[Read more...]“Cash is king,” was once the old saw. The saying became passé in boomtime. Nobody wanted to hold on to cash. There were stocks and real estate to buy, not to mention big screen TVs and granite counter tops. Besides, the PhDs at Federal Reserve stay up late at night figuring out how to make money less valuable. Ben Bernanke and his colleagues keep printing the stuff to solve what they fear the most: insufficient aggregate demand and liquidity traps.
[Read more...]On Friday, no one cared about Cyprus.
This morning, a measly $13 billion bailout for an island nation your honor student can’t even find on a map is holding world markets hostage.
Most Asian markets are down more than 2%. European stocks are off a little more than 1%. Stateside, futures have dropped less than 1% this morning.
[Read more...]A decade ago, I concluded that we were in the early stages of a secular bear market, and that investors needed to adjust their risk postures accordingly. Back in December 2003, I penned a piece for the Stock Trader’s Almanac, titled Managing the Very, Very Long Term, based on this blog post from November 2003.
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Ready for a Spring Correction?
You’re getting lazy. Complacent.
You think you have the market all figured out. The past couple of years have lulled you to sleep. That’s why you’re ready for the spring correction to pull into the station as the first quarter draws to a close.
I get where you’re coming from. For three years in a row, the market has started out hot. But it didn’t stay that way…
[Read more...]Click for detailed story