by Andrew Hoffman
It’s Wednesday morning – and whilst I know where today’s article – as well as the global commodity, currency, and financial markets – will end, it’s difficult to find a single topic to start with, given the myriad “horrible headlines” worthy of discussion. But since, ultimately, I seek to inform you about Precious Metal prices, I’ll start with the past two weeks’ “trading,” and what it portends.
Going back to last month’s BrExit referendum – whose “PM-bullish” political, economic, and social ramifications will be felt for years to come – the stock market’s “gut reaction,” rightfully so, was to sell off; as did currencies, commodities, and every “risk” asset imaginable. Conversely, Precious Metals, Bitcoin, and sovereign bonds surged – the former two due to real safe haven status; and the latter, the artificial safe haven status created by the front-running of ZIRP, NIRP, and QE “to infinity” policies.