Kurt Kallaus's picture

The House of Saud was successful last November in its year-long quest to raise world Oil prices. After a few failed attempts to form a coalition of the willing, Saudi Arabia spent 6 months increasing output to unsustainable levels as part of a grand illusion.

Adrian Ash's picture

Gold prices fell near 1-week lows Wednesday in London, dipping beneath $1240 per ounce as US traders joined the session after Donald Trump's first speech to Congress about his fiscal plans was overshadowed by 5 senior Federal...

Callum Thomas's picture

China's manufacturing PMI rebounded to 51.6 in February (vs 51.3 in Jan and an average 51.5 over the previous 3 months). The standouts were a rise in the export orders index to 50.8 - a 30 month high. Likewise the import orders...

Patrick Schotanus's picture

Doris has passed, other storms may be brewing, but is spring approaching? Metaphorically, this is what investors have been wondering as the reflation trade gathered steam. The economic outlook undoubtedly looks bright with macro...

Marc Chandler's picture

The mercantilist inclination by the Trump Administration makes it seem as if exports are good and create jobs and imports are bad and cost jobs. This is simply not true. This assessment is not based on newfangled thinking about trade.

Charles Hugh Smith's picture

Any currency is only truly "backed by gold" if it is convertible to gold. There is something intuitively appealing about the idea of a gold-backed currency—money backed by the tangible value of gold, i.e. "the gold standard." Instead of intrinsically...

Michael Shedlock's picture

Bitcoin hit an all-time high of $1,172.09. Traders are happy because the SEC is expected to rule on a Bitcoin ETF by March 11. Meanwhile, Bloomberg reports China Is Developing its Own Digital Currency.

Marc Chandler's picture

The focus in the market is shifting away from the Federal Reserve, for which the consensus recognizes that the FOMC minutes probably make a March hike less likely. The CME's calculations put the odds at less than 18%, while the Bloomberg estimate...

Kurt Kallaus's picture

The stock market is a major leading indicator that rallies on optimism in the economy. Stocks represent the sum progress of companies in the present with a premium for what is expected in the future. Often these economic...

Jeffrey D Saut's picture

Something similar to this “new queen bee” story is happening now. The “old queen” has been the Federal Reserve and monetary policy. The “new queen” appears to be the White House and fiscal policy. The White House seems...

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