copper

Copper Confirmed

By |2019-09-03T19:33:19-04:00September 3rd, 2019|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Copper prices behave more deliberately than perhaps prices in other commodity markets. Like gold, it is still set by a mix of economic (meaning physical) and financial (meaning collateral and financing). Unlike gold, there doesn’t seem to be any rush to get to wherever the commodity market is going. Over the last several years, it [...]

Monthly Macro Monitor: Market Indicators Review

By |2019-08-29T16:08:52-04:00August 29th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Markets|

This is a companion piece to last week's Monthly Macro report found here. The Treasury market continues to price in lower nominal and real growth. The stress, the urgency, I see in some of these markets is certainly concerning and consistent with what we have seen in the past at the onset of recession. The [...]

Copper And Oil Walked Out On The Last Puppet Show

By |2019-06-05T16:07:26-04:00June 5th, 2019|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Where have you gone, green shoots? The Fed turned dovish, a bunch of transitory factors, and, above all, so much Chinese stimulus. That’s what got everyone through the winter. Markets were truly harsh to end 2018, a sharp slap in the face after all year the unemployment rate. One of the big ones that seemed [...]

What About Copper?

By |2019-05-22T16:38:44-04:00May 22nd, 2019|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The FOMC hates the bond market. Hates everything about it, especially how it tells these Economists they don’t know what they are doing. Monetary policy being little more than a vanity project, that’s not going to work for the people practicing it. OK, if you don’t like bonds then how about something else besides the [...]

CNY, Its Doom Sisters, And Chinese Threats

By |2019-05-13T16:31:59-04:00May 13th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It’s a tell-tale sign of someone who doesn’t know what they are talking about. In the realm of global currency systems, anyone who brings up China’s massive stockpile of US Treasury assets inevitably they assign all the power to the Chinese. Xi could destroy Trump if he wanted, bringing down the US in a righteous [...]

Chinese Robots, New York Heartburn, and Goldman Sach’s Central Role

By |2019-02-05T17:59:06-05:00February 5th, 2019|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In the continued absence of regular data, as the US federal government attempts to get back up to speed before the next lull, it is perhaps appropriate to continue on with this week’s parade of anecdotes. Here I’ll discuss three of them, each seemingly unrelated to the others. To begin, we start with Chinese robots. [...]

Market Week in Review

By |2009-01-10T16:02:32-05:00January 10th, 2009|Economy|

Another week of depressing economic reports was capped by the report of another 500,000+ jobs loss in December. The stock market fell roughly 5% in its worst weekly performance since November. All in all, not a good week. There were some bright spots in the economic data but overall, there wasn’t much for a bull to [...]