“Perhaps it’s the sheer complexity of all the awful bad news in geopolitics, rates, flows and all the other what-evers that drive market sentiment? Treasury yields (the 10-year US bond rate) have decisively breached 3%, spiking all the way up to 3.11% this morning – triggering terror across global stocks according to the news wires, although a glance out the window suggests stock jobbers ain’t hurling themselves lemming-like from the 19th floor… yet. Still… we live in hope.”
USAGOLD note: If you haven’t been exposed to the ruminations of Mint Partners’ Bill Blain (London), here is your introduction and opportunity. “Real Complexity,” he says, “it’s a topic worth spending some time thinking about! Forget the noise about politics, and seek out the real factors driving markets.” Sound advice. . . .Seek out the elephant in the room.