...the investor rotation in hard assets can keep several metals prices high for longer, including above what physical fundamentals justify...

“These [alleged] ties could pose a national security threat, potentially jeopardizing key military, intelligence, and civilian infrastructure,”

"In practice, the opposite is happening..."

These speculative narratives are classic hallmarks of a mania: the story, not the data, becomes the primary driver of price...

"Criminals will continue to ignore the law, as they always have..."

This past week's selloff exposed how much of the market's recent support was transient...

"You will run out of fuel long before you will outrun us." 

The end-game of debt-debasement is already visible. The only thing that's still up in the air is our response...

This can't be good. 

In an age of rage, it is often difficult to stand out in the mob as so many pander to the perpetually irate...

"KD was a disaster, with a miss-and-cut report, several mgmt. changes, and a delayed 10Q filing." 

...uncertainty expressed regarding future inflation outcomes - decreased

The question is whether the Clintons are again gaming the system after avoiding a bipartisan vote to hold them in contempt...

...our macro models suggest that equity valuations are higher than the macro backdrop would normally justify.

“what is left for the banks is small, and China doesn’t exactly set the Treasury market on fire at the monthly auctions.”