CRB Index

Tyler Durden's picture

The Best And Worst Performing Assets In Q2 And The First Half Of 2014





Here are the best and worst performing assets broken down by the three key time periods as we leave the first half of 2013 (it's not been a good year for wheat).

 
Tyler Durden's picture

Gold Vs The CRB Commodity Index





Economist John Maynard Keynes described the effects of inflation citing Vladimir Ilyich Lenin this way: “Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.  As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” This is why governments love inflation so much and hate gold.

 
Tyler Durden's picture

Best And Worst Performing Assets In April And 2014





As we noted on the last day of March, April was supposed to be the best month for stocks, with an average return since 1950 of over 2%. It wasn't.

 
Marc To Market's picture

The Week Ahead





Prak central bank balance sheets are still ahead.  Interest rate increases are still several quarters out.  Austerity has peaked.  The output gap has peaked.    What does this mean in the week ahead ?  

 
Tyler Durden's picture

The Two Biggest Fears





There are two major concerns that everyone should be concerned about that we see taking this sell-off further and faster than anyone else expects...

 
Tyler Durden's picture

Guest Post: Is QE A Victimless Crime?





Tomorrow we prepare for a “new” Fed.  It looks a lot like the old Fed, but one can hope. In the meantime we wonder if QE is worth it?  Does it do what it is “supposed” to do?  No.  We don’t think it has done much for jobs or inflation or housing.  We look at the pre QE data and the post QE data and we are underwhelmed. But what real evidence is there that QE is helping the economy?  Would we be the same without it?  Better even?  I am told no, but I am told a lot of things that turn out not to be true.  If it was clear that QE was really helping the economy, I wouldn’t be wondering why we do it. But is there any harm to QE?  That is the other side of the coin.  Ask any person from an Emerging Market whether QE is harmful and you will likely get a very different answer than the one Ben has given.

 
Tyler Durden's picture

From Greece To Crude And Everything Inbetween: The Best And Worst Performing Assets In October





Curious which were the best and worst performing asset classes for the month of October? Deutsche Bank explains.

 
Sprout Money's picture

Here comes the Commodity Super cycle: Part 2





Commodities are no longer on investors’ radar screens. Various signals, however, are pointing to a new rally within the commodities super cycle.

 
Tyler Durden's picture

June's Winners And Losers





Think gold and silver were the worst performing financial asset in June? Think again: that dubious distinction falls to the Bovespa, the Shanghai Composite and the Greek stock market index, all of which tumbled more than the precious metal complex did in the past month. Yet what an odd month for hard assets - on one hand WTI, Corn and Brent were the best performing assets, while gold, silver, copper and wheat tumbled.

 
Tyler Durden's picture

What The Fed Is Looking At





A sense among investors that the global economy is unraveling has injected tremendous volatility into the markets. As Bloomberg's Rich Yamarone notes, if the global equity market decline is not a “Sell in May” event, but the beginning of a great unwinding, then the economy, skating on thin ice, may be even more susceptible to recession. However, most of the US equity disconnect from the reality of weak data (and other markets) can be laid at the feet of the Fed's ever-generous monetary policy. However, given all of this 'weakness' - or missing of Fed benchmarks that we discuss below - that the Fed is well aware of, we ask again, why would so many members have been out discussing 'Taper' if it were not due to their concerns of broken markets and bubble conditions.

 
Tyler Durden's picture

Another Month Of Record European Unemployment And Dropping Inflation Sets Up An ECB Rate Cut





The weakness in economic data (not to be confused with the centrally-planned anachronism known as the "markets") started overnight when despite a surge in Japanese consumer spending (up 5.2% on expectations of 1.6%, the most in nine years) by those with access to the stock market and mostly of the "richer" variety, did not quite jive with a miss in retail sales, which actually missed estimates of dropping "only" -0.8%, instead declining -1.4%. As the FT reported what we said five months ago, "Four-fifths of Japanese households have never held any securities, and 88 per cent have never invested in a mutual fund, according to a survey last year by the Japan Securities Dealers Association." In other words any transient strength will be on the back of the Japanese "1%" - those where the "wealth effect" has had an impact and whose stock gains have offset the impact of non-core inflation. In other words, once the Yen's impact on the Nikkei225 tapers off (which means the USDJPY stops soaring), that will be it for even the transitory effects of Abenomics. Confirming this was Japanese Industrial production which also missed, rising by only 0.2%, on expectations of a 0.4% increase. But the biggest news of the night was European inflation data: the April Eurozone CPI reading at 1.2% on expectations of a 1.6% number, and down from 1.7%, which has now pretty much convinced all the analysts that a 25 bps cut in the ECB refi rate, if not deposit, is now merely a formality and will be announced following a unanimous decision.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!