Contributing Editors' Blog Entries

RickAckerman's picture

Why Isn't Gold Higher?

My colleague and erstwhile nemesis Gonzalo Lira posed the question above in a recent essay, and it is indeed a most puzzling one.  Given that the world’s central banks — joined most recently by a shockingly reckless Switzerland — are waging all-out economic war by inflating their currencies, shouldn’t gold be soaring?

Marc To Market's picture

There has been a tightening of European financial conditions. Two more pieces of evidence were reported today. This issue may very well overshadow other issues at Draghi's press conference next week. German 2-year rates are moving above the US-- a 30 bp swing since early Dec. Meanwhile, US rates are rising relative to Japan. The dollar-bloc (and sterling) continue to under-perform. We also look at the US economic calendar for the day that features the ADP employment estimate, the first look at Q4 GDP and the conclusion of the FOMC meeting.