Author Archives: Michael

     

 

 

Shifting Patterns

In the last issue of Seasonal Insights I have discussed Bitcoin’s seasonal pattern in the course of a year. In this issue I will show an analysis of the returns of bitcoin on individual days of the week.

 

Bitcoin, daily – since bottoming in early December, BTC has advanced quite a bit. It remains an excellent trading sardine. [PT]

 

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Welcome to Acting Man's Forum!

It has come to our attention that the Voy Forum, that has inter alia provided a space where the so  -called 'Kitco refugees' could congregate and exchange their views, has run into grave problems. Either the forum is not loading at all, or if it does load, it has become impossible for users to log in.

 


 

You will find access to post after free registration, the forum button is located in the upper menu bar … or click here.

 


 

We have therefore decided to provide an alternative for this forum on the Acting Man site (other readers of our site are of course more than welcome to use it as well). This can either become a permanent home for the 'refugees' if they so wish, or a temporary one they can use in times of need (such as right now).

Similar to how the Voy forum worked, it will simply thread messages in chronological order. Essentially it will use the same process that is currently in use in our comments section, but a separate link to the forum page will be at all times visible at the top of the home page. Users who are not yet registered with us will have to register, as we need to guard against spammers (please see our privacy policy – your e-mail address will definitely never be passed on to third parties by us).

Depending on whether it catches on, we may at a later stage upgrade the forum page. Please be aware that if several links to outside sources are posted at once, the posts sometimes need to await approval (this is also to guard against spam). As a workaround, it may therefore sometimes be better to not post too many links at once in a single message.

 

Post away!

 


 

     

 


Euro Hysteria At A Fever Pitch

Monday was so chock-full with at times bewildering news items that one hardly knows where to begin. We decided therefore to focus on what one might call a case of official hysterics. The increasingly dubious mental state of the personae dramatis indicates that it would be reasonable to expect their unhinged mental disposition to influence  decision making at the highest level.

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A Debt Agreement Is In The Works – But Does It Really Matter?

Reportedly, Congress has now agreed on a plan to raise the US debt ceiling, or is close enough to agreement to make it a mere formality (at the time of writing anyway), which if true should remove this particular 'trigger event' from consideration for the markets.

In all likelihood this will lead to a number of  short term trend reversals, but it remains open to question whether some of the recent short term trends aren't the beginning of new medium term trends. As we noted last week, our impression was that stocks and bonds were mostly driven by the recognition that the economy is softening rather than the debt ceiling debate, as it has in any case been deemed unlikely that an agreement wouldn't be arrived at in a timely fashion. Some markets like e.g. gold and the 'save haven' currencies (i.e., the yen and the Swiss franc) were probably supported by the debt ceiling debate and t-bills came under pressure as money market funds investing in t-bills experienced large outflows last week (this underscores that there is indeed a difference between money and credit instruments, even the 'near cash' ones).

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…  in a 2:45 long video

Clarke and Dawes, in inimitable fashion, make the debt crisis accessible to everyone, by explaining exactly what the problem is. A friend sent us this video earlier today, and we felt we had to help spreading it, since it really hits the nail on the head. There's nothing that says we can't laugh while the ship sinks – it's better than pulling out one's hair (or what's left of it, depending).

 

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Most read in the last 20 days:

  • Silver “Scarcifies” – Precious Metals Supply and Demand
      On Monday, Silver got Scarcer – and Simpler On 23 July, we said:   “Well, it’s complicated.”   The action on 27 July was not.   Silver spot price vs. September basis   Notice the big drop in the basis starting around midnight (London time). It falls from over 7% to under 2%. To refresh: Basis = Future(bid) - Spot(ask) For the first two and half hours, the spot price is not moving. So, the only way the basis can drop is if the price...
  • Silver Explodes — But Why? Precious Metals Supply and Demand
      Explosive Days in Silver The silver market witnessed another explosive day! At midnight (in London), the price of the metal was $26.90. By 9pm, it had rocketed up to $28.95, a gain of 7.6%. This is not normal. But then, we are not in a normal world.   After several years of going nowhere and a downside fake-out in March this year, silver has come to life rather dramatically... [PT]   The Republicans are spending like drunken Modern Monetary Sailors. And...
  • Best Laid Schemes
      A Really Neat Bridge   But, Mousie, thou art no thy-lane, In proving foresight may be vain; The best-laid schemes o’ mice an’ men Gang aft agley, An’ lea’e us nought but grief an’ pain, For promis’d joy! – Robert Burns, To a Mouse, on Turning Her Up in Her Nest With the Plough (in extract), 1785     Installation of the final cable support pipes on the Gerald Desmond bridge replacement. Here is a drone video of the project. [PT] Photo by...
  • The Dollar Is Dying
      Insulting the Captive Audience This week, while perusing the Federal Reserve’s balance sheet figures, we came across a rather curious note.  We don’t know how long the Fed’s had this note posted to its website.  But we can’t recall ever seeing it.  The note reads as follows:   “The Federal Reserve’s balance sheet has expanded and contracted over time.  During the 2007-08 financial crisis and subsequent recession, total assets increased significantly from $870...

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