Bitcoin has been on a tear lately, participating in the bid-up of alternative assets as the market has anxiously anticipated the 2020 U.S. elections. It’s important to remember, though, that there is a fundamental difference between cryptocurrencies such as Bitcoin, and digital currencies such as the ones being developed by Read more…
In March and April, the covid crisis sparked an unprecedented policy response from governments and central banks — first monetary, and then fiscal. As the magnitude and scope of these interventions became clear, the likely longer-term consequences for gold also became clear. Further events have only served to reinforce this Read more…
Bitcoin has risen above $10,000 again, and in the context of the ongoing rally in stocks, cryptos are once again getting some attention in the financial press. Although Bitcoin may have left most investors’ minds during the “crypto winter” that followed the bubble burst in early 2018, we note that Read more…
The U.S. The U.S. market got a modest boost from the announcement of a trade truce with China, in which China agreed to boost some U.S. agricultural imports, and the U.S. suspended a tariff hike on $250 billion worth of Chinese imports. According to the announcement, the initial deal will Read more…
Two years ago, we wrote a small primer about quantum computing. Recently, a paper was leaked describing a quantum computing breakthrough by Alphabet [NASDAQ: GOOG] — prompting a flurry of media stories about what this development might mean. We reprint our description to help you understand what quantum computing is Read more…
Market Summary The U.S. The U.S. market is still in a correction or sideways mode, with both macro news and fears in evidence, as well as seasonal effects. We are neither as pessimistic as some news media have become, nor are we extremely enthusiastic at the present juncture. We Read more…
The U.S. Earnings season in the U.S. is in full swing. While earnings growth has stalled after the tax-break driven pace of growth that was enjoyed in 2018, it remains broadly within the trend of growth that has followed the 2008/2009 financial crisis. Source: Bloomberg, LLP Of course, there Read more…
Facebook’s Power Play Last week, Facebook [NASDAQ: FB] finally announced its long-rumored digital currency initiative. Although bitcoin had been rallying since April, since the announcement it has risen almost 25%, as of this writing. Why the boost for bitcoin? Won’t FB’s currency — called “Libra” — be competition for bitcoin? Read more…
1. Hong Kong in the crosshairs of the trade war. Hong Kong is experiencing massive protests against the Chinese government’s erosions of the city’s traditional liberties and democratic governance. These protests have occasioned the introduction of a bipartisan bill in the U.S. Congress that would strip the city of its Read more…
Executive Summary 1. Trade wars, geopolitics, and the fate of the yuan. Beneath the trade-war back-and-forth is a stark reality: the era of Chinas massive accumulation of foreign exchange reserves is ending, and in coming years, Chinas currency is likely headed for a significant decline. Saber rattling goes on as Read more…
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