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Pater Tenebrarum is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 31 years and currently writes economic and market analyses for independent research organizations and a European hedge fund consultancy as well as being ... more

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EC US Stock Market – Sentiment And Positioning
With the central bank printathon currently in full swing again, we prefer to remain agnostic with respect to the question of how much further the bubble can ultimately expand.
Opportunities In The Gold Exploration Sector
ATAC's stock has been in a downtrend for several years. It traded above 70 cents both in 2016 and 2017. If one goes even further back, it traded actually as high as $4.40 in late 2011 when gold peaked.
The Credit Market Powder Keg
By all accounts, credit markets remain on fire. 2019 is already a record year for corporate bond issuance, beating the previous record set in 2017 by a sizable margin.
Repo Market, QE4 (aka Not QE), The Fed And Gold
In the long term, gold is becoming ever more valuable relative to other commodities – the same can evidently not be said of the dollar.
US Money Supply Growth – Bouncing From A 12-Year Low
In August 2019 year-on-year growth of the broad true US money supply (TMS-2) fell to a fresh 12-year low of 1.87%. The 12-month moving average of the growth rate hit a new low for the move as well.
EC Repo Quake – A Primer
One thing the repo quake did reveal is that liquidity is much tighter than was previously assumed. We believe this means that the Fed is shortly going to resume “QE” in some shape or form.
The Weird Obsessions Of Central Bankers, Part 2
Interest rate manipulation and money printing distort relative prices in the economy, which throws economic calculation into disarray.
The Weird Obsessions Of Central Bankers
None of the “non-standard” monetary policies implemented by the ECB and other central banks have even met their stated goal of boosting price inflation, not to mention economic growth.
Rising Stock Market Volatility – Another Warning Sign
Sometimes an increase in market volatility does not mean much – but when it happens at a time when the market is trading at extremely high valuations, it can be a major warning sign.
Bitcoin – From Greed To Fear
Bitcoin and other cryptocurrencies have declined quite sharply in recent days.
Interest Rate Watch And Bond Market Curiosities
In view of the sharp increase in stock market volatility, yields on government debt have continued to decline in a hurry.
The Calm Before The Storm
The divergences between the different indexes at the very least represent a heads-up that another correction is likely to begin fairly soon.
Paul Tudor Jones Likes Gold
According to last week’s CoT report, the net commercial hedger short position has grown to around 172,000 contracts. In a bull market, this position is likely to become much larger before it poses a problem.
A Surprise Move In Gold
Over the past week, gold and gold stocks have been on a tear. It is probably fair to say that most market participants were surprised by this development.
US Money Supply Growth And The Production Structure – Signs Of An Aging Boom
It has taken quite a long time already, but it appears as though slowing money supply growth is finally beginning to affect the real economy.
In Gold We Trust 2019
Trust in once well-respected institutions is increasingly eroding.
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