Gold Macro

Is it possible to move to any sensible discussion on any matter of previously “normal” economics” without first making note of, “ticking off on”, acknowledging the elephant in the room, that is Crypto? Or more to the point Bitcoin, BTC?

For those who just arrived back from self-driven Antarctic sojourn over the last month with now satphone, this is what happened, in USD.

$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12000-$13000: 17 hours
$13000-$14000: 4 hours
$14000-$15000: 10 hours
$15000-$16000: 5 hours
$16000-$17000: 2 hours
$17000-$18000: 10 minutes
$18000-$19000: 3 minutes

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All the world’s money is contained in the link below! Before we get to that, a little context as to why we’ve chosen to share this today.

Over the last couple of weeks, we’ve noticed a large jump (globally) in Junk Bond Issuances at the same time High Yield Funds around the world are experiencing their worst outflows in years.

Coupled with Chinese 10 year bonds breaking through 4% today, for the first time since 2014, this is turning into a little more than noise.

To us, it’s this kind of activity that makes us sit up and take note. We’ve always contested that any financial “system” troubles would come from the same area as it did 2007/08 (high yielding debt), since nothings been fixed.

Even as central banks continue to assure us that everything is awesome, they still have both feet firmly planted down on the emergency money printing interest rate suppression pedal.

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t is truly surreal to continue living in a financial world where we have depression era interest rates, constant record highs in US shares, alongside European Junk Bonds paying less yield than a 2 year US treasury note.

Let’s not forget the whole negative interest rate thing. Not in 5000 years has “the world” experienced such a scenario of negative interest rates. We really do live in interesting times.

To help with this note, we were fortunate enough to listen to a fantastic interview with Jim Grant on an Adventures in Finance Podcast.

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