“Hello, is this TOS customer support? Finally, I was on hold for over 20 minutes! Anyway, I think something must be wrong with my installation, my daily gold futures chart just printed a red candle.” – “Are you certain, sir? Have you tried relaunching the platform?” – “Yes, I even rebooted my system twice – the candle is still red!” – “Okay, don’t panic sir, the system must be experiencing a data feed problem. I’m sure our tech guys will have this fixed in no time!”
Make no mistake – the current surge across numerous U.S. asset classes has very little to dow with good old fashioned value generation and is simply a natural response to the systematic destruction of the U.S. Dollar. It’s also part of a narrative that strangely seems to be favored by both sides of the political isle – for different reasons. In other words, rapid loss of confidence in the greenback is pushing asset holders into whatever tangible they can get their hands on.
Every year here at the beginning of August the entire country of Spain enters into a one month long hibernation period. Although major retailers and stores are open most of the small ones close up shop and head out to the old ‘pueblo’ or their 2nd properties near a beach to spend quality time with the family. Good luck trying to get a hold of a doctor, dentist, attorney, plumber, what have you – everyone’s MIA until the end of the month.