Gold. To determine the value of an object one has to determine its usefulness. To determine the price of an object one has to understand the convolutions of the collective human mind.

Themes: Risk On and Pray Hard.   Rates and Credit: Long US treasuries at the long end. 30 year and 10 year USTs remain attractive relative to short end. Expect further curve flattening. Overweight / Long China equities. Despite slowing economic growth, earnings growth remains robust and the PBOC will likely be expansionary and China

The Chinese government has focused on a number of things some of which include: An anti corruption initiative. Rebalancing the economy towards domestic consumption. Maintaining financial stability and a certain level of economic growth. The anti corruption initiative is a long term structural reform to strengthen the rule of law in China. The government appears

The China A share market surged last week. It is time to reiterate my optimistic appraisal of the China market. It is not too late. Back in July, we noted that China equities were underowned. China equities were trading cheap. China equities had been in a 6 year bear market. This was most likely the

ECB QE: QE is not just quantitative, it is qualitative. Until underwriting standards are dropped, credit creation in the private sector Eurozone will be moribund. How can the ECB get it going again? Purchasing sovereign bonds will do nothing more than flatten term structures and tighten sovereign CDS spreads making it cheaper for governments to