Founders: Hartnett First Look
GOLD AS LEADING INDICATOR??
Zeitgeist: “Until investors need to buy bonds, they ain’t selling tech.”
Full breakdown and walkthrough Sunday on this. But here is the customary Founders early look.
Hartnett all about Bonds again. With 2 charts that matter:
First, All BOA clients are in T-Bills, none are in Bonds.. he charts this (Chart 2 broken out)
Second and more significantly; he puts a new spin on the Gold vs real rates rates correlation. His new contention? Gold is discounting and now leading real rates lower1. Frankly we have not heard of Gold leading anything for decades… But this is where we are now. Things are relating to Gold. No longer is Gold relating to other things. (Chart 4 broken out)
We also broke out the slide deck today.
**Plus there is a little comment from the UBS desk post PPI implying things are soft!
Until then. Cheers