In this report, I cover the early market action from London on Monday, October 21st, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I will look at the precious metals market a little close as I touch upon the Gold to Silver ratio and what that has meant historically to the overall health of the market. The technical picture at present is still uncertain but it looks like silver go be on another leg up and that we could see the ratio drop further.
I will also discuss some recent comments by the President-to-be of the ECB Christine Lagarde who was interviewed on 60 Minutes. In that interview, she says that low unemployment causes inflation. This kind of thinking is, of course, Keynesian sophistry. Inflation, as I will explain, is a monetary phenomenon and has got nothing to do with too many people working.
My conclusion for the day is that despite the powers that be strategy to discourage the general public from holding precious metals one needs to be patient and sit through the ups and downs of the paper market as gold and silver have a great track record of safeguarding one's savings from inflation.
Christine Lagarde says low unemployment causes in inflation!: https://www.zerohedge.com/economics/incoming-ecb-head-christine-lagarde-says-trump-should-stop-criticizing-powell-tweets
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