In this weekend report, from London on Saturday, June 1st, 2019 I look at what the financial markets did last week and in particular the government bond market or the U.S. Treasury market.
The stock market respected the old adage of selling in May and going away as the major stock market indexes dropped over 5% for the month. Precious metals ended the month on a high note as gold closed above $1300 and was up almost 1.5% yesterday.
Today I also look at how the gold price in British pounds closed at the highest level in over 18 months and that it could be pointing the way higher for the dollar price of gold going forward.
My conclusion for the week is even though the action in the stock market wasn't great the most worrying aspect for the markets, in my onion, was the severe drop in longer-term U.S. Treasury yields. The rush to Treasuries and the now sharply inverted yield curve shows the "smart money" or the institutional investors see some heavy storm clouds in the financial horizon.
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