Rating Agencies Testify Before Congress for their AAA-Ratings after 2007 Standard & Poors downgraded United Kingdom (UK), which is comprised of England, Northern Ireland, Scotland, and Wales, from AAA to AA. This shows emotional and political bias rather than any substantial change in economics; they are making good on their political threats of 2015. S&P […]

As we expected weekend headlines would dictate Monday’s trading and that is exactly what we have seen. The GBP continues to fall spreading uncertainty and confusion around the globe. In the UK the opposition party (Labour Party – known as the Shadow cabinet) saw ten members resign on Sunday and an additional nine members resign […]

As we witness the biggest fall in GBP in over 32 years, UK bank stocks are declining anything from 5% (HSBC) to 25% (Lloyds). Gold rallied and there was a flight to safety within the government bond markets. The UK population awoke this morning in the confidence that democracy has prevailed. In Boris Johnson’s comments […]

QUESTION: Mr. Armstrong; If BREXIT wins here since everyone I speak to seems to want to vote out rather than stay in, what would really happen? ANSWER: Assuming the politicians actually honor the vote, which is a very big IF, you are looking at, at least a two-year process. But it is important to understand […]

All we have been hearing are claims that if China sends the dollar flooding back to America, the dollar will become worthless and hundreds of businesses will go broke overnight. The gold promoters put out such wild claims and have no idea what they are saying or the type of world that would unfold. It is […]

The majority of the volatility within Asia appears to be concentrated within the Nikkei and the JPY. The Nikkei opened around 1% lower as the currency gapped to the 103 handle, but by the afternoon session it recovered as JPY retraced. Shanghai really could not provide any guidance as that market continues to drift lower. […]

The central banks have risked it all and lost. They have reached the point of no return. The Fed decided not to raise rates, which are desperately needed to prevent a collapse in pensions and insurance companies, and merely froze like a deer in headlights. The superficial analysts who think lower rates are good for […]

A little light relief for markets ahead of the weekend with core Asian equities clawing back some of momentum lost earlier in the week. The Nikkei did manage a 1% bounce whilst the Shanghai and HSI closed 0.5% higher. Much had been expected of this week given all the Central Bank activity but we head […]

The central banks are clueless and have no control over the economy. This whole thing reminds me of Australia. I loved going into the Outback, driving through rivers, and seeing ant hills that were taller than the Jeep. I was invited to go to the Todd River Regatta in the middle of the desert. I […]

Many blamed the BOJ for today’s Nikkei decline, for not announcing additional stimulus measurers, but for whatever reason we found ourselves 3% lower on the day. We have recovered much of this in late US trading but admittedly – it did not look pretty for the cash market. The flight to quality led as usual […]