• 4 days Earnings Season Might Bring Relief to Battered Tech Sector
  • 6 days Banking Stocks Could Be Set For Another Bumper Year
  • 7 days Crypto Mining Migration Continues As Bans Line Up
  • 8 days The Meme Stock Craze Could Lose Out to Crypto
  • 11 days Banking Sector Booming As Stock Market Lags
  • 12 days Has Bitcoin Stopped Bleeding? Some Analysts Seem To Think So
  • 12 days Amazon ‘Competitor’ Charged With Crypto Fraud Scheme
  • 13 days As Competition Heats Up, Cable TV Mega-Merger Revived
  • 14 days China’s Road To Tech Independence
  • 19 days 3 Major Bearish Catalysts For The U.S. Economy In 2022
  • 21 days VR Industry Boomed During Holiday Season
  • 21 days 3 Global eCommerce Brands Have Overtaken Amazon
  • 22 days Another Banner Year for Billionaires
  • 26 days Top 3 Predictions For Bitcoin In The New Year
  • 28 days China Moves To Tighten Rules For Companies Looking To List Abroad
  • 29 days Fake Reviews Go All The Way To The Top
  • 35 days Airlines Want The Government To Ditch Emergency Testing For Covid-19
  • 36 days The Service Robot Industry Is Booming
  • 40 days The 3 Biggest Market Risks In 2022
  • 50 days DIDI Delisting Is A Worrying Sign For Investors Holding Chinese Stocks
  1. Home
  2. Markets
  3. Other

Thin Ice

Thin Ice

Hope springs eternal, as the mercury breached 50 this afternoon - luring a crocus or three into the early spring air. Heavens to betsy we may even feel 60 tomorrow. With our new Canadian skin now thickened and calloused from an extra serving of arctic, we have the tempered suspicion that 60 is the new 40 - or something along those lines. After this past winter we'll just consider it a rare silver lining.

With that said, silver and the precious metals complex at large have continued their listless retracement decline, now in its third week. While silver especially is skating on very thin ice, we still like the sector's prospects as framed by the broader macro story.

Although silver may be standing with ginger footings, the ground beneath the US dollar as well as 10-year yields appear more fragile from our perspective. Moreover, the yen looks ripe to bounce. Considering these relationships and the fact that the VIX also appears on the precipice of another step higher in its long-term range, we still like the gilded hedge.

As in pond hockey, first one to fall through loses by default.

Silver 2012-2014 versus NASDAQ 2002-2004
Larger Image

Gold 2012-2014 versus Russell 2002-2004
Larger Image

10-Year Yields 50-Year Chart
Larger Image

10-Year Yields 2009-2014 versus 10-Year Yields 1979-1984 Inverted
Larger Image

10-Year Yields 2012-2014 versus 10-Year Yields 1982-1984 Inverted
Larger Image

10-Year Yields 2013-2014 versus 10-Year Yields 1994-1995
Larger Image

Australian Dollar versus Gold Weekly Chart
Larger Image

10-Year Yields versus Gold Weekly Chart
Larger Image

10-Year Yields versus BKX weekly Chart
Larger Image

Yen 1998-2005 Daily Chart
Larger Image

Yen 2001-2003 versus Euro 2012-2014 Weekly Chart
Larger Image

USDX 1994 versus 2014 Weekly Chart
Larger Image

Nikkei 1980-2014 Monthly Chart
Larger Image

Nikkei 1987 versus 2014 Weekly Chart
Larger Image

2011 Silver versus EWJ 2014 Daily Chart
Larger Image

Yen versus GDX Weekly Chart
Larger Image

1990-1996 VIX versus 2009-2014 VIX Weekly Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment