Friday September 13…)
U Mich at 10:00
In the news
The Vice Chair of Berkshire Hathaway Ajit Jain sold half of his Class A shares according to a reg filing via BBG this morning. It is well known Buffett has been selling AAPL and Bof A in size regularly. “We continue to be comfortable that the interests of Mr. Jain and Mr. Abel are aligned with shareholders,” James Shanahan, an analyst at Edward Jones who covers Berkshire Hathaway, told Bloomberg. Jain could not be rerached for comment.
Boeing workers started a strike for the 1st time in 16 years. For gold bugs, this is a disturbing clip from Wall St. Silver. Russia’s central bank raised its key rate to 19%. In politics, Trump announced yesterday he will eliminate all taxes on overtime pay. Fact checking the fact checkers has become a source of thousands of hilarious memes on free speech platforms. Trump may be wearing pearl earings at the next debate.
in the markets
CME Yen futures are making new highs (chart below). CHF is resuming its steady trend. Mex looks like a buy. Eur/USD (57% of DXY) seems contained by a mix of gurgling FUD and a cut in October.
In terms of the Fed being behind the curve, gold has been discounting rate cut for 8 months. The relic has rallied after every FOMC meeting this year. It is usually a little soft, sometimes weak going in... then boom.
Silver on FOMC days random mostly but big days last spring.
COTs, positioning and imbalances
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