Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
With PFF, investors should be willing to take on exposure to regional banks. For now my preferreds are all with the too big to fail banks like JPM, WFC, etc.
PFF has a reasonable price here and a good dividend of 6%+ for income seekers.
Round trip trades in: JNJ 2 Puts, JPM 3 Puts, YPF 35 Puts. Closed CPG 10 Puts and bought back half of DOCU Puts, 20 Puts. DOCU ratings slipped too low for my liking and partially replaced it with RCL 20 Puts, net 18,bought back 2. RCL has a much higher ratings here.
Energy Select Sector SPDR: Pivot points
THE FLY 8:26 AM ET 6/6/2023
The following are the pivot points for the Energy Select Sector SPDR. Pivot High: $79.992, Pivot Low: $78.608. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
I'm a bit disappointed that Wokey doesn't have white knee high boots.
Archaeologists have uncovered evidence that members of an archaic human species, Homo naledi, buried their dead and carved symbols on cave walls 100,000 year before the earliest evidence of burials by modern humans 78,000 years ago.
The brains of Homo naledi were around one-third the size of a modern human brain, which changes the understanding of the evolution of human behaviors, because until now such behaviors only have been associated with larger-brained Homo sapiens and Neanderthals.
Fossils belonging to Homo naledi were first discovered in the Rising Star cave system in South Africa during excavations in 2013.
Homo naledi shared some similarities with humans, like walking upright and manipulating objects by hand, but members of the species had smaller heads, a shorter stature, and were thinner and more powerfully built, Berger said.
The findings are detailed in three studies that have been accepted for publication in the journal eLife, and preprints of the papers are available on BioRxiv.
Dr Lee Berger said he had to lose 55 pounds (25 kilograms) to enter the cave’s precarious chambers in 2022.
After only 178,000 years of evolution Homo naledi scratching symbols on cave walls evolved into polanimus publisher Rupert Murdoch
Round trip trades: MSFT 2 Puts, O 2 Puts, SKX 4 increased from 2 Puts. CELH Rolled over from 90 to 145.
RCL 2 Puts.
Financial security doesn't seem to buy happiness about the economy
Americans are not happy with the economy. Which is weird, given that it is doing just fine.
Why it matters: It's hard to see what could turn sentiment around. That's largely because of Fed chair Jerome Powell, who doesn't want and won't allow some kind of economic boom — he thinks the economy is running too hot already.
The big picture: The U.S. economy continues to defy the odds. The May employment report, released on Friday morning, marked the 14th straight month that more jobs were created than economists expected.
It's all a far cry from the misery in other countries like the U.K. — with sky-high inflation — or Germany, which is now officially in a recession.
By the numbers: The U.S. economy has created more than 4 million new jobs in the past 12 months.
GDP continues to grow, and is up more than 5% from its pre-pandemic peak, even after accounting for inflation.
The average U.S. employee now makes $33.44 per hour, a raise of more than 17.5% since pre-pandemic.
The stock market is up 10% so far this year, and we're not even halfway done.
Between the lines: Americans, however, don't buy it. They're broadly happy with their own personal finances, but a majority consistently thinks (erroneously) that we're in a recession, and just 18% think the national economy is in good shape, per the Fed's most recent Survey of Household Economics and Decisionmaking.
Part of the problem is higher consumer prices. Inflation might be coming down rapidly, but even if it goes all the way to zero prices will still be much higher than Americans became accustomed to.
More broadly, some of the feverishness of the pandemic years is beginning to wear off. What remains is a highly disconcerting "New Not Normal."
Where it stands: The Federal Reserve has been hiking interest rates aggressively to try to cool down the economy and get inflation under control. Any hint of further exuberance will be met by even more rate hikes.
The Fed has no mandate to deliver a booming economy; its job is to just reduce inflation while keeping employment high. So far it seems to be succeeding, albeit more slowly than many would have preferred.
Energy Select Sector SPDR: Pivot points
THE FLY 8:26 AM ET 6/5/2023
The following are the pivot points for the Energy Select Sector SPDR. Pivot High: $81.005, Pivot Low: $79.175. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
Gay Days at Disney resorts began three decades ago to bring together LGBTQ families in an environment where they felt included and most didn't let Florida Gov. Ron DeSantis keep then away from Disney World.
Rainbow-hued merchandise designed by Disney — including a plush Mickey Mouse waving a Pride flag — flew off the shelves almost as quickly as it could be restocked. Drag queen bingo was held. There is also an LGBTQ expo, pool parties and a Miss Gay Days pageant contest at other venues nearby.
Brandon Wolf, communications director with Equality Florida said, “I think Disney’s refusal to be bullied into submission is a good reminder to others that in this moment, there is no negotiating with people like Ron DaFascist.”
Florida's Governor is already considering a new lawsuit against Disney for their introduction of an eighth dwarf named "Wokey" which he claims is a caricature of himself.
After a Utah state law allowing school districts to pull “pornographic or indecent” books from schools was passed last year, someone in the Davis School District submitted a complaint about the King James Bible, arguing the text was “pornographic by our new definition.”
A school district committee determined that the Bible was not age-appropriate for elementary and middle-schoolers. The Bible was pulled from seven or eight elementary and middle schools and will stay in high school libraries, Davis School District spokesman Chris Williams said via email.
The Bible’s journey through the Davis School District review process, the semester after Utah’s new law made it one of the states with the most book removals, comes amid a national surge in efforts to restrict what students read.
Fortunately the Book of Mormon proved not to contain concerning material in Utah, though some school districts have moved the book to the fantasy literature section alongside Sen. Mitt Romney's book, "Corporations are People Too, my Friend."
Some suggest the number of refugees admitted to the United States has recently spiraled out of control.
https://edition.cnn.com/2023/06/04/politics/jimmy-carter-legacy-refugees-cec/index.html
Today, the national average gasoline price is $3.55 per gallon - I wonder who realizes that today's gasoline price is as low as it was in the 1950s ?
In 1970, the national average gallon of gas cost just 36 cents, which CPI adjusted is $2.89.
By 1981 the price of gasoline had tripled to a shocking $1.19, which CPI adjusted is $4.15
By the late 1980s the US gasoline average never rose above 90 cents a gallon, which CPI adjusted was an all-time low of $2.25
In 2011 gas prices soared to $3.53 per gallon ($4.86), the same CPI adjusted price as 1946.
Gasoline cost 21 cents in both 1929 ($3.73) and 1946 ($4.86) - https://finance.yahoo.com/news/gas-prices-every-decade-since-110002903.html
But by 1950 the average price of gasoline rose to 27 cents, which was a big price decline to ($3.49), about the same price as today.
There's a tremendous amount of drama surround the price of a commodity whose price has remained remarkably stable over time.
Oh yes, I recall filling my Fury with gas for less than 18 cents a gallon many times.
Thanks again Elroy. It's easy for us non oil-business professionals to assign various cause/effect scenarios and focus on the raw product and not the cost of finished goods. The 2nd graph makes a strong point. I'll have to see if I can find something similar on FRED so we can have an updated version.
After 1974 "the new oil supplied" cost somewhat more than oil which had preceded it. Let's say $50 rather than $20.
This was a combination of slightly more costly oil and also increasing expense for refineries which could process heavy oil and high sulfur oil.
This oil price increase does not translate into a 2.5 fold increase in finished product price, but rather far less than that.
In fact it's a long term price decline as mammoth crude refineries have replaced refineries less than 10% of their size and economies of scale have worked through the rest of the business as well.
Let's say inflation adjusted retail gasoline has risen from $2.25 a gallon to $3.25
The US had imposed import tariffs on crude oil since 1959 keeping domestic production inflated until mid-1972 when a court ruled Nixon could rescind this and he then also relaxed import quotas on gasoline and heating oil imports December of 1972.
The addition of US demand to the global market provided OPEC with some serious unexpected price control.
In turn this prompted the creation of a lot of new oil supply in Alaska, the North Sea and Mexico. The Trans-Alaska pipeline delivered the first product in Summer 1977 and production from the North Sea from the UK and Norway began hefty volume in 1977, quintupling by 1984.
We also likely recall a multi-theater global war on terror burning up a lot of fuel starting in 2002 which was accompanied by a champion-sized increase in real estate debt in the US and among all other participants globally to create tax revenues to pay for this spectacular largesse, until it all collapsed by 2008. Oil prices roiled higher on the wave of money and collapsed along with the decline in global real estate owner free cash flow.
The recent covid pandemic merely created temporary supply and demand mismatches - nothing long lasting.
I had posted this comment in response to a comment by Court over on Dew's board and thought it may be more appropriate here. This is my base case argument for moving to fixed income over the last several months.
Ms. Market is like Mike Tyson...everyone's got a plan until she punches them in the mouth..:).
With interest rates up, bonds and like products are back in favor. Advisors are dusting off the 60/40 allocation. In my experience, this does not portend the return of a bull market.
One basic metric I use is market P/E. In the past we considered ~15X as fair value on the SPX but since the fast growing tech giants have become such a large part of its overall value it's more like 20X fair value with a top between 24-25X. Of course, during or coming out of, a recession the P/E is skewed upward, sometime dramatically.
Looking at the peaks at the end of 2019 and 2021 and comparing it to today's market, I see similar issues with regard to P/E and in today's case a less solid economic argument for P/E growth. The SPX P/E peaked at 24.4 in December of 2019 and an even higher 27.3 in December of 2021. After Friday's close the current SPX P/E is 24.8. Could it move higher? Of course. Given the outlook for earnings over the next two quarters, is this fair value? In my opinion, unlikely.
Appreciate your expert opinion Elroy.
Current prices and far lower are solidly profitable in the Permian, so production there will continue to increase by 16% to 20% annually. Chevron's break-even in Kazakhstan is far lower still.
OPEC will cut and cut reducing their share of the global market as they have before.
They'll continue this process until once again they can't stand it, because most are at that point where their revenues don't meet their annual budgets running their kingdoms.
Then OPEC will again significantly increase production to try to eliminate some of their competition. And that will once again create a fine time to buy major oil companies.
We had talked about this earlier this week. Here's the article from Barron's. OPEC may cut production this Sunday but if not, prices will most likely continue to fall. The front month contract is up about $3 above the bottom earlier this week but contracts out a decade from now continue to fall marginally. It's not a good sign. It simply means travel is holding up and likely will through the summer but the long term outlook isn't as rosy.
OPEC’s Next Move Unclear as Oil Prices Drop
Oil prices are near their lowest levels all year, reflecting a drop in global demand. What is ahead has investors on edge—and they are betting OPEC and its allies, OPEC+, won’t come to the rescue by cutting production when they meet on Sunday.
If investors are right, oil prices—and stocks—could be in a rut all summer.
Since October, OPEC+ has reduced production by 3.5 million barrels a day, a sizable chunk of the roughly 100 million barrels that the world uses in a day. Nonetheless, the price of Brent oil , the international benchmark, has fallen from $83 a barrel before the October cut to Wednesday’s $72.78, less than 1% above its 2023 lows.
And oil stocks are falling too, with the Energy Select Sector SPDR ETF (ticker: XLE) dropping 8.6% in the past month. Exxon Mobil (XOM) is down more than 10% in the past month, even after reporting better-than-expected earnings and progress on its projects.
The main problem has been that demand has been falling. China’s rebound from Covid restrictions hasn’t been as strong as some analysts had expected, and economies are sputtering in other parts of the world.
The other problem stems from evidence a key country in the alliance isn’t adhering to announced production cuts.
Russia, which is part of OPEC+, has said it is reducing production by 500,000 barrels a day in retaliation for sanctions related to its invasion of Ukraine. Shipping vessel data tracked by Bloomberg indicate that Russia’s crude production hasn’t fallen off—in fact it appears to have risen. That raises the prospect that Saudi Arabia and other major oil players will press Russia to actually reduce production, which itself would be tantamount to a new cut.
But RBC Capital Markets analyst Helima Croft doesn’t expect other OPEC members to get into a dispute with Russia over production. The last time that happened, in 2020, a supply glut led to prices dropping fast.
Croft writes that OPEC has an incentive to cut production more and prop up prices, and she thinks it is more likely than not that they will. The fact that OPEC is meeting in person—as opposed to remotely—is a sign that they are predisposed to make a more active decision, she writes.
It is also clear the market isn’t betting on that outcome. Eventually, OPEC’s hand may be forced regardless—though it could take even lower prices to force the cartel to get more aggressive.
“The oil market is not pricing in additional OPEC production cuts, but ironically, the lower prices go, the more likely OPEC will be to announce a cut,” writes Raymond James analyst John Freeman.
Foreign born workers account for less than one-fifth of US employment, but they're especially important to our current economic expansion as Baby Boomers increasingly lose interest in labor force participation and retire.
Foreign born workers are paying an increasing portion of the Medicare and Social Security taxes which pays for the medical care and retirement lifestyles of older Americans.
Attached below is a chart everyone should be familiar with by now. I've been saying for a few weeks that lack of volatility always leads to increased volatility and we finally saw a breakout today. Top pane, PPO is just beginning to show positive momentum. Second pane, RSI is not yet oversold but Bollinger bands have been breached. So even though everything except BB looks positive I never expect a market to continue upward in the short term until we're back trading within the bands again. The bias is clearly upward but we may still be flat to down on Monday. Enjoy your weekend.
I have been adding to VICI in the form of Cash Covered Puts.
https://seekingalpha.com/article/4609065-vici-growth-and-great-income?mailingid=31672876&messageid=2850&serial=31672876.8487&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=31672876.8487
DISH, the red-headed step child of communications is just happy to be noticed.
Tighten up the truancy laws, call it home school. Job done..:).
As if times haven't been tough enough for T and VZ, AMZN says they want to get into the wireless business. Hello.
Amazon has been in negotiations with Verizon and Dish Network to could offer wireless plans for $10 a month or lower to Prime members through these partnerships.
"We are always exploring additional benefits for Prime members, but don't have plans to add wireless at this time," an Amazon spokesperson said in response to a Reuters query.
"Amazon could certainly put a lot of its weight behind it and undercut competitors in the world's most expensive wireless market," said Christopher Ali, professor of telecommunications at Penn State University.
Brandon Nispel of KeyBanc Capital Markets said that Dish Network Corp, could provide Dish access to financing from Amazon that could help build out its network, while the other carriers my be less incentivized to change the current status quo of the industry."
House Speaker Kevin McCarthy is also hoping to get children without dependents off the couch and into the workforce to give them value and worth.
Unfortunately a massive government program keeps most children out of the workforce during normal work hours with mandatory school attendance.
Imposing work requirements on jobless children who receive medical care and food assistance while wasting their work days in school is long overdue.
The Biden Labor Dept actually had the nerve to fine meatpacking plants who employed children in dangerous jobs. - https://time.com/6256728/meatpacking-child-labor/
Gov Ron DaFascist has promised to impose government work requirements on more children, bringing back low-paying manufacturing jobs from overseas.
McCarthy: We might have a child that has no job, no dependents but sitting on the couch, we’re going to encourage that person to get a job and have to go to work, which gives them worth and value. pic.twitter.com/HwUrHKXihb
— Acyn (@Acyn) May 30, 2023
The U.S. labor market remains red-hot as 339,000 new jobs were added in May, the 29th straight month of strong job growth.
The unemployment rate increased to 3.7% from 3.4%, primarily as the result of temporary jobs ending with some additional residual net increase resulting from the 200,000 tech layoffs.
The interest-sensitive construction industry defied expectations and continued to add 25,000 jobs in May.
Average hourly wage growth slowed, rising 0.3 percent between April and May, up to $33.44 an hour which the Federal Reserve has closely monitored wage growth as a gauge of whether the economy has cooled enough to control inflation. Wage growth remains highest among the lowest paid jobs while wages overall are falling behind inflation.
Adults in their prime working age of between 25 and 54 are back in the workforce at the highest rate since 2007 while adult women in their prime working age were employed at a high rate not seen since 2003.
But total Labor Force participation is still 0.7% below pre-pandemic levels as many Americans aged 55 and older have apparently dropped out of the workforce permanently owing to strong investment gains, leaving the economy short of workers.
Many remain hopeful that significant cuts in Medicare and Social Security benefits may yet drive increased labor force participation among Americans over the age of 55.
We see this everywhere. Lululemon knocks it out of the park while TGT, WMT & DG suffer. As I said the other day, credit card debt is up 27% and student loan debt repayments start up in September. The bottom three economic quintiles will continue to get squeezed.
I guess I will have to wait until 2025 to get mine. Lol.
We're beginning to see a K shaped recession where the wealthy invest in tech shares, fixed debt and buy luxury goods - while Dollar General's CEO said Thursday they're selling less, and less food as their customers increasingly turn to food banks, savings and credit cards.
Lamborghini announced that it has sold out of all of its vehicles until 2024, which I could have guessed based on what cars I see on the road. The US and California are this automaker's #1 market, with Florida coming in second.
In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day.
Fixed-income is the biggest beneficiary of allocations from the super-rich, with 72 per cent planning to up exposure to investment-grade debt. Sovereign target was a target for 55 per cent while half said they would allocate more to private debt.
When bad news for the economy is good news for the stock market. Lessened the chance of another rate hike.
No fear. The VIX is below 15 at 14.8. To put this in perspective, the VIX spent a good part of 2019 below 15 and often closer to 12.
Debt ceiling bill passed and unsurprisingly the markets are happy. The SPX has spent most of the morning above 4,250.
YPF is one of my larger holdings of Puts sold.
The excerpt below is from Zacks.:
YPF Sociedad Anonima (YPF Quick QuoteYPF - Research Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, YPF crossed above the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
YPF has rallied 7.2% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests YPF could be on the verge of another move higher.
OT: Finding out what FL used to be prior to A/C. Mine had been off for two days, waiting for a part.
Normally, except for the cooler days, it runs 24/7.
Just another not on cash. The Super Wealthy has one of the highest cash holding ever.
https://seekingalpha.com/article/4608787-sell-alert-2-crowd-favorite-dividend-stocks-to-dump-and-2-replacement-stocks?mailingid=31668180&messageid=2850&serial=31668180.6363&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=31668180.6363
I will be buying back my KO Puts and am out of WMT for a few weeks already.
Office properties are going to be sold; Lenders are going to gain control.
Lenders want to preserve their property, so the best way to preserve the loan balance is to short sell the property.
Fred Cordova founder of the Santa Monica-based Corion commercial real estate brokerage, previously EVP of Capital Markets Group at Kennedy Wilson Properties.
https://biz.crast.net/whats-happening-in-the-office-sector-is-the-apocalypse-this-commercial-real-estate-ceo-says-the-disaster-has-already-begun/
I wouldn’t be surprised to see, one or more of the commercial REITs to be taken private and then once the Fed takes its foot off the gas, it stops raising rates, and signals that they’re going to hit the pause button, and maybe even lower rates at the end of the year, and Once inflation is under control, you will see buyers re-entering the market.
In many downtown areas think you’ll see some more conversion from office to multifamily. Values still have to come down to about $100 per square foot, and they’re not there yet.
$100 per square foot for office space translates into $125 per [rentable] square feet for multifamily because you lose about 20% of rentable space when you convert; That’s the magic number.
It costs about $250 to $350 per square foot to convert these buildings, so there’s still a difference. But if you can bridge that equity gap, which I think is a play to do through a private partner with the city and the state and that’s what we’re working on, you can get some of these buildings converted - sold with a cost of $375 to $475 per square foot of residential space.
Bloomberg notes people who want to trade with Russia, after their little Ukraine mistake, can no longer do so with Dollars or Euros because we kicked them off SWIFT.
So those still wanting to do business with Russia are trying out all sorts of alternatives. - North Korea is dealing with same sanctions for different reasons.
Trade with Russia and North Korea just doesn't interest me much.
This is just like the old Soviet days when China and Russia used barter to facilitate trade between the world's two largest shit economies.
Twenty years ago my extended family and I almost enjoyed a free tour of Russia courtesy of the Soviet state, but they collapsed before the event date.
That's the way it goes out on the fringes.
Elroy, That's a Bloomberg article on de-dollarization, so not exactly a fringe info source -
>>> De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
Bloomberg
by Matthew Burgess
April 18, 2023
https://finance.yahoo.com/news/dollarization-happening-stunning-pace-jen-082144378.html
(Bloomberg) -- The dollar is losing its reserve status at a faster pace than generally accepted as many analysts have failed to account for last year’s wild exchange rate moves, according to Stephen Jen.
The greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades as a number of countries looked for alternatives after Russia’s invasion of Ukraine triggered sanctions, Jen and his Eurizon SLJ Capital Ltd. colleague Joana Freire wrote in a note. Adjusting for exchange rate movements, the dollar has lost about 11% of its market share since 2016 and double that amount since 2008, they said.
“The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions,” Jen and Freire wrote. “Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries,” most of which are emerging economies from the so-called Global South, they said.
Jen is the former Morgan Stanley currency guru who coined the dollar smile theory.
Last year, Bloomberg’s gauge of the greenback surged as much as 16% as the conflict helped fuel a rise in global inflation that triggered widespread interest rate hikes which sank bond and currency markets alike. It finished the year up 6%.
Biden’s Dollar Weaponization Supercharges Hunt for Alternatives
Smaller nations are experimenting with de-dollarization while China and India are pushing to internationalize their currencies for trade settlement after the US and Europe cut Russian banks from the global financial messaging system known as SWIFT. There’s also concern the dollar may become a permanent political tool, or be used as a form of economic statecraft to put extra pressure on countries to enforce sanctions that they may disagree with.
The US currency now represents about 58% of total global official reserves, down from 73% in 2001 when it was the “indisputable hegemonic reserve,” the Eurizon pair said.
That said, the dollar’s role as an international currency won’t be challenged anytime soon as developing countries don’t yet have the ability to divest from the greenback for transactions due to its large, liquid and well-functioning financial markets, Jen and Freire wrote.
Still, the persistence of those conditions “is not preordained” and there may come a time when the rest of the world actively avoids using the dollar, they wrote.
“The prevailing view of ‘nothing-to-see-here’ on the US dollar as a reserve currency seems too innocuous and complacent,” the two wrote. “What needs to be appreciated by investors is that, while the Global South is unable to totally avoid using the dollar, much of it has already become unwilling to do so.”
<<<
---
I've read this style of currency-porn propaganda for the past fifty years - Imminent disaster that never comes.
Russia's GRU and China have really stepped up the production since Putin's mistake in Ukraine.
It's cheap entertainment, but it doesn't mean much.
If you tire of the subject you can move on to water-or-food-shortage-porn or the formerly popular peak-oil hoax.
Elroy, Thanks for the insights :o)
A judicious use of the SDR could theoretically extend the useful life of the US dollar reserve system for many years (similar to how the US dollar supplemented the declining British pound as the world's reserve currency between WW 1 and WW 2). But if they have to roll out too many trillions of SDRs during the next global financial crisis (to supplement the depleted Fed), then that might fatally undermine the US dollar as the main reserve currency.
>> Fed is far more robust than you imagine <<
Let's hope so, but with their balance sheet significantly tapped out already (9 tril range), the Fed likely can't handle another 2008 type global bailout by itself, without triggering a loss of confidence in the dollar. The Western finance oligarchy know this and have been preparing for an eventual transition to a more global reserve system. The SDR was originally created (1969) since they could see the Bretton Woods system teetering. The Petrodollar arrangement luckily saved the day after the dollar lost its gold backing (1971), but nothing lasts forever. Adding to the intrigue, China-Russia-BRICS and others are working on their own non-dollar systems, so looks like the handwriting is on the wall. One possibility is that the US/West may soon have to pre-emptively 'do something' to force the transition into a new reserve system that they have significant control over.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171724285
>>> De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
Bloomberg
by Matthew Burgess
April 18, 2023
https://finance.yahoo.com/news/dollarization-happening-stunning-pace-jen-082144378.html
(Bloomberg) -- The dollar is losing its reserve status at a faster pace than generally accepted as many analysts have failed to account for last year’s wild exchange rate moves, according to Stephen Jen...
<<<
Full article -
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171724285
---
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |