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« What if China, Russia Succeed in Going off the Dollar? -- Alasdair Macleod | Main | Allow Me to Reintroduce You to Silver and Gold… »
Wednesday
Aug202014

Jackson Hole Rally at Risk as Investors Preempt Yellen

The end of the Jackson Hole bull run may be at hand.


Every time then-Federal Reserve Chairman Ben S. Bernankespoke at the annual monetary policy symposium in the shadow of Wyoming’s Teton mountains since 2007, stocks rallied. WithJanet Yellen set to make her first speech to the conference as central bank chief on Aug. 22, investors may be setting themselves up for a fall, according to Steven Englander, global head of G-10 foreign exchange strategy at Citigroup Inc.

“We worry that dovishness is increasingly anticipated and that by the time we get to her talk anything less than ‘full dovishness’ will be a disappointment,” said Englander, describing “full dovishness” as giving more room for extended monetary stimulus.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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