I was on vacation, and didn’t have access to wifi for the past couple weeks. I’m back now, and ready to take a look at the markets.
What the heck happened to oil? Crude lost a lot of value, but it climbed back a bit on Thursday and Friday. I don’t know if that’s the result of increased volatility, or if it’s stabilising.
The stock markets aren’t doing much better. Everything has negative momentum, even bonds (which are the least bad). Gold is the only asset that has positive momentum (beside cash, which always hovers just above zero). Gold is up 4% over the past month, but moved 2.3% lower over the past week. It’s no guarantee, but it appears to be the best place to preserve capital at the moment.
The Canadian dollar, which tends to follow the trend of oil prices, continues to suffer compared to the US dollar. The Swiss franc is no longer attractive, but the Euro and the Yen have some small advantage over the US dollar.
All the stocks that I mentioned in recent posts appear to have levelled off or come back down to Earth. There is no obvious place to find growth for investors right now. The best short-term bet seems to be buying gold in USD.