MBCC TH 14th March'23 - "So market thinks this is QE, is it? Silver up 10%, Gold up 10%, Oil up 2%, Copper up 1.5% - which one do you buy and which one do you sell? They are NOT all equal!"

You think 100 bps moves in Bond markets in ONE day is NORMAL? Think again.

stop trading the knee jerk moves trying to desperately call the bottom, step away, and see the bigger picture. VAR/models are blowing up, Hedgies/Pensions cannot take these moves, there are more skeletons to come out still..remember 2007?

The economy is like an old car, that was due to be scrapped years ago, but central bank (aka US Fed) kept throwing more and more money to fix it. Before $100 would get you 20 miles per gallon, today that same $100 gets you max 2 miles per gallon, i.e. the car is almost coming to breaking down. The same solution stops working. This is in reference to the debt bubble, now it is too big, how much can you throw at it the next time, $20 trillion? $50 trillion? Pick a number…

issue is much deeper than that…Covid delayed the inevitable…just delayed the problem as we have been saying for the past year…

Gold and Silver rallied aggressively yesterday, is it time to chase it here or fade it?

All this and more in today’s note with NEW UPDATES on our BOND CALLS! We shuffle our portfolio calls as our models signal upside downside for different parts of the curve. Which Commodities are a buy here and which are a sell based on their physical market flows, as this dictates over and above financial moves?