Belated Happy Thanksgiving monkeys! Here’s what went on while you were drunk and face deep in turkey.
• Punching in one of the worst Thanksgiving weeks in history, the DOW fell 4.8%, the NASDAQ 5.1%, while the S&P slipped another 4.7%. Canada’s TSX also dropped to a 2 month low (down over 6% MTD), while Brazil and Mexico are also in the red, falling 3.3% (down 6% MTD) and 4% respectively.
• Gold purchases by Central banks have risen three-fold since 2010 while ETFs have also been ramping up their holdings over the year, peaking the day before Turkey Day. Bullish yes, but considering CB’s like Mexico haven’t even seen their own holdings and with repatriations already starting, should we be looking into the old paper/physical gold arb trade again?