Commodities: Spot gold broke through the 2011 high this morning.
Here are some of the drivers of the latest rally.
First, real rates are moving deeper into negative territory, supporting gold.
The recent dollar weakness is another factor behind the rally.
Energy: The US rig count rose last week for the first time since March.
Equities: The Citi sentiment index is holding in “euphoria” territory.
Rates: Treasury implied volatility index (MOVE) hit a record low. Complacency is setting in again.
Eurozone: The Citi Economic Surprise index hit the highest level in nearly a decade.
Food For Thought: Relative changes in dissatisfaction with democracy (since 1995):
Edited by Daniel Moskovits
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