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Market snapshot – June 2017

27 July 2017

Globally, the UK general election called by Theresa May to strengthen her majority resulted in a hung parliament. President Macron’s party won an outright majority in the French Parliamentary elections – making it the second successive defeat for nationalist apologists in Europe. Global bonds rallied hard as a result with 10-year Treasury yields reaching a post-Trump low of 2.10%. The ECB left rates unchanged but changed their language saying further rate cuts are off the table. Draghi later in the month opened the ECB forum with a less dovish speech, highlighting a strengthening and broadening recovery through the economic zone, and that the factors that are keeping inflation low are temporary in nature. Oil tumbled during the month on oversupply fears with Brent falling 4.75% to $47.90/barrel after trading as low as $44.40/barrel intra-month.

It’s survived apartheid, the shifting fortunes of gold, and still features strongly in our collective psyches. But as it turns 50, just how relevant is the Krugerrand?

26 July 2017

About 1 500 years ago, a frightened Roman buried a trove of gold coins in what’s now called the Netherlands as barbarian hordes closed in. The coins were found a few months ago, and apart from their historic significance, are literally still worth their weight in gold – testament to the precious metal’s endurance as a store of value.

Beat the confirmation bias blues

25 July 2017

Headlines in South African newspapers don’t make for peaceful bedtime reading, and investors are understandably concerned. Making investment decisions can be difficult when the future looks so uncertain.