Gold tests $1960

Can silver be called a Giffen Good? Probably not, although that fact doesn’t discourage some from looking for the equivalent of a unicorn in economic thinking.

Foggy, Foggy War By Michael Every of Rabobank With US stocks up, the Nasdaq with its longest winning streak since 2021, and screen oil down for a second day in a row, markets continue to price the starkly binary physical outcomes smack in front of us on the side that’s full of stardust. The IMF just warned of a potential world recession ahead if Hormuz stays shut. Its latest three global growth scenarios are ‘weaker’, ‘worse’ and ‘severe’ - “because markets”, and politics, the Fund chose the most benign as its base...

Iran Strikes Should End In Regime Change, Senate Majority Leader Says, Ahead Of War Powers Vote Senate Majority Leader John Thune has made the maximalist hawkish US case on Iran, saying that any authorized strikes should result in nothing less than regime change in Tehran. "In my view, if you’re going to do something there, you better well make it about getting new leadership and regime change," the leading Republican Senator said Thursday. "If you’re going to take some sort of action, I think you want to achieve a result that actually...