HRA Advisories - It’s a gold bull market. It was one already, of course, but we’ve got a clean breakout now and a path to much higher prices. Gold still isn’t making the front page, which I’m very happy about. I want to see a nice sustained rally, not something parabolic that goes down in flames. As I […]

HRA Advisories - “May you live in interesting times.” The quote above is, of course, Chinese and is also, of course, intended as a curse, not a blessing. It tells you a lot about China, a country with 5000 years of history. The Chinese have had more than their share of war and disruption. Interesting times don’t necessarily […]

HRA Advisories - No, I’m not writing about Louis IV, though there might be some appropriateness to the analogy, now that I think about it. The quote is famous, even though there’s no agreement on what it was supposed to mean. Most figure Louis was referring to the biblical flood, that all would be chaos once his reign […]

HRA Advisories - As we head toward year end markets in general are enjoying a better than usual “Santa Claus rally” as equity funds buy winners to look smart in year end reporting and retail chases momentum stocks. There is a lot of index chasing going on. The biggest stocks with the greatest past outperformance are attracting the […]

HRA Advisories - Anyone who was paying attention or writing placement cheques in the last month knows that things went from warm to very cold in the resource space over a very short length of time. I talked about how I thought we needed to shake out some speculative longs in the gold market last issue. I’m surprised […]

HRA Advisories - The chart below sends as clear a signal about the next US Federal Reserve meeting as you’re likely to get. The market is pricing in a 90%+ probability of a rate cut later this week. In theory, the FOMC could surprise everyone by not cutting but the chances of that happening are close to zero. […]

HRA Advisories - The US Fed meeting went much as I expected, though more hawkish than most of Wall St expected. Even so, markets reacted with reasonable calm to that and several other events in the past couple of weeks. I continue to be impressed by how stable equity markets are, really, given the mayhem in so many […]