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April 14, 2021 | Pacheedaht First Nation: An Example of Reconciliation and Development

In spite of a concerted pressure campaign to sideline the Indigenous group’s economic opportunities, this Vancouver Island people is an example of how reconciliation and development go hand-in-hand, writes Josiah Haynes. Not long ago, two-thirds of Pacheedaht First Nation band members lived outside their ancestral land. Work was hard to find, and of its 163,000 […]

April 14, 2021 | High Market Capitalization Bodes Poorly for Investment Returns

A December 2020 paper entitled The Big Bang:  Stock Market Capitalization in the Long Run, confirms that we have been living through a highly unusual period in financial markets. While advanced-economy stock market capitalization to GDP ratios were pretty constant between 1870 and 1990s, they tripled in what the authors call a “big bang” in the […]

April 14, 2021 | US Equities Climb A “Wall Of Worry” To New Highs

Low volume rallies have become a standard of trending recently.  We see higher volume when volatility kicks in near areas of broad market volatility.  Otherwise, we see lower volume trending push the prices higher recently in a “melt-up” type of mode. Two recent standout events confirm this type of trending and volatility phases of the […]

April 14, 2021 | More Signs of Cooling Demand: Mortgage Applications to Purchase a Home Drop Below 2019 for First Time in Pandemic Housing Craziness amid Higher Interest Rates

he index for mortgage applications to purchase a home in the week ended April 9 fell by 3.7% for the week, and by 20% from peak-frenzy in January this year, and thereby edged below the same week in April 2019 for the first time since this Pandemic housing boom started, according to the Mortgage Bankers […]

April 13, 2021 | Patience

How do you possibly buy a house when bidding against maniacs? Or sell to one? This is perplexing. Stressful. Extreme times have brought extreme conditions and high emotions. “Here you are having to put your life’s one big decision of buying a home in 10 minutes of viewing time,” says a freaked-out buyer in Burnaby. […]

April 13, 2021 | A New Piece of the Puzzle

Suddenly, out of nowhere BankAmerica has emerged as a major participant in precious metals OTC derivatives. This new fact is contained in the latest release of the Treasury Department’s Office of the Comptroller of the Currency (OCC) Quarterly Derivatives Report for U.S. banks. The report covers derivatives contracts in the over the counter (OTC) market […]

April 13, 2021 | It’s Probably a Duck

At the onset of the pandemic, Bank of Canada Governor Tiff Macklem pounded the table, urging Canadians to borrow money to prevent us from sliding into an economic depression. “Our message to Canadians is that interest rates are very low and they’re going to be there for a long time. If you’ve got a mortgage or […]

April 13, 2021 | What an Educated Millennial Thinks about Forestry

Social media stoked his belief that old-growth forestry was something to oppose. Now: “After seeing firsthand how forests are managed in British Columbia, I am firmly against a ban on old-growth harvesting.” British Columbia’s coastal forests are very important to all citizens. Personally, I am a frequent user of our coastal forests for recreation and I […]

April 13, 2021 | Sharp Reflation is Not the Same as Inflation

Persistently high inflation can reduce buying power for households when comparable increases in wages do not offset it, and wage growth has been flat for years. However, the greater fear for central banks is that persistently low inflation, disinflation, and outright price deflation leave much less room for monetary policy (at near-zero interest rates) to […]

April 13, 2021 | Many Sectors Are Primed For Another Breakout Rally – Are You?

As we start moving into the Q1:2021 earnings season, we need to be aware of the risks associated with the volatility often associated with earnings data and unknowns.  Nonetheless, there are other factors that appear to be present in current trends which suggest earnings may prompt a moderately strong upside breakout rally – again. One […]

April 12, 2021 | The Hunt for Global Taxes

The proposal is to create a global tax rate as world leaders move to create a one-world government. The United Nations, behind the curtain, is preaching that ONLY they can solve the world crisis in climate change, for it requires a single government to control the world. On top of that, Bill Gates has taken […]

April 12, 2021 | What Kind of Energy Bill are You?

In the battle for energy hearts and minds, are you a Gates or a McKibben? Stewart Muir weighs two different approaches to how humanity might be powered in future. In a new book, Bill Gates argues that defeating the reality of climate change means eliminating greenhouse gas emissions by a mixture of solutions, including investments […]

April 12, 2021 | Inflation Is in Sight

YOUGHAL, IRELAND – Like pilgrims crossing the Atlantic, we keep our eyes on the horizon, watching for land. Consumer price inflation… it must be out there somewhere. We’ve been headed in that direction for many years. And lately, huge gusts of big spending/big printing… from Donald Trump and Joe Biden… have been driving us forward. […]

April 12, 2021 | Bullish Consensus Helps Off-Load Junk To Undiscriminating Buyers

A few recent charts, courtesy of DailyShot.com, offer clarity on where we are in the present financial cycle. According to data from BofA, central bank and government injections (backed by taxpayers) encouraged more than half a trillion dollars to flood into global equity funds over the past 5 months–exceeding the total inflows recorded over the […]

April 12, 2021 | Lawrence Lepard: Gold Is Going Higher

Excerpt from Lawrence Lepard’s Equity Management Associates Q1 Report:  We believe we are in the early to middle stages of a worldwide sovereign debt bubble collapse. The “bubble” which exists today is in debt and the currencies which are backed and supported by this debt. This is a very big deal and does not happen […]

April 12, 2021 | Froth

We talk much about the real estate bubble. It’s real. And dangerous. Fueled by emotional buyers, greed and fear. What about a financial bubble? Is that real? Also a looming risk? Lately equity markets have been at record levels. The Dow. The S&P. The tech-heavy Nasdaq, even Bay Street. New York markets are up more […]

April 12, 2021 | From American Dream To American Nightmare

For most of the ninety years since James Truslow Adams coined the term American Dream, most Americans still believed the fairy tale of the American Dream, that no matter how humble your beginnings, everyone had a fair chance to become a success in America, based upon your individual talent, intelligence, work ethic and a society that rewarded […]

April 11, 2021 | The Flight from Urban to Suburban

COMMENT: Good morning Marty and team, You’re still my first read in the mornings after many years and I can’t say that about any other blog or content creator to even take the number #2 or #3 position, well, maybe Zerohedge. Thank You! Glad to see you referencing Cristian Westbrook … Here in Western Colorado, […]

April 11, 2021 | Mining Plans New Future in BC

Amidst uncompetitive tax and regulatory regimes, a new roadmap from the province and the Mining Association of BC hopes to overcome challenges through innovation, ESG, and a revitalized workforce. With the provincial government’s support, the Mining Association of BC (MABC) has launched the BC Mining Innovation Roadmap, outlining ways to achieve critical objectives and improve environmental […]

April 11, 2021 | Mission Accomplished: The Corbett Report Removed From YouTube

  I posted Episode 398 of The Corbett Report podcast, “Science Says,” around 10 PM Japanese Standard Time on Friday, April 9th, 2021, and then went to bed. Sometime shortly after midnight, the main Corbett Report channel was removed from YouTube. And, just like that, 14 years of work—some 1700+ videos, 569,000+ subscribers and 90 […]

April 11, 2021 | A Contrarian Bet Against Inflation

The inflation trade is struggling for loft, a potential victim of its own, wild popularity. “We don’t have strong reflation-trade momentum at the moment because people are waiting for more data,” said Daniel Tenengauzer, markets strategy chief at Bank of New York Mellon. By his logic, all that it would take to stoke inflation would […]

April 11, 2021 | Sheepless

There will be no capital gains tax inclusion rate increase in the budget next Monday. No creeping tax on realized home equity, either. And no wealth or inheritance tax. That’s the will of the Liberal grassroots, as expressed in the policy conference just completed. Add to that comments by the federal housing minister (‘no capital […]

April 11, 2021 | Tiny Housing Bubbles

Recently I searched the Thoughts from the Frontline archives to see how often I used the word “bubble.” It was more than I thought, and I wasn’t quoting Don Ho. The bubbles I talked about were anything but tiny. Most of them subsequently popped, too. Recently I searched the Thoughts from the Frontline archives to […]

April 11, 2021 | Peak Inflation Expectations, Are We There Yet?

After a 4% decline for Treasury Bonds in the first quarter–the biggest quarterly loss in 41 years (as shown below in blue)–the consensus sees only more of the same.  Very few expect higher treasuries/lower bond yields over the next 6 to 12 months. But actually, that’s typical.  I’ve explained the inflation-bias inherent in an equity-fee-centric finance […]

April 10, 2021 | Trading Desk Notes For April 10, 2021

Major stock indices at New All-Time Highs The DJIA and the S+P 500 closed at new All-Time Highs again this week, up ~10.5% from their March lows. This is the 8th time this year that these indices have closed the week at new All-Time Highs. Earnings season starts next week. The indices have been boosted […]

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