All posts by Blackbeard


Believe the Trump rally is losing its footing? You may want to explore investing in gold. Ambrosino Brothers Senior Vice President Todd Colvin, a trader who has worked on the Chicago Mercantile Exchange trading floor for more than 20 years, pointed out some key patterns that currently support owning gold. “Equities remain very elevated, and we’re starting to see VIX call buying come in with both hands which suggests there’s fear of a downside move,” said Colvin on “Futures Now” last week. “We’re looking at treasury yields creeping lower asRead More
The world’s looking a bit scarier in 2017, and that makes gold a lot more appealing. Gold futures for February temporarily crossed above the key $1200 per ounce Tuesday, continuing an upswing that started on Dec. 15, the same day the 10-year bond yield peaked just below 2.5 percent in the “Trump rally.” After making a move to $1207.20, gold futures were at $1199.80 per ounce. Beyond the usual fears of terrorism and Middle East conflicts, potential trade skirmishes — if not wars — loom, and global tensions are rising.Read More
Thought the lira was due a breather after last year’s eye-watering losses? Think again. Turkey’s political quagmire has been exacerbated by central bank inaction and higher-than-expected inflation to make the lira the worst-performing currency of 2017. The currency has dropped 8.6 percent against the dollar in the year’s first eight trading days, adding to last year’s 17 percent slump. It’s set a new record on six of them. The pace of the depreciation has been so steep, it’s left all other major currencies trailing in its wake: the next worst-performerRead More

Posted On January 10, 2017By BlackbeardIn News

Top Banker Expects Malaysia’s Ringgit to Rebound

Malaysia’s ringgit is set to rebound from a 19-year low as official measures to boost demand for the currency kick in, according to a top banker and member of the central bank’s financial markets committee. An appreciation of the ringgit can happen very quickly, said Lee Kok Kwan, who is also president of the Financial Markets Association of Malaysia and a director at lender CIMB Group Holdings Bhd. He pointed to three such periods of gains in the past 15 months including one when the currency surged as much as 7.4 percentRead More
KUALA LUMPUR, Jan 7 ― It would be a long shot to predict that the ringgit would recover by the third quarter of 2017 ― let alone at a value of RM4.10 against the US dollar ― market observers said. According to Asian Development Bank’s lead economist on trade and regional cooperation Dr Jayant Menon, the US dollar is currently appreciating against most Asian currencies and it would be over-ambitious to expect the ringgit to buck this trend. “An improvement in commodity prices in general, and oil in particular, couldRead More
GEORGE TOWN: Penang has again called for a rethink on the Bank Negara ruling that exporters must convert 75% of their earnings to ringgit. It was reported last month that as a measure to increase demand for the ringgit, Bank Negara is compelling exporters to convert 75% of their earnings into the local currency. Before this, they were allowed to hold their proceeds in foreign currencies. Most are holding their export proceeds in US dollars with local banks. Based on reports, it is estimated that close to RM90 billion isRead More

Posted On January 6, 2017By BlackbeardIn News

Bitcoin crashes after beating gold

Bitcoin, a form of digital currency, has seen one of its sharpest rallies and equally sharp falls in the last 24 hours of trading. This digital currency crossed the price of gold and traded at more than $1,200 in early trades on Thursday on China’s Huobi exchange, Beijing, whereas gold was quoted at around $1,177 per ounce on international commodity exchanges. The Bloomberg data show Bitcoin has crossed its all-time high price of $1,137 notched on November 29, 2013 and reached a high of $1,155 on Thursday afternoon on theRead More
KUALA LUMPUR (Jan 5): The ringgit is expected to strengthen to a fair value of RM4.1 against the U.S. dollar in the third quarter of 2017 (3Q17), according to the banking sector, said Deputy Finance Minister I Datuk Othman Aziz. “Bankers have said the potential level of the ringgit would be (a fair value of) 4.1 in 3Q17, but don’t quote me (saying that),” he told a press conference. Othman said the ringgit volatility was cyclical and that it has hit higher levels in previous year. “Yes, maybe the currentRead More

Posted On January 5, 2017By BlackbeardIn Articles

Mixed bag of results for global property markets

THE year has been a mixed bag for the global property markets; some have performed fairly well while some, like in Malaysia, are wishing for better days ahead. New Zealand, driven by strong economic conditions, has had a pretty good year with prime retail taking the lead. The momentum of the current economic growth is expected to continue to benefit the property market in the next 12 to 18 months. Over in Australia, the fundamentals for property remain robust, with Melbourne and Sydney expected to continue to lead the propertyRead More

Posted On January 5, 2017By BlackbeardIn News

Another bumpy ride awaits banks

IT is going to be another tough year for banks in 2017, with loan growth expected to remain subdued at about 5% and asset quality still a big concern amid the sluggish economy. Banking analysts say most of the challenges that the industry faced this year will continue into next year. “Structural and cyclical headwinds, such as the moderate economy, muted loans growth, moderate net interest margins [NIM] and challenging asset quality remain. Hence, there is no change to our cautious stance,” says a Kenanga Research analyst, who, like mostRead More