This Holiday season has been truly unique for me. Why?
Well, about four weeks ago, one of my brothers called me up from northern Minnesota. He said, “John, guess what, I have some big news!” And I asked, “What?” He said, “I am getting married!”
That is big news. I asked, “Who is the bride?” And he said, “She’s a Russian speaking girl from the Ukraine.” Wow. Even bigger news.
Then I dared asked, “Where is the wedding?” And he said, “It’s going to be at your place in Los Angeles two days after Christmas!” Wow. At my place?
That means for the very first time, I am hosting both Christmas Eve, Christmas, New Years…and a trans-national wedding at the beach. Wow.
I am already helping pick up Russian speaking people at LAX, who are flying over Greenland to get here, and meeting Russian movie stars on the plane.
I have had to decorate for the first time. Southern California Xmas tree? No problem. Lights? No problem. Stockings? No problem. And the eggnog for the trans-national wedding party is in the fridge too. An adaptable chap I am.
That background gets me to my Real Time Insight. One of the Xmas icons you see when buying Xmas stuff for the first time is the Three Wise Men carrying Gold, Frankincense, and Myrrh in from the East.
Which leads me to my Holiday spiced query for all of you -- I have noticed Gold (around $1640 an ounce, off its $1802 early October peak), Silver (around $30 an ounce, off its early October $35 peak) and Platinum (around $1560 an ounce, off its early October $1735 peak) have sold off. Meanwhile, stocks have been range-bound and higher in the range.
What is driving the precious metal sell-off? How long does it last? And what does this sell-off foretell about the global economy, stocks, and our intertwined global monetary systems in the New Year?