Lighthouse Investment Management

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Month: July 2015

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  • Gold: Religion or Salvation?

    Alexander Gloy

    What can you do if your investment thesis is not working? Look at the arguments of the opposing camp, see if they are convincing or if your train of thought is holding up. Whom should we hear for the case against gold? You can’t take so-called “research” from investment banks. They are (best case) clueless, as…

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  • Gold Crash July 20

    Alexander Gloy

    In early Asian trade (9:29am Australian time) Gold futures suddenly tanked 5% within seconds. There was no news, no movement in the EUR/USD or other currency pairs. Silver followed, as usual: The selling was so sudden and so violent trading was halted twice (see above). Who would sell thousands of gold futures at once into…

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  • US June Retail Sales

    Alexander Gloy

    US June retail sales (-0.3% m/m) came in below expectations (+0.3%). Excluding car and gasoline sales, sales declined 0.2% (consensus +0.6%). On top of that, May sales were revised downwards by $1.7bn: Retail sales growth has slowed down into a range normally associated with recessions (see chart below). However, low inflation is partially to blame…

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  • June NFP

    Alexander Gloy

    US June non-farm payrolls (+223,000) came in roughly in line with expectations (+230,000). However, revisions over the past five months add up to -154,000. Each of the past five months has been revised downwards (something last seen during the 2008/09 financial crisis). No reason to sound the alarm, but definitely worth watching. Year-over-year, employment growth…

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