ASX: Banks clubbed as gold shines

David Llewellyn-Smith

Wednesday 5 August 2020

The Australian dollar is firm this morning:

Bonds yields are breaking down:

XJO is struggling big time:

Big Iron is soft. I’m worried after Brazil’s better July number:

Big Gas better:

Big Gold up and away. NCM not even at new highs.

Big Banks are sinking into the bath of blood:

Hoocoodanode that fiscal tightening, quantitative failure, crashing property and virus outbreaks do not mix well for banks!

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.