Turkish Central Bank
The ruler of Turkey in yet another bid to seize even more control over the country and its life than he already has consolidated, yesterday said that after the elections scheduled for June 24, in which, inter alia, Mr. Erdogan will have rejigged the constitution to grant and cement his enhanced powers, he will seek to exercise control over the central bank.
Turkish Lira Slides
As hard as it is to believe and watch the Lira continues its relentless downward march having lost 357% since 2009. The economy is very sluggish and inflation is a steady 10%. The long term chart of the pair is jaw dropping.
Silver Commodity of Choice
Silver in similar fashion to gold has been falling steadily though not very sharply for some time. We prefer to trade the silver versus the gold because it is a better value for the cost as well as not having “safe haven” baggage attached to the asset.
FTSE’s Stiff Upper Lip
The Financial Times Stock Exchange Index is grinding its way back to the 7791 level it had attained exactly at the beginning of the February falls. This means in practical terms that this index is nearly done with the fears caused by the US China trade dispute as well as the Kim factor and the US Dollar interest rate hikes that caused investors pause in February and shook them such that a 10% fall in prices occurred.