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Wax On Wax Off


US High Yield (HYG) Credit spreads were stable and did not participate to the risk on stampede as pressures remain on rates on credit spreads, especially on the lower end of the credit spectrum. Large outflows in ETF’s invested in leveraged loans were noted yesterday. Oil fell to the lowest in more than six months on signs U.S. supply is accelerating while the world economy is slowing and on speculation that American sanctions against Iran won’t bring them to zero. Gold recovered USD12 to USD1235 (XAUUSD XAUEUR XAGUSD) as the entire precious metals complex gained from the dollar weakening despite equity markets rallying. Gold was also supported by new that Central banks bought USD5.8bn worth of gold in Q3, their biggest purchase since 2015. These purchases contrasted with the first outflows from gold backed ETF’s since Q42016 and comforted the conclusions of the COT report showing speculators remain net short of Gold which helps fueling the current rally. 

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