Ira Yosebashvili

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41 appearances 1 recordings 1 series first heard Jul 2019 last heard Jul 2019

Ira Yosebashvili’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Interest Rate Chatter: It Boosts Gold and Yen Prices, Too · 24 Jul 2019 podcast

the Swiss franc is a popular target.

So it's both a kind of an asset to own, just to own something, and also it is a haven asset.

But yeah, like you said, it's not great news to the Swiss National Bank because it drives the value of the Swiss franc higher, hurting the competitiveness of Switzerland's products abroad.

Well, for gold, it has been just a kind of a Venn diagram of things that gold investors have been waiting for for years.

First of all, you have all this uncertainty coming from trade wars.

You have uncertainty from slowing global growth.

And that benefits gold because gold is an asset that people buy when they believe markets can get turbulent because they feel that it's going to hold its value better than other assets.

But also, you have this big shift coming

in global monetary policy.

Now, gold is an asset that you don't get yield for owning gold.

It's not a yield-bearing asset.

So when people believe that yields are going to go higher, gold is not very attractive.

But

that paradigm shifts when yields look like they're going to go lower.

Now gold suddenly becomes more attractive.

That's why you've seen gold rally something like 11% year to date, and that's why it stands near a six-year high today.

Well, the Japanese yen is an interesting story because Japan also has negative interest rates.

They're also probably going to join the rest of the world in easing their monetary policy.

So the yen should be, in theory, going lower.

But the safe haven bid, I think, in this case, has caused the yen to go higher since late April.

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