From Joe
Join Me at Pacific Bitcoin
I'll be speaking at the Pacific Bitcoin conference on November 10th and 11th in Los Angeles, CA.
This is a two-day experience leading the way to a bright, orange future. This event isn't just for talking about Bitcoin, it's about BEING a bitcoiner. Learn new ways to save more, grow your stack, protect your wealth, and have a rip-roaring good time along the way.
Use my promo code "HERESY" for a huge discount on your tickets at checkout! See you there.
News
Dubai's DGCX introduces new physical gold futures and spot gold contracts
Dubai Gold and Commodities Exchange (DGCX) has launched two new products: Physical Gold Futures and Spot Gold Contracts. The products are designed to be used together by traders, similar to a repurchase agreement (repo), to get short-term liquidity from banks through the spot gold markets while opposite physical future trade is done at the same time for the trader to receive their gold back and the bank to get their funds.
Things Are Breaking
In a rare occurrence, the USD and real yields have surged simultaneously the most in the past 25 years, a significant tightening of financial conditions. September saw substantial losses in most asset classes except the USD and volatility. The Fed has now conducted three 75 bps rate hikes in a row to bring Fed Funds to 3.25%, and market expectations of the terminal are now at 4.50%-4.75%, a level that we believe has severe growth consequences. Geopolitical war tensions increased further (natural gas flows shut, pipeline sabotage, land annexation, nuclear threats). But the most significant development is the ongoing crisis in the United Kingdom (UK).
U.N. agency warns of recession linked to 'imprudent' monetary policy
A United Nations agency warned on Monday of the risk of a monetary policy-induced global recession that would have especially serious consequences for developing countries and called for a new strategy. "Excessive monetary tightening could usher in a period of stagnation and economic instability" for some countries, the United Nations Conference on Trade and Development (UNCTAD) said in a statement released alongside its annual report.
OPEC+ Output Cut Sends A Clear Message To The Market
On Wednesday 5th October, OPEC+, at its 45th Joint Ministerial Monitoring Committee meeting held in Vienna, agreed to cut daily oil production by 2 million barrels per day. As it was the first in-person ministerial meeting for OPEC+ since March 2020, which itself signaled that a major announcement was looming, it was fitting that the group announced the biggest oil production cut since the start of the Covid pandemic.