CONTENTS


4-5 Andy Ash ‘The retail investor stands


16-19


lonely once more’ So far, 2018 has been disappointing for equity investors and bond investors alike. There is no-one involved in financial markets who does not understand the massive distortive effect that liquidity, provided by central bank money printing, has had on valuations for nearly ten years but that bias is now changing.


6-9 Marc Ostwald Russia: “a riddle wrapped in


Charles Branch


The New Kid on the Block It was meant to be the future, the Libertarian ideal designed to take control away from Government, a decentralised currency, the zenith of Anarcho-Capitalism.


21 The Ghost In The Machine Library


22-23 David Hightower Silver – Underpriced and


a mystery inside an enigma” Winston Churchill’s oft cited quote is actually something of a misquote. This is in so far as it omits Churchill’s conclusion: Russia “is a riddle wrapped in a mystery inside an enigma; but perhaps there is a key. That key is Russian national interest.”


10-11 George Eddell


Undervalued Heading into the second quarter of 2018, we see a shift in leadership away from gold and towards silver, platinum and palladium, due to reduced safe haven anxiety (caused by moderating trade war fears) and a revitalized US dollar.


24-25


Storage Wars A recent study by the European Commission into the storage capacity for cereal crops throughout the European Union serves to confirm a structural reform that is evident the world over. Increasing on-farm storage and investment at the point of production, brings with it a renewed independence for growers that functions to swing the market pendulum back in favour of the producer.


12-13 Eddie Tofpik


Erik Norland Russia: Low-Debt, China- Dependent and Set for 2018


Growth The Russian economy, after contracting by 2.5% in the wake of the 2015 oil price collapse, stabilized in 2016 and then grew 1.5% in 2017. With oil prices currently around $60 per barrel and Russia still benefitting from a competitively valued ruble, its economy appears headed for another year of growth in 2018.


26-29 Scott Wellcome


The Human Chemical


Trading Machine... ‘Munehisa Homma, originator of Candlestick trading… he was innately aware of hormonal influences.’


14-15


Alan Bush Stock Index Futures, Trade


US-China Trade War “In a trade war, everybody loses and nobody wins”…this quote and many similar to it, are often the words respected economists use to describe the outcome of any trade war the world has encountered.


30


Wars and Interest Rates From when the recession lows for stock index futures were made on 9 March 2009, there have been a variety of geopolitical events that have temporarily interrupted the advance.


About ADMISI


3 | ADMISI - The Ghost In The Machine | March/April 2018


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