Gold & everything is correlated to one
We see small signs of top being established: the two driving forces - lower real rates and the expansion of Fed's balance sheet - are both having engine failures.
A mixed German August ZEW Survey
Due to the holiday break, there are few important economic data releases this week with the exception of some EM central bank meetings and a bunch of European statistics. Fortunately, this morning, the German August ZEW Survey is here to provide something a bit meatier. But the news is both good and bad…