02 December 2022 – 08:38 Central Euro Time

Early on as the Econ Baro awaits StateSide Payrolls data for November, we’ve not surprisingly all eight BEGOS Markets at present within their respective Neutral Zones for today; volatility thus is light.  There is the sense for the S&P 500 that a complacency to accept the risk of the extremely overvalued Index has returned, albeit we doubt it lasts as long as it has during other such periods, (i.e. when the “live” P/E resides in the upper 30s as it is today), especially with safer and more attractive U.S. debt yield available. Gold (with the help of +15 points of February contact premium) yesterday regained 1800 for the first time since 15 August; too, the Dollar Index is down to its lowest level (104.555) since early August. We’ll include the BEGOS Markets’ year-to-date standings in tomorrow’s edition of The Gold Update.