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Alasdair Macleod: Sterling crisis ahead!
By Alasdair Macleod
GoldMoney, Toronto
Thursday, June 1, 2023
This article points to the factors driving sterling gilt yields higher. They are likely to lead to a sterling crisis as foreign selling gathers pace of gilts acquired since 2018.
Before interest rates began to rise, foreign buyers had enjoyed higher gilt prices which more than offset losses on sterling. That is no longer the case.
... Dispatch continues below ...
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Instead, there is growing disaffection with the Bank of England's performance and perhaps a realisation that a general election in only 18 months' time introduces political risk.
This article explains the consequences of denying Say's law, otherwise known as the law of the markets, and by pursuing interest rate policies that have been disproved as a means of controlling inflation. Furthermore, it will be increasing shortages of bank credit that drive interest rates and bond yields higher, not central bank policies.
These are factors that affect all currencies allied to the dollar. The difference between the dollar and sterling is not so much to be found in broad policy dissimilarities but the lower levels of foreign confidence in sterling as a currency in uncertain times. ...
... For the remainder of the report:
https://www.goldmoney.com/research/sterling-crisis-ahead?gmrefcode=gata
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