It's
a bloodbath. No matter where you look, global manufacturing surveys are
signaling growth is over (and in most cases, outright contraction is
upon us). JPMorgan's Global Manufacturing PMI fell to its lowest level for over six-and-a-half years and posted back-to-back sub-50.0 readings for the first time since the second half of 2012.
もう血の海だ。皆さんの見立てはどうあれ、世界製造業調査によると成長時期は過ぎ去った（そして多くの場合、全くの収斂が起きている）。JPMorgan's Global Manufacturing PMIが６．５年ぶりの低位になった、連続二期５０．０を切っており、これは２０１２年後半以降はじめてのことだ。
June data signalled a mild decrease in global manufacturing
employment for the second month running (but every sub-index declined in
June).
Of the 30 nations for which a June PMI reading was available, the majority (18) signalled contraction. China,
Japan, Germany, the UK, Taiwan, South Korea, Italy and Russia were
among those countries experiencing downturns. The US, India, Brazil and
Australia were some of the larger industrial nations to register an
expansion.
“The global manufacturing sector downshifted again at the end of the second quarter. The
PMI surveys signalled that output stopped growing, as inflows of new
business shrank at the fastest pace since September 2012. This impacted
hiring and business optimism, with the latter at a series-record low. Conditions will need to stage a marked recovery if manufacturing is to revive later in the year.”
How Are Gold And Money Supply Related? by Tyler Durden Sun, 06/14/2020 - 13:00 Authored by Mike Shedlock via MishTalk, M2 Money Supply is surging. Will gold follow? M2マネーサプライが急増している。ゴールドはこれを追従するだろうか？ Let's investigate an alleged relationship between gold and M2, a measure of money supply in the US. よく言われるM2（米国のマネーサプライ指標）とゴールドの関係について調べてみよう。 "There’s a clear correlation between the annual growth rate in M2 money supply and the price of the yellow metal. " 「M2の年率増加速度とゴールド価格の間には明らかな相関がある。」 Clear Correlation? 明らかな相関？ The Tweet claims something different than my lead chart depicts. So let's investigate the above idea in other time frames. このツイートの主張は私が示す最初のチャートが示すものとは異なる。というわけでこのtweetの主張を別の時間フレームで見てみよう。 Gold vs Rate of Change in M2 Money Supply ゴールド vs M2マネーサプライの変化率 If we look at longer time frames, the rate of increase in M2 theory falls flat on its face....
