For those who have been following – the big story last week was the depreciation in the Yen. The yen has depreciated sharply above the key 151 level, and has weakened to levels last hit in 1990 (more than 30 years ago!). At the same time, gold price has started to break out. After going as high as $2400 at one point, it then dropped back down to $2328. But the monthly chart below shows the significance of this move. Gold price has broken out above all time highs: It some ways, the JPY depreciation, is linked to Gold’s surge, and is linked to how the Feds may react in 2024. This has broader implications for how Asian currencies, and risk assets may play out in 2024. So 2 big topics I wanted to discuss today:

1. JPY depreciation – what will the Bank of Japan do next?
2. Is Gold a good investment?

As always, I want to walk through step by step the...