South Africa: Ominous October, Bullion's Silent Revolution and the Need to Remain Human


The past is the only training manual we have. So, as we revel in the changing of the seasons and the beauty that October brings, we should also heed the lessons of the past - and the October hex that dogs the financial markets.

During the best of days, financial markets are a jittery, nervous affair - and more so during the month of October. From a financial point of view, it is as if October is hulled in gloomy suspense, and neither is such suspense baseless as the month has witnessed numerous market collapses in the past. It is hard not to note that in this, the most beautiful of all months, when nature transitions from one season to another, and spectacularly so, financial markets occasionally opt to transition in spectacular fashion.

While we can be certain that the jacarandas are soon to bloom in Pretoria, will there be another grotesque transition in the financial markets during the October of 2020? I do not know, and any such claim and/or prediction by anybody will dangle on the edge of sorcery, although even Forbes magazine is starting to make noises that a crash could be imminent.

What we do know,...

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