Resilience

In case you missed it, oil’s breached the $70-a-barrel mark, which is a big deal. The loonie’s been flirting with the 83-cent US mark. Bay Street’s main index shot over 20,000, and has held. The Big Six banks just made more money than God has. Portfolio managers are now overweighting Canada. Analysts think corporate profits in the next quarterly reporting period could rise 40% over 2020 levels. Maybe even 50%. And all this is happening despite lousy jobs numbers for the last two months and an over-reliance on real estate in Canada.

Whazzit mean?

Well, just what this pathetic blog has been yammering about for a few months. The reopening trade. And as vaccines defeat the virus global GDP will expand, raising demand (and prices) for commodities, which is good for this Land of Crazed Beavers. Despite our house lust and profligate, spendy, debt-loving ways, it turns out Canada has a decent road ahead.

More than a year ago we said pandemics are temporary. They pass. Always has been the case. Always will be. And so, verily, it happened. The Covid disaster was long, deadly and costly. It sucked large. We grew copious hair, forgot how to drive and smelled a little ripe. Now workplaces will be restored, downtowns slowly repopulated, restaurants and tourism rekindled and normalcy returned. Looking back, last spring was a great time to trim bonds, buy stocks and amp up maple.

As you my also recall, REITs and preferreds were on sale a year ago. As for housing, Covid trashed the market last April for all types of properties and brought a 20% reduction in DT condo prices seven months ago. So over the course of this miserable pandemic there have been substantial opportunities to buy quality stocks, dividend-churning prefs, on-sale real estate investment trusts and also property. All it too was guts. And money. (One is more plentiful than the other.)

What now?

More of the same. Currently we’ve got a healthy 20% weighting to maple (including 5% in REITs) on the growth side of a model portfolio, with 22% in the US and 18% international. Seems about right. Although Canada accounts for less than 4% of world markets we stand to benefit bigly from the reopening trade because of commodities and our proximity to the US, which is exploding.

What about inflation and rates?

Both will be rising. Inevitably. Emergency rates won’t look too wise when the crisis is gone. Too much CB stimulus will just exacerbate a jump in the cost of living, so the cost of money will inevitably, gradually and relentlessly rise. Yesterday the Bank of Canada held the line – to nobody’s surprise – but over the next three years it’s reasonable to expect mortgage costs will double. Or more.

Oil at seventy bucks underscores this. So do golden retriever pups at $4,500. The expectation of inflation is baked in, especially since Covid messed up the supply chain creating incredible shortages of everything from chips for new cars to bath tubs and windows.

Also inflationary are vaccinations. The more the herd is dosed, the faster economic growth will occur and at a time of shortages and heightened demand, that pushes prices up. Canada has gone from a lame-ass effort, starved of vaccine supply, to a global leader for inoculations. Within a couple of months 75% of the citizenry will be jabbed, twice. By Labour Day it will be 2019 all over again. If you thought the pandemic would make things ‘different this time’ you were wrong. It was just a honking big opportunity.

About the picture: “Here is a before-and-after pic of my tripod Apollo which I thought could make a good blog photo,” writes Jon in Ottawa. ” First pic was a couple days after his amputation, second was taken recently. The SPCA picked him up limping around in Gatineau with a serious leg injury. Took him to the vet, who determined it was nerve damage and therefore inoperable, so they performed an amputation pro bono then put him up for adoption. Shortly after I saw him on an adoption website and I mean… that face… a few days later he was mine. He’s 10 now, a little greyer, a little slower and getting carted around by bike instead of joining me on runs. He’s still going strong though and brings smiles to countless passers-by every day. He’s a truly amazing little dude.”

 

126 comments ↓

#1 Scientific on 06.10.21 at 12:11 pm

RE: TRAVEL PASSPORTS

It makes sense that those vaccinated enjoy some benefits, but am I the only one who doesn’t think there is scientific logic in these travel exceptions in EU, passports, etc. being rushed in?

We were told the incubation period is up to 14 days – hence the quarantine periods. This would render a single PCR test at the airport upon arrival insufficient in my view based on proven science about virus, and second check at later time (1 week) would be a logical requirement still.

We have been told that those vaccinated are not by any means 100% shielded, especially against variants which lower efficacy. This is data proven by vaccine makers and varies by vaccine type and variant vaccine is challenged by.

Remember, it is unethical to challenge vaccinated individuals with the virus for tests, meaning the efficacy data may be incomplete from “the wild”. Factor lesser engagement due to lockdowns, travel restrictions, potentially seasonality – which could all create a larger margin of error in data on efficacy against variants. We need to take the efficacy numbers with a grain of salt.

We know new variants are brewing (Vietnam?) and will have a freer time hitching a ride if people are moving. There is nothing stopping even vaccinated people for letting the Rona hitch a ride, and we know variants are the wild card right now.

Vaccinated individuals have lower risk of serious cases according to stats, but not lower risk of being carriers just like anyone else. Also risk data is still being gathered and noise in data is significant.

We know that they have told us as long as 3 months later about variants existing. Meaning, it appears we all learn about them TOO LATE!

We know testing for variants is expensive and complicated and many countries can’t afford it or don’t have the resources to conduct it efficiently.

PCR test remains our gold-standard for testing and reminder: sensitivity of PCR is 63% for nasal swab, 32% for pharyngeal swab, 48% for feces, 72–75% for sputum. Not exactly 100% boys and girls. And considering only about 1% of travellers were infected and spread the variants that slipped by all detection methods, this matters.

Stack all of this on vaccination rates, which are not at targets.

Thinking scientifically, this all adds up to us deciding to stop running the marathon with just 5km left.

And if you stop, you haven’t finished, which means, you’ll have to run it again to claim it as “completed”.

I know my view is quite cautious in approach, but lack of cautiousness in the first place is why the variants have spread so nicely onboard airplanes so far. Not sure science, and recent history are on the side of the rushed decisions being taken.

Which may set us up nicely for the 4th wave in a few months. NOT what we want.

#2 jess on 06.10.21 at 12:31 pm

why bezos needed a tax credit in 2011?

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

#3 Sunny Daze on 06.10.21 at 12:34 pm

Ten year looks sick to me. More stimulus and bond buying?

BOC may need to keep the printer running. The budget will definitely not balance itself.

#4 SOMETHINGS UP!! on 06.10.21 at 12:47 pm

JUST GO ALL-IN!!!

#5 Don on 06.10.21 at 12:53 pm

If someone has more than 10 lines to write in the comments section, he or she needs a job or a dog.

#6 Russ on 06.10.21 at 12:55 pm

To the bickering crowd in this space, I respectfully request that you take the conversation onto social media where it belongs.

Please adhere to the guidelines:
• Respectful, wide-ranging discussion on the topic of the posting is encouraged, and will not be censored.
• Abusive, obscene or disrespectful commenters will not be published, and are subject to banning from this forum.

And for Dog & Garth’s sake, do not feed the trolls.

Best regards, R

#7 jess on 06.10.21 at 1:08 pm

velocity

An Online Lender Gave Hundreds of PPP Loans to Fake Farms. Now Congress Is Investigating.
A House committee has opened a probe into loans by fintech companies after ProPublica reported that millions had gone to businesses that do not exist.

Select Subcommittee Launches Investigation into Role of FinTech Industry in PPP Fraud
May 28, 2021
Press Release
https://coronavirus.house.gov/news/press-releases/select-subcommittee-launches-investigation-role-fintech-industry-ppp-fraud

#8 Faron on 06.10.21 at 1:08 pm

#153 the jaguar on 06.10.21 at 12:22 pm

Go back and read the record. “Bullies” wasn’t my term.

Garth and I had a good exchange on the 7th IMO. I see how his slippery slope argument is cautionary even if I disagree with it. It gives me pause. I was disrespectful calling his retort “shrill” and I apologise for that. Thank you for the opportunity to do so. However, comparing genocidal Naziism to statue removal in protest of cultural genocide is absolutely hyperbolic and doesn’t serve the discussion well. Expressing that is not insensitive. And this isn’t a tickle party in case you haven’t noticed. I’m the 12y.o. here, only I get tickle parties :-). And pillow fights.

This discussion is exclusive to 4 people here, let’s save everyone the time. If you want to have an actual discussion with me, send me an email.

[email protected]

You can also use one of my public addresses if you like. We can then, at the very least, save Garth’s bandwidth and take posturing on the stage of steerage out of the equation. If you don’t want to reveal personal details, sign up for an anonymous protonmail account. It takes one minute. It’s free. SA, if you partake, note the increment in the address.

If you choose to continue this, I will respond when accused.

#9 NJS on 06.10.21 at 1:14 pm

Props to Jon in Ottawa! Thanks for sharing :)

#10 Prince Polo on 06.10.21 at 1:18 pm

Apollo is resilient!

#11 My Body My Choice on 06.10.21 at 1:18 pm

Yes, oil has rocketed the past few months and should continue to perform well. The Iran deal is looking a bit iffy, so they may not be able to export much. World inventories have normalized and OPEC+ seems to be on the ball.
I hung on to my oil shares through the tough times (Suncor, Cenovus, Husky) and they’ve rocketed about 50%, with more momentum ahead. I also added two pipelines (PPL and ENB) which both pay fat dividends and their share prices have increased nicely too.

Telcos are doing well (got Shaw cheap 6 months ago – ka-ching baby!$$). All telcos pay 4-6% yield.

But as Garth has wisely said many times before, unless you’re really good at stock picking, you’re better off just buying an index ETF. Virtually all stocks in the major indexes like the TSX60 have been curated. Losers get dumped, rising stars get added. They are tightly regulated, with several analysts constantly assessing them.

#12 DON on 06.10.21 at 1:21 pm

#6 Russ on 06.10.21 at 12:55 pm
To the bickering crowd in this space, I respectfully request that you take the conversation onto social media where it belongs.

Please adhere to the guidelines:
• Respectful, wide-ranging discussion on the topic of the posting is encouraged, and will not be censored.
• Abusive, obscene or disrespectful commenters will not be published, and are subject to banning from this forum.

And for Dog & Garth’s sake, do not feed the trolls.

Best regards, R

**************

Nicely put!

#13 Quintilian on 06.10.21 at 1:25 pm

“Both will be rising. Inevitably. Emergency rates won’t look too wise when the crisis is gone”

Wrong.

Emergency rates will persist. Inflation will be constrained by increased taxation.

#14 TurnerNation on 06.10.21 at 1:26 pm

**Economic Lockdowns Extended in Toronto. Why I always say expect until 2022-23 or more.
Continued capacity restrictions mean small business just cannot make money. Indoor dining is forbidden by the regime. Welcome tourists!

Till September eh? Just in time for flu season and the winter lockdowns? Or until ON’s announced Digital ID is ready?

.Toronto City Council approves extension of all COVID-19 bylaws until September (toronto.ca)
Chapter 545, Licensing, specifically temporary amendments that require food and drink establishments to implement measures to mitigate the spread of COVID-19 (i.e. through signage, capacity and table limits, etc.) and maintain customer logs

.Ontario-Quebec border reopening still up in the air (cbc.ca)
Restrictions on non-essential interprovincial travel could remain past June 16


— Don’t give them ideas. Lockdown Lite. Profitable tests for someone.

.Germany Makes Rapid Virus Tests a Key to Everyday Freedoms (dnyuz.com)

—- Very likely we are in a test/data gathering period for an official UBI. Fits, if Kanada and Australia are the test zones for this nonsense.

.’Stay home and still get paid’: Jobs go unfilled as frustrated employers blame COVID payouts(nationalpost.com)

— But the hospital capacity guys!!

.Globe says with TC Energy’s XL dead, Alberta out $1.3B
Alberta’s Energy Minister, Sonya Savage, said in a statement: “The government is committed to recouping its investment in the project on behalf of Albertans.

#15 Concerned Citizen on 06.10.21 at 1:35 pm

Financial results compared to 2020 are meaningless. For meaningful comparison, far better to compare to 2019 and 2018 results – the last years before all hell broke loose in 2020. Do that, and you’ll find stock prices are much higher, and earnings aren’t. But that’s been the story since 2009 and the introduction of permanent QE and negative real interest rates – multiple expansion forever and ever.

I wonder what the masses are going to do when they realize this “transitory” inflation the central bankers keep talking about doesn’t mean that prices will come back down after the “transitory” period. Instead, it means inflation will run hot for years, and then settle back into a 2% range. Meanwhile the standard of living for most will decline substantially, because you’d better believe wages for most won’t keep up.

But never forget, Tiff and all are doing this to help the little guy. It has nothing to do at all with propping up the big fat everything bubble they’ve so carefully and deliberately created since 2009. Nothing at all, I’m sure.

#16 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.10.21 at 1:37 pm

“More than a year ago we said pandemics are temporary. They pass. Always has been the case. Always will be.” — Garth

What if the politicians do not want to let it pass this time? What if they think this opportunity is much too good to just let it pass?

#17 Sean on 06.10.21 at 1:38 pm

The expectation of inflation or desire for more inflation?

Look at the US bonds – several hours after the record CPI number 5, 10, 30 year bond yields are all down. In translation, there’s no danger of sustained inflation yet. I think money printing, low interest rates, and unsustainable budget deficits will all continue.

#18 Ustabe on 06.10.21 at 1:39 pm

#12 DON on 06.10.21 at 1:21 pm

#6 Russ on 06.10.21 at 12:55 pm
To the bickering crowd in this space, I respectfully request that you take the conversation onto social media where it belongs.

Please adhere to the guidelines:
• Respectful, wide-ranging discussion on the topic of the posting is encouraged, and will not be censored.
• Abusive, obscene or disrespectful commenters will not be published, and are subject to banning from this forum.

And for Dog & Garth’s sake, do not feed the trolls.

Best regards, R

**************

Nicely put!

May I still post a recipe now and again?

#19 Billy Buoy on 06.10.21 at 1:41 pm

#13 Quintilian on 06.10.21 at 1:25 pm
“Both will be rising. Inevitably. Emergency rates won’t look too wise when the crisis is gone”

Wrong.

Emergency rates will persist. Inflation will be constrained by increased taxation.

————————————————————-

Increased taxation.? Increased taxation?

Wages are stagnant, prices are increasing.

How is one now supposed to pay for increased taxes?

Add in interest rate hikes, where is the cash coming from?

Bingo! More debt and stimulus. Can’t get blood from a rock but the Banks err Gov’t can print til we go to war.

#20 Dolce Vita on 06.10.21 at 1:55 pm

I agree with what you say Garth about investment strategy. Re-adjusted my threadbare portfolio yesterday pretty much along your lines except more US stuff, sorry Garth.

And Labour Day @ 75% of Cdns FULLY vax’d:

SLAM. DUNK.

75% happens on Aug. 23 using today’s vax data.

100% of Cdns FULLY vax’d by:

Sep 17, 2021

[PM Trudeau correct with his end of Sept prediction]

———————–

“starved of vaccine supply”

Careful there Garth. People like me here in the EU have to wait longer for their 2nd dose and watch 50% of EU vax production get exported under license to other countries like Canada.

As of today Canada, NINETY, 90% of your VAX is from the EU. A little sensitive here about the term “starved”.

And meanwhile the VAX HOG Americans despite all their recent bombast* shipped Canada up to including today this many unwanted, unloved AZ doses:

2.9M

out of 30M doses recv’d in Canada, the rest from the EU.

——–

*boasting by NBC that no “other country” will ship as many doses to others. More boasting today of 500M bought for the rest of the World.

Quietly the EU since late last year has shored up many a country to the delay of its own citizens, unlike the Americans and Brits.

Oh, and the EU “quietly” will buy 1.8 Billion doses for the rest of the rest of the World.

Be Contrite instead America. Not boastful.

#21 Quintilian on 06.10.21 at 1:57 pm

#19 Billy Buoy:

You are thinking as an honest economist.
The BOC gets its orders from politicians.
And while I don’t want to offend politicians-shall we just say they are not honest economists.

#22 Aftred on 06.10.21 at 1:58 pm

I was on vacation in Spain when the lockdowns happened last March. As the wife and I were sleeping in airports and train stations trying to make our way to the UK to escape Europe (it ended up being Frankfurt that got us back home) all I could think about was the buying opportunity that was underway.

While in quarantine for the next 14 days I put every penny we had into the market/bitcoin/anything I could get my hands on.

I’ve made more in investment gains that my entire lifetime before that point.

Insanity. The early end to our vacation was the best thing that could have happened. The Europeans were nice and calm at the individual level while our families back in Canada were pooping themselves in fear and refusing to leave the house.

#23 Russ on 06.10.21 at 1:59 pm

Ustabe on 06.10.21 at 1:39 pm

#12 DON on 06.10.21 at 1:21 pm
#6 Russ on 06.10.21 at 12:55 pm
=============================

May I still post a recipe now and again?

—————————————————

Hell yeah.

Food is always on topic with pandemic recovery, harvesting gains or responding to losses. So basically every post.

I plan on using your recipe on the next cruise (probably in the southern Gulf Island area).

Cheers, Russ

#24 Brett in Calgary on 06.10.21 at 2:04 pm

Once again, thank you for your advice Garth. I dumped all bonds (I know… a no, no in the B&D world) last spring and plumped up on unloved assets like CAD O&G, REITS and Prefs. As a result my family finances will enjoy their best Y-O-Y return ever. This blog, along with a ‘Random Walk Down Wall Street’ changed our fortunes. Thank you. Next up may be a house if prices cool a bit in AB.

#25 tbone on 06.10.21 at 2:06 pm

I bought XEG and ENB last april .
What a visionary.
I should of bought more .

#26 FriedEggs on 06.10.21 at 2:18 pm

More to life than real estate, bitcoins and bonds. What’s the use of any of it if your morally, spiritually and mentally decaying.

#27 Dolce Vita on 06.10.21 at 2:21 pm

#1 Scientific

I read your frustration but the EU got hammered by Covid and as an Italian I am less than enthused to let tourist throngs into Italia without some evidence they are vax’d and Covid free.

Venezia, where I will now start renewing my passeggiate at, get 30M plus tourists a year per the Venetians that track this, pre-Covid (ignore other idiot publications esp. by the UK and America – know nothing as usual).

A petri dish in the making down Venezia’s narrow calli without Covid tourist controls.

—————–

Finally found a source, good old Sweden, that explains the entry requirements simply and well for some EU countries, of course use Google Translate:

https://www.aftonbladet.se/minekonomi/a/M3zwmm/utlandsresa-i-sommar-har-ar-kraven-fran-populara-landerna

#28 the jaguar on 06.10.21 at 2:31 pm

@ FARON…..when hell freezes over. Given there is no protection on this blog from the likes of you it leaves one with few options. If you persist I will post your comment from previous months. Mention my name even once more and that will pull the trigger.

#29 willworkforpickles on 06.10.21 at 2:35 pm

Good luck with the mass assumption of interest rates staying low like permanent even forever (you’ve been deceived) So many are drunk on this spiked kool-aid and high on deception.
Many only hear what they want to hear. Believe what they want to believe…have picked out bits and pieces of deception that suits them best as is their right to do so. Its a free country after all.

After so many hundreds of hours of research i don’t make assumptions about how deceived i can see the masses are.

#30 Scientific on 06.10.21 at 2:40 pm

#27 Dolce Vita

@@@@@@@

I hear you. The thing is, vaccinated visitors are not guaranteed against bringing an exciting variant to your Italia, which let me point out is just 45.5% single dose vaccinated, and 22.4% duo dosed. The variants had no issue with the Swiss cheese blockade the world has put up to date – hence why I question easing it.

I would say in such a scenario, easing travel and letting outsiders in is a particular risk at this time to Italy, even in a month.

Look at what’s happening in the UK. In just the past 10 days UK has gone from 3K cases daily to 6K after things eased. And UK has nearly double Itally’s % of fully vaccinated.

I’m just saying, we need to go with science on this one. But politicians are clearly going for popularity as sun shines.

How else do you explain Ford keeping schools closed while opening those very essential patios few days later?

#31 westcdn on 06.10.21 at 2:41 pm

I will wait to see what happens on the inflation front and interest rates. The CB’s do a lot of jaw boning these days if not willful deceit.

I do believe the Canadian economy will show strength during the next 6 months mainly due to commodity prices. Finally farmers will get decent price for their effort. I have been eating corn on the cob like there is tomorrow – maybe the last time for a while. As for looking for investments, SRG.UN and XCT have my interest.

Crowdie, I have a book called “Guns of August” and it about the why WW1 started and the first 6 – 8 weeks – a different read for you. The world population was maybe 1.7 billion and the enormous casualties and costs were staggering. Then it was followed up by the Spanish flu which was hard on young women.

I read history as a hobby, particularly wars which I think are the ultimate political statement. May I suggest the RealclearPolictics website. https://www.realclearpolitics.com/ The history tab has lots of good stuff and the other tabs are good too.

I read that 1/3 of the population of Genghis Khan’s former empire today have his DNA. He demanded the lands he conquered turn over their most beautiful women to him. He must have had a hell of a harem and sons with his sense of entitlement. Great men, great stories.

#32 Immigrant man on 06.10.21 at 2:42 pm

Funny, you open CBC and its like “oil is done, so done, never coming back, it’s done, blah blah blah”. Instead oil is coming back in a big way.

I work in mining. There is a very positive outlook at the moment in this cyclical industry. Big smiles on bosses faces over the demand ahead, big expansion plans, headhunters calling-calling-calling. Loving it!

#33 Dolce Vita on 06.10.21 at 2:43 pm

I hate to say this Garth, I don’t think it’s over yet.

The UK battling the now dominant India variant and will probably not re-open 3rd week in June because of it. From what I read they are doing their damndest but still worry.

The India variant is not the dominant variant in the UK.

Started with just a few % of total cases.

https://www.telegraph.co.uk/global-health/science-and-disease/coronavirus-news-covid-vaccine-lockdown-june-21-india-variant/

Americans worry as well and so they should. It now accounts for 6% of US cases:

https://edition.cnn.com/2021/06/08/us/us-coronavirus-tuesday/index.html

Everyone saw what it did to India and continues to do (near 7000 “official” dead there yesterday). A race to fully vax right now in N. American and Europe.

——————

Canada is particularly VULNERABLE. UK says you need to be fully vax’d and per their Bolton even then, 10% of the hospitalizations with that variant were FULLY vax’d.

About 9.5% of Canadians fully vax’d why Canada your vulnerable to the India variant.

To add INSULT to ACCIDENT Canada’s sequencing, screening prowess below par i.e., good luck finding it:

Most labs in Canada not fully able to detect Delta COVID-19 variant, experts warn

https://globalnews.ca/news/7922969/covid-19-delta-variant-testing-canada/

——————

I say this since rich nations close to the finish line. The only thing I see preventing that is the India variant.

And Canada, is VULNERABLE. Very vulnerable.

No party balloons, noisemakers yet Garth…but oh so close.

#34 Axehead on 06.10.21 at 2:44 pm

Yeah, bought a tub from Home Despot, two months backorder.That stinks. So do I.

#35 Sail Away on 06.10.21 at 2:47 pm

#28 the jaguar on 06.10.21 at 2:31 pm

@ FARON…..when hell freezes over.

——-

Likewise- it comes down to trust. Although I do trust you’d happily throw me under a bus with knife in the back.

#36 TurnerNation on 06.10.21 at 3:14 pm

Coming soon: Mandatory GreaterFool ID cards. It will certify that the owner has a Balanced Portfolio and a dog and/or a Motorcycle.

……….

Why the continued Economic and Social lockdowns?
It’s been said that Ontario hospitals stopped flu testing a while ago. CV tests only.
Also reported (by a local ER Doc on twitter) is that doctors get $450/hr to work the CV wards.

– @DavidAnber Right now in Ottawa, 0.04% of the population (0.0004) has COVID (Source
@HealthOttawa )

– Wall Street Journal opinion piece
https://archive.is/Y7ep4#selection-3531.5-3535.77
California’s Endless ‘Emergency’
Gov. Newsom clings to extraordinary powers even while announcing ‘reopening.’


….So what’s really going on in this WW3 – while we are kept fearful and distracted? Yep, LAND – the spoils of war.

– BLACKROCK is buying up the houses and over bidding them. (You will own noting and be happy!)

https://twitter.com/APhilosophae/status/1402446598202875908?
Blackrock is buying every single family house they can find, paying 20-50% above asking price and outbidding normal home buyers. Why are corporations, pension funds and property investment groups buying..

-Invesco Backs Mynd to Spend $5 Billion on Single-Family Rentals
https://www.bloomberg.com/news/articles/2021-06-01/invesco-backs-mynd-to-spend-5-billion-on-single-family-rentals
June 1, 2021, 7:00 AM EDT

#37 Brian Ripley on 06.10.21 at 3:15 pm

My two charts with May data are up for:

1) TSX INDEXES for Energy, Real Estate, Financial Services, Gold and the Bank of Canada Commodities in $CAD.

2) MILLIONAIRE METRIC Vancouver, Calgary & Toronto Single Family Detached and a Millionaire all priced in $CAD Ounces of Gold

The Canadian commodities index, after hitting the April 2020 Covid 19 lock-down low continued moving up with the crude oil bulls and is now above the 2018 highs heading towards a test of the 2014 highs.

In May 2021 the nominal price of gold rose 7.5% M/M denominated in USD and up 4.3% M/M in CAD. Over 10 years, the nominal price of gold has gone up 23.7% in USD and 54.9% in CAD.

The TSX Gold and Real Estate Indices are heading back towards the 2020 highs while the TSX Financials index is carving out new highs.

Over on the Millionaire Metric chart the plots are heading down again which is a good thing if you are pricing real estate in CAD Gold.

#38 Faron on 06.10.21 at 3:18 pm

#154 Sail Away on 06.10.21 at 12:41 pm

Respectfully responded via e-mail. Check your spam if you don’t see it.

#39 physicist on 06.10.21 at 3:19 pm

@ #30 Scientific
@ #33 Dolce Vita

I agree with you ladies/gents.

The Delta variant may cause the re-opening to be delayed. Even the US will be struggling. It is very rare to be given a crystal ball into the future, but a look abroad will tell you what is coming here soon. Sadly, the government rarely uses this tool.

With regard to the patio opening in Ontario this weekend however, it seems reasonable to me, and they can hold at this step longer if need be.

We are trying to control something that scales multiplicatively. The mathematics of covid transmission is quite similar to control of neutron multiplication in nuclear fission reactors (my background). Outdoor activities are completely a different ballgame than opening schools. Cramming folks from different households into small indoor rooms for hours a day is like withdrawing the control rods on your reactor….

#40 Linda on 06.10.21 at 3:26 pm

It always amazes me how well pet amputees can get around. Go, Apollo!

Also at $4,500 a pop, seems like the ‘gold’ in ‘golden retriever’ is being mined:)

Am awaiting to see what the next official inflation numbers for Canada will be. As per our local community association repair men, the cost of lumber etc. has increased yet again from when they estimated the cost of repairs to a rink backstop a month ago. A thousand bucks worth of supplies made a mighty small pile given the tab! Also noticed that quite a few folks have put in a vegetable garden in our neighborhood. That was a common sight last year; interesting that so many have decided to do it again. Nothing like home grown!

#41 Faron on 06.10.21 at 3:35 pm

Ha, someone’s having fun signing up

[email protected] to various lists.

#28 the jaguar on 06.10.21 at 2:31 pm

I understand your hesitance and respect your decision. I tried to establish this link in good faith to clear Garth’s comments from an issue no one cares about and maybe open a channel for anonymous exchange that doesn’t involve Garth.

Google protonmail and you’ll see it is anonymous and untraceable. I’m okay at computers but a very far cry from hacker level.

SMDH

#42 Trojan House on 06.10.21 at 3:36 pm

While all pandemics do pass, this one has not, not by a long shot. I hate to say it but I think TurnerNation is correct that it will drag on in one form or another until at least 2023. Look at Toronto extending the restrictions until at least September. What is going to be any different then? If anything, September is when we start the illness season again, therefore, they likely will vote to extend restrictions even more, perhaps even make them more stringent.

If the vaccines are defeating the virus, then why are we still lockded down, wearing masks and social distancing? Only in the US do the vaccines seem to be defeating the virus and I’m not even sure if it’s that or more about the people being fed up with these constant restrictions.

The UK was set to “open” on June 21st and now they are waffling on it. Why? Because they are seeing a slight uptick in cases. The country with one of the highest vaccination rates in the world waffling on opening up because of a few extra cases (btw, are the cases caused by the vaccines as we’ve seen in other countries?). It seems there will always be a new variant around to impose more restrictions.

Don’t even get me started on the people. It’s almost as if some of us don’t want this pandemic to pass. Seems we are happy to constantly wear masks, social distance, jump out onto the road when walking by a stranger, wipe down shopping carts and groceries, push elevator buttons with our elbows and stand behind a 2×2 plexiglass with open spaces around it. In fact, some people will continue with it all even if and when the pandemic does eventually pass. The psychological effects will be longer lasting than the pandemic I’m sure.

#43 Habitt on 06.10.21 at 3:38 pm

Jon thanks for sharing those photos of Apollo. Beautiful

#44 Sail Away on 06.10.21 at 3:44 pm

#38 Faron on 06.10.21 at 3:18 pm
#154 Sail Away on 06.10.21 at 12:41 pm

Respectfully responded via e-mail. Check your spam if you don’t see it.

———

That ship has sailed. Too much accusation, too much defamation and zero respect. I am not interested in interacting with you.

#45 Russell Dale on 06.10.21 at 3:54 pm

Won’t the “messed up” supply chains heal?

#46 Faron on 06.10.21 at 4:03 pm

#44 Sail Away on 06.10.21 at 3:44 pm

That’s fine. Channel is open to anyone. Might be hard to find messages under all the lists the address is being subscribed to.

Let the record show that you have chosen to posture here over direct comms twice now. And no BB, missing our “date” with minutes notice is not the same thing.

#47 Humbled ◇ Broke on 06.10.21 at 4:26 pm

Cooperative Russian and Spanish medical study profiled in RT Web today indicated elevated risk of stroke and blood clots from those who were covid vaccinated when on long high altitude flights. Increased risk of thrombosis is higher under these travel conditions as a possible side effect caused by some vaccines. The spike protein is suspect in this health condition, and the duration of the risk is unknown.

Study recommends vaccinated for not fly!

Goodbye to overseas vacations for now, till this complication gets cleared up.

Hmmmm, is God telling us something? Worrying, no?

#48 IHCTD9 on 06.10.21 at 4:27 pm

#44 Sail Away on 06.10.21 at 3:44 pm
#38 Faron on 06.10.21 at 3:18 pm
#154 Sail Away on 06.10.21 at 12:41 pm

Respectfully responded via e-mail. Check your spam if you don’t see it.

———

That ship has sailed. Too much accusation, too much defamation and zero respect. I am not interested in interacting with you.
—— —-

I was once schooled in the concept of “positive reinforcement”. If someone behaves badly – ignore. If someone behaves well – interact positively.

I think Faron has some issues if he’s seeking to argue with you directly via your personal email. Probably time to hit the ignore button at this point. For a long time too.

Maybe BB, and Jag could be on board too. There’s just going to be no end to it otherwise, and it’s starting to soil the whole comments section. – And that’s coming from a major polluter in his own right (cough!)…

#49 Ustabe on 06.10.21 at 4:28 pm

There is one thing you can say for today’s sturdy conservative men and women.

Some of them sure play the victim card well.

#50 Prince Polo on 06.10.21 at 4:30 pm

#152 Faron on 06.10.21 at 12:06 pm
#150 Sail Away on 06.10.21 at 11:16 am

Responsibility for echoing the views of others and seeing evidence that shows your avitar has psychopathic tendencies? As far as I can tell, Sail Away is the only commenter thus accused by me and many others. So, sure.

You could also just tell us why you drew a parallel between statue removal and murderous hate crime rather than dodging and provoking (throwing an ink cloud) which seems to be your way of saying “okay, I messed up”.

==============================
Dear Faron,

Ironically, this might also be one of those times when a contrite “my bad” (from you) would be more suitable than doubling-down on your original (and incorrect) assumption that posting a link about the London hate-crime somehow equates to condoning statue destruction and/or residential school atrocities.

DISCLAIMER: the above should be taken at face value, with absolutely nothing intended between-the-lines.

#51 Mehling on 06.10.21 at 4:33 pm

Thanks for the splits Garth.

Good news on back to the office.

“Goldman Tells Workers to Report Vaccine Status by Noon Thursday”

https://www.bnnbloomberg.ca/goldman-tells-workers-to-report-vaccine-status-by-noon-thursday-1.1615269

#52 VladTor on 06.10.21 at 4:40 pm

Garth:
Bay Street’s main index shot over 20,000, and has held. The Big Six banks just made more money than God has. Portfolio managers are now overweighting Canada. Analysts think corporate profits in the next quarterly reporting period could rise 40% over 2020 levels. Maybe even 50%. And all this is happening despite lousy jobs numbers for the last two months and an over-reliance on real estate in Canada.

************

I’m thinking situation sweet only b’s ….The BoC has funded nearly the entire budget deficit.

https://dailyshotbrief.com/the-daily-shot-brief-june-7th-2021/?utm_source=rss&utm_medium=rss&utm_campaign=the-daily-shot-brief-june-7th-2021

Blue – the deficit of the Canadian budget since March 2020, since the beginning of the ‘pandemic’, or rather lockdown.
Red is the amount of Canadian government debt on the balance sheet of the Canadian Central Bank. One to the other 87%

In other words, in order to spend something that does not exist, they simply printed it.

Curtain.

The schedule is somewhat outdated, after all, it’s April. But essentially everything remains in effect.

Will see what happened next year.

**********
I agree with you Mr. Garth
…What about inflation and rates?
Both will be rising.
**********

When I see data like in web (coming more and more and scare me) I’m starting thinking that rates will be rising unexpectedly a lot.

Would be interesting to know Mr. Garth, what is yours forecast for rate in next 2 years?

#53 G on 06.10.21 at 4:42 pm

Some might find this interesting. 9.5min June 9, 2021

Property-owning democracy or landed aristocracy?
Pierre Poilievre. (inflation is mentioned also).
https://www.youtube.com/watch?v=7hn2b5-50go

#54 Sara on 06.10.21 at 4:53 pm

#35 Sail Away on 06.10.21 at 2:47 pm
“I do trust you’d [Faron] happily throw me under a bus with knife in the back.”

LOL. You are projecting again.
———————————————-

#44 Sail Away on 06.10.21 at 3:44 pm
“I am not interested in interacting with you[Faron].”

So you are going to stop all dialogue with Faron on this blog as well. Excellent!

#55 IHCTD9 on 06.10.21 at 4:57 pm

#93 Ustabe on 06.09.21 at 5:35 pm

… I guess its time for another recipe.

Cook bacon rashers, (strips).

Whisk up your favourite pancake batter…
—— –

That kind of sounds like a bacon corn dog :)

#56 Lee on 06.10.21 at 5:03 pm

Even though the pandemic will not last forever, it has lasted long enough that for a lot of people it was “different this time”. Some people have had a year and a half of down time. That will place many people a couple of years behind in their professional or educational development, and in their financial plans. So in a way, it was different this time.

#57 Wait There on 06.10.21 at 5:18 pm

Inflation will not be temporary.
We did enjoy low inflation numbers in the past two decades only because our adoption of chinese manufactured goods averaged down the inflation rate. Domestic inflation still kept going but the adoption kept the overall rate in check.
Now that China has inflation of its own that is significant https://www.economist.com/finance-and-economics/2021/06/10/soaring-factory-prices-in-china-add-to-global-inflation-fears There will no longer be an averaging down scenario. If anything, China’s inflation will force an average up in the next period.

#58 Wrk.dover on 06.10.21 at 5:25 pm

#7 jess on 06.10.21 at 1:08 pm

_________________________

Thanks for the come back tidbit Jess!

#59 Sail Away on 06.10.21 at 5:25 pm

#46 Faron on 06.10.21 at 4:03 pm

Let the record show that you have chosen to posture here over direct comms twice now.

——

Aww.. strawbaby conception!

I hope this one doesn’t grow up as evil as all his brothers.

#60 tkid on 06.10.21 at 5:32 pm

This video is one of the reasons why I come to this site:

https://www.youtube.com/watch?v=_r0htm5uHPQ

Will the pensions be there when I need them?

#61 George Sanchez on 06.10.21 at 5:36 pm

Central banks are at it again. Look at the 10 year US treasury bond yield today dropping for over a week now to 1.43%. It as 1.65% just a week or tow ago.

Inflation now at 5% annualized in the US and 3.4% inflation in Canada US bond yields dropping 13.3% and in Canada even more in just a couple weeks from already very low levels of interest rates already. Inflation is not temporary or transitory. This higher inflation is here to stay and they know it. Central banks especially the US Federal Reserve are the biggest price fixers in the world just like Jim Grant has been saying for years.

#62 Faron on 06.10.21 at 5:42 pm

#59 Sail Away on 06.10.21 at 5:25 pm

Leave it or get in touch. The record stands and you know it. I’m requesting that Garth block me to save everyone from my itchy fingers. And to save everyone from yours once the self congratulating is done.

#63 joe on 06.10.21 at 5:57 pm

DELETED (Anti-vax)

#64 Please just stop. on 06.10.21 at 6:07 pm

#59 Sail Away on 06.10.21 at 5:25 pm
#46 Faron on 06.10.21 at 4:03 pm

Enough already. My scrolling finger is tired.

#65 George on 06.10.21 at 6:12 pm

Um,did you just use Canada and global leader in the same sentence Garth ?

Canada and global leader r like water and oil

We can’t even make our own car

C’mon now

#66 Michael on 06.10.21 at 6:17 pm

Time will tell but the 10Yr Yield that was jacked up on inflation expectation looks kinda sick lately and it seems to want to go back to 1% or lower.
And if that is the case, well deflation might be closer than you think and asset prices could be looking for the floor again.

#67 IHCTD9 on 06.10.21 at 6:25 pm

Anyone got tent caterpillars this year? They’re so thick here you can hear them munching and crapping all over the place on a quiet night. Little pcs of leaves drifting down like miniature confetti.

I just came in from mowing, I had them all over me. Down my shirt, in my shoes, even a couple in my majestic flowing beard.

After this supposedly we’ll get one more year of these little buggers. I hope my trees survive…

#68 Garry on 06.10.21 at 6:44 pm

Hmm by labour day ehh?
Garth,” your words in gods ears”.
To me it looks like preparation for the next phase of “saving lifes” .
Some restrictions will stay for longer time( for how long(?).What about 25% who does not want to get this shot? Shame on them?
How many lifes were broken for the last 12 month due to this “saving lifes ” event?
They literally damaged young generation, and why should we not talk about it?
Yeaa we do not just give the shot i want to be free …this is exactly how it ” vaccine is a key” right?

#69 the Jaguar on 06.10.21 at 6:54 pm

@#48 IHCTD9 on 06.10.21 at 4:27 pm

I agree with you completely. Pretty creepy post today with the email scam. I’m going to take your advice.

But I’ll keep my word from earlier today with this one last shout out to BillyBob. BillyBob, if you are wondering if that strange person at the bar a week or so ago might have been the ‘victim’, Mr. “oh please stop holding things over my head”, you can find the answer easily enough by checking the Race results for the 2016 Squamish 50-50 Miler. Result #96. He told us himself. Left such an obvious clue. It will be great to sit back and just enjoy reading the blog.

#70 Nonplused on 06.10.21 at 6:55 pm

#2 jess on 06.10.21 at 12:31 pm
why bezos needed a tax credit in 2011?

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

———————————

That article is disingenuous to say the least. A notional increase in the value of one’s holdings, which is nothing but a spreadsheet operation, is not cash. In order to pay tax on notional stock price increases one must sell. Which eventually they will.

If they start taxing notional wealth, your assets would be included under the same laws, so be careful what you ask for.

Stocks are not money and calculating wealth by multiplying net holdings by the last trade price is dubious accounting at best. But it certainly isn’t income, at least not until it is sold.

#71 cuke and tomato picker on 06.10.21 at 6:59 pm

IHCTD9 where do you live? Can you spray?

#72 crowdedelevatorfartz on 06.10.21 at 7:01 pm

@#49 Ustabe
“There is one thing you can say for today’s sturdy conservative men and women.

Some of them sure play the victim card well.”

+++

We learned from the $400 billion dollar “Apologist in Chief”.

Just wait until interest rates start ratcheting up on that debt… coming in the next 2-4 years
The govt service cuts will be ….just like that one year debt balloon…..epic.

#73 crowdedelevatorfartz on 06.10.21 at 7:05 pm

@#67 IHCTD9
“Anyone got tent caterpillars this year? They’re so thick here you can hear them munching and crapping all over the place on a quiet night. ”

+++
Yeah.
I never sprayed the disgusting little bastardos.
The birds might eat the dead toxic ones.
I used to build a small fire and cut the infested branches off and burn them.
Gross but necessary….if you want your trees to live.
The warmer the winters the less they die off.

#74 DON on 06.10.21 at 7:09 pm

#55 IHCTD9 on 06.10.21 at 4:57 pm
#93 Ustabe on 06.09.21 at 5:35 pm

… I guess its time for another recipe.

Cook bacon rashers, (strips).

Whisk up your favourite pancake batter…
—— –

That kind of sounds like a bacon corn dog :)

*******************
I will be trying the recipe on Sat. Will due the bacon in the airdyer then into the batter.

#75 pPrasseur on 06.10.21 at 7:15 pm

“Also inflationary are vaccinations.”

Printing money faster than productivity growth is inflationary, that’s all inflation is.

The only thing that kept inflation in check (sort of…) in past decades is the arrival of millions of new cheaply paid workers is emerging nations, mainly China, that used to drive many prices down.

Will not work this time.

Socialist millennial generation are setting themselves up for one hell of a crash!

#76 DON on 06.10.21 at 7:18 pm

#71 cuke and tomato picker on 06.10.21 at 6:59 pm
IHCTD9 where do you live? Can you spray

************
Kids came home last week saying they were all over the alder trees and field. I noticed them on the deck as well. Going after the tomatoe plants. Bad year for them.

#77 Under the radar on 06.10.21 at 7:24 pm

67 ; 73 we have gypsy moths for the second year. We have sprayed our linden trees with BTK and used duct tape around their trunks . I too hope the trees survive :

#78 Dr V (not even a Phd) on 06.10.21 at 7:28 pm

25 tbone

“I should of bought more ”

Yeah….agreed……sigh…….

:(

#79 IHCTD9 on 06.10.21 at 7:32 pm

CEF and C+T picker, don’t know if I can spray, no one else in the hood seems to be. We’ve got tape around the trunk smeared with grease, they won’t cross it and Ms. IH goes out there and picks them off. I think they can “blow” into the trees as well on those silk lines they make though, plenty up in there despite the greasy tape…

#80 NotFaronOrAmI on 06.10.21 at 7:45 pm

#69 the Jaguar on 06.10.21 at 6:54 pm

Sorry, this is just too hilarious to let pass.

OMG. LOL. Ya sniffed me out. May as well toss that name into ultrasignup.com to see what else I’ve done, where I’ve been, how slow yet dogged a runner I am. Look me up on Strava too: you’ll get clear insight as to what I’m up to and how I’ve beflabbed myself during COVID. Glad to tell stories of blood, joy, tears, delusion, deep solace and outright ecstacy. Until then. ROTFLMAO.

For the billionth time: I don’t care if you, or anyone knows my name. It gives everyone protection because it keeps me accountable and makes it clear I’m not out to do something criminal or even stupid. Just as Garth posting as himself, the only one in any danger is me. Not you. What I ask is that you don’t weaponize it.

As for email: If you can think of another way to take this out of Garth’s hair, I’m all ears. Carrier pigeons? Messages in bottles? Graffitied train cars? Twitter? Bananaphone? Pager? IRC? For the love of god, anything. I’m not out to get you.

#81 Dean Matcalif on 06.10.21 at 7:48 pm

Talking about inflation, gold prices will hit $5,000 by 2024-2025 and $10,000 by 2027 at the latest. Silver will be $100 by 2027. It is coming and I am finally going to make a real huge bundle since I got my gold and silver at $290 Canadian and $4.75 Canadian back in 1999.

#82 Out Of Work CEO, Will Travel on 06.10.21 at 7:50 pm

Even as a god-fearing believer in our Only One it is necessary to reward Garth with a big “thank-you” for the above slice of apple pie. The apple pie separates us from the heathens. Not to end in a prothelyzing done..God Bless, no kidding.

#83 Danny Pinot on 06.10.21 at 8:00 pm

US inflation hits highest since 2009 5% for annual calculation for May-2021. What nobody is talking about is US 10 year bond yield was 3.95% to 4% and US 30 year bond yield was 4.6% to 4.7% back when 2009 inflation was that high.

Look at today, US 10 year bond yield are 1.44% and US 30 year bond yields are 2.14%. See the massive bond market manipulation, rigging, fixing of bond prices and very low interest rates, bond yields by US Federal Reserve and other central banks like our Bank of Canada, the Bank of England, Bank of Australia, Bank of Japan, ECB etc. It is disgusting.

#84 Jake on 06.10.21 at 8:07 pm

“It was just a honking big opportunity”

I heard that beep, beep last year and jumped into the driver’s seat. Dark and scary navigating at first, but’s it’s been a nice ride up since.

#85 crowdedelevatorfartz on 06.10.21 at 8:09 pm

@#60 tkid
“Will the pensions be there when I need them?”
+++

Never, ever, count on politicians to have your back.

Always squirrel away money to keep your self afloat for at least a year or two.
CERB was a hideously expensive social experiment that probably wont happen again.
Next pandemic.
You’re on your own.

#86 espressobob on 06.10.21 at 8:12 pm

I went to the mass vax clinic this morning for the second injection. Left deltoid is a bit sore, but being part of the solution feels good.

Its unfortunate a minority of individuals are still beating their rusting drums, as anti vaxxers?

Maybe a visit to an ICU full of covid victims on ventilators might shed some light on the nature of this bug, that doesn’t discriminate. Wake up!

#87 Nonplused on 06.10.21 at 8:14 pm

Could this be?

https://www.investmentwatchblog.com/this-is-why-house-prices-are-shooting-up/

Seems fantastical.

#88 Sail Away on 06.10.21 at 8:20 pm

#73 crowdedelevatorfartz on 06.10.21 at 7:05 pm
@#67 IHCTD9

“Anyone got tent caterpillars this year? They’re so thick here you can hear them munching and crapping all over the place on a quiet night.

———

Those, my friend, are one of the greatest food and nutrient bonanzas around. Everything eats them, they provide massive amounts of fertilizer, they cull the weak trees, and are completely harmless. Welcome them in all their profusion.

#89 Ponzius Pilatus on 06.10.21 at 8:22 pm

#86 espressobob on 06.10.21 at 8:12 pm
I went to the mass vax clinic this morning for the second injection. Left deltoid is a bit sore, but being part of the solution feels good.

Its unfortunate a minority of individuals are still beating their rusting drums, as anti vaxxers?

Maybe a visit to an ICU full of covid victims on ventilators might shed some light on the nature of this bug, that doesn’t discriminate. Wake up!
——————
Good to hear.

#90 crowdedelevatorfartz on 06.10.21 at 8:35 pm

@#88 Sail Away
“Those, my friend, are one of the greatest food and nutrient bonanzas around. Everything eats them, they provide massive amounts of fertilizer, they cull the weak trees, and are completely harmless. Welcome them in all their profusion.”

+++

I like them, quick roasted, over an open fire…..and the trees thank me.

#91 Winterpeg on 06.10.21 at 8:41 pm

So REITS and preferred still worth buying?
Thx.

#92 Stoph on 06.10.21 at 8:53 pm

#70 Nonplused on 06.10.21 at 6:55 pm
#2 jess on 06.10.21 at 12:31 pm

————————————————————

Your municipal taxes are already based on the notional value of your house.

#93 espressobob on 06.10.21 at 8:55 pm

#89 Ponzius Pilatus,

Thanks, but this also a social responsibility to protect others, just in case one is asymptomatic and understandably unaware of the complications and threats to rest of society. We’ve learned that lesson, at least some of us…

Cheers.

#94 Nonplused on 06.10.21 at 8:57 pm

#2 Jess

Here is a more appropriate analysis of why Bezos and Musk paid what they did, and what it would mean for you if they had to pay more:

https://www.zerohedge.com/news/2021-06-09/so-i-guess-it-wasnt-two-cents-after-all

Some key takeaways:

– The years Musk paid no income tax, he was receiving no income!

– Musk and Bezos both have space companies providing billions in writeoffs because as of yet they make no money but suck in billions for “research”.

– The amount Bezos paid was more than Warren’s proposed “wealth tax”.

– The way they structured their taxes is the same way everybody structures their taxes.

– Homeowners can get tax free HELOCs just the same way Musk borrowed against his Tesla shares to fund SpaceX.

Creating some novel new tax concept to be applied only to the rich and then pondering the deepness of the injustice is just not going to cut it.

#95 -=withwings=- on 06.10.21 at 9:04 pm

Still can’t believe preferreds like TD.PF.K were less than $20. I only got 1000 as I have no RRSP room left :(

#96 Nonplused on 06.10.21 at 9:06 pm

For those electric vehicle fans out there:

https://www.zerohedge.com/markets/ford-secures-100000-reservations-electric-f-150-pre-order-count-climbs

I have to admit I find this one interesting. I’d probably be more interested if it was a plug-in hybrid but that is much more complicated to built. I still don’t know where we are going to get all the electricity to charge them.

Fun fact, if they converted the entire US vehicle fleet to electricity by 2035, assuming no change in miles driven per year, they would need to install 1 GW of generation every 3 weeks over that time period. That’s one hell of a lot of wind turbines.

#97 VicPaul on 06.10.21 at 9:13 pm

#49 Ustabe on 06.10.21 at 4:28 pm
There is one thing you can say for today’s sturdy conservative men and women.

Some of them sure play the victim card well.

*********

Careful, your ideological slip is showing.

Identity politics is built on victimhood…no one does/is doing it better than democrats.

Trolling is your style though…

M57BC

#98 Nonplused on 06.10.21 at 9:17 pm

On the inflation front:

https://www.zerohedge.com/commodities/lake-mead-plunges-lowest-level-1930s-amid-drought-apocalypse

Looks like it isn’t going to be a great year for crops. I also anticipate we’ll be back to not being able to see the sun for the smoke sometime around July 1.

Also, seen on the Weather Channel today: “Explosive gender reveal device starts wild fire near Fort McMurray”. Some people must be extremely thick. We already knew about this problem.

#99 Gramps on 06.10.21 at 9:18 pm

Cdn $ up compared to US $…. Or is the US $ down.
Putting the Euro on the same chart for the past year looks like we might be just not doing as bad as the US is…?

#100 Nonplused on 06.10.21 at 9:21 pm

#92 Stoph on 06.10.21 at 8:53 pm
#70 Nonplused on 06.10.21 at 6:55 pm
#2 jess on 06.10.21 at 12:31 pm

————————————————————

Your municipal taxes are already based on the notional value of your house.

—————————————–

As are the municipal taxes Amazon pays on all of its’ warehouses. Sometimes the municipality will give Amazon a multi-year break to locate there but once the term is up the taxes kick in.

And the last thing I want is for the federal government to be asking for money every time the appraisal on my house goes up. I don’t have the money until I sell.

#101 Barb on 06.10.21 at 9:29 pm

Bless you, Jon, for loving Apollo.
His devotion shows in those gorgeous eyes.

#102 Ponzius Pilatus on 06.10.21 at 9:29 pm

#96 Nonplused on 06.10.21 at 9:06 pm
For those electric vehicle fans out there:

https://www.zerohedge.com/markets/ford-secures-100000-reservations-electric-f-150-pre-order-count-climbs

I have to admit I find this one interesting. I’d probably be more interested if it was a plug-in hybrid but that is much more complicated to built. I still don’t know where we are going to get all the electricity to charge them.

Fun fact, if they converted the entire US vehicle fleet to electricity by 2035, assuming no change in miles driven per year, they would need to install 1 GW of generation every 3 weeks over that time period. That’s one hell of a lot of wind turbines.
———-
Agree,
Thats why I don’t like electric cars either.
The same thing happened when gas cars got more efficient.
Cars just got bigger.
Same thing will happen to electric cars.

#103 VladTor on 06.10.21 at 9:43 pm

#8 Faron

…comparing genocidal Nazism to statue removal in protest of cultural genocide is absolutely hyperbolic

********

Garth right! It wasn’t hyperbolic. Read history. This is not protest. Nazism started same way – burning books which they wasn’t agree, later burning people with whom they wasn’t agree too.

Protest should be in peaceful discussion form. Canada Constitution clearly saying that we has freedom of discussing any problems in peaceful manner and without violence.
Now compare what happened and with clear message from our Constitution!

If monument should be removed – it should be done by law after public discussing. In opposite case – it will not have the end. What monument will be next?

#104 Phylis on 06.10.21 at 9:50 pm

#102 Ponzius Pilatus on 06.10.21 at 9:29 pm
#96 Nonplused on 06.10.21 at 9:06 pm
For those electric vehicle fans out there:

https://www.zerohedge.com/markets/ford-secures-100000-reservations-electric-f-150-pre-order-count-climbs

I have to admit I find this one interesting. I’d probably be more interested if it was a plug-in hybrid but that is much more complicated to built. I still don’t know where we are going to get all the electricity to charge them.

Fun fact, if they converted the entire US vehicle fleet to electricity by 2035, assuming no change in miles driven per year, they would need to install 1 GW of generation every 3 weeks over that time period. That’s one hell of a lot of wind turbines.
———-
Agree,
Thats why I don’t like electric cars either.
The same thing happened when gas cars got more efficient.
Cars just got bigger.
Same thing will happen to electric cars.
Xxxxx
Yep, has happened. Well, kinda.
https://www.gmc.com/electric/hummer-ev/pickup-trucks
Reservations full.

#105 VladTor on 06.10.21 at 9:58 pm

#8 Faron

in addition
…statue removal in protest of cultural genocide is absolutely hyperbolic

***********

A quote from the speeches of the German pastor Martin Niemöller, with which he tried to explain the inaction of German intellectuals and their non-resistance to the Nazis :

First they came for the Socialists, and I did not speak out – Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out – Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out – Because I was not a Jew.

Then they came for me – and there was no one left to speak for me.

That’s why we can’t be quiet.

#106 Barb on 06.10.21 at 10:05 pm

IHCTD9
re the tent caterpillars.

My suggestion won’t work once the tents are fully formed. But they start out as tiny little beggars that “hang” on long threads before they “climb” up to join their brethren and grow…and begin to eat the tree.

Every year all through winter, I stock my numerous bird feeders with black oil sunflower seeds. Starting in spring, the hummingbird feeder is always full of fresh non-colored sugar water.

Birds will return year after year and repay your kindness (I don’t have a cat!!!!)

Black-capped chickadees arrive within minutes when my 7 year old grandson mimics their song, orioles zip past the house from branch to branch eating anything that crawls or flies or hangs on a thread from a tree. Western flycatchers keep the patio clear of all manner of flying insects. And of course all the finches, robins and sparrows are here all summer.

Feed the birds in winter, and they’ll keep your trees and shrubs free of bugs in summer.

#107 Sail Away on 06.10.21 at 10:37 pm

#94 Nonplused on 06.10.21 at 8:57 pm

Re: Musk, Bezos taxes

After seeing that article picked up by all the outlets, it’s hard to give newspapers any credence.

Do so many adults have such a non-understanding of finance and taxes that they swallow this hogswallop? It appears so.

It’s difficult to avoid ennui as one of the enlightened.

#108 morrey on 06.10.21 at 10:46 pm

i have been jabbed again today for the second time.

My spouse is in line for her second shot next Saturday. Planning two excursions in the province for this summer.

#109 Dr V (Not on Strava) on 06.10.21 at 11:09 pm

80 not faron – Strava is creepy. People follow you and give you cooties.

#110 crowdedelevatorfartz on 06.11.21 at 12:54 am

@#96 nonplused

https://www.zerohedge.com/markets/ford-secures-100000-reservations-electric-f-150-pre-order-count-climbs

Wow.

People want real pickup trucks in electric mode that can haul a sheet of plywood to the jobsite as opposed to the “Cyberpunk” drivel showboated by Tesla?
Who knew.

#111 crowdedelevatorfartz on 06.11.21 at 1:00 am

@#98 nonplused
“Looks like it isn’t going to be a great year for crops. I also anticipate we’ll be back to not being able to see the sun for the smoke sometime around July 1.”

++++

Yep
They south western US is already experiencing LOTS of wildfires this year and Western Canadian forests are primed and very dry.
Summer 2021.
Another Okanagan smoke fest.

#112 Leo Trollstoy on 06.11.21 at 1:07 am

Bonds say no inflation

#113 Another Deckchair on 06.11.21 at 7:26 am

@102 Ponzius Pilatus

“The same thing happened when gas cars got more efficient. Cars just got bigger.”

known as Jevons Paradox:

https://en.wikipedia.org/wiki/Jevons_paradox

Read that, and google for the “Rebound Effect”. Interesting stuff, and not taken into account most of the time.

#114 Concerned Reader on 06.11.21 at 8:32 am

The cowardice and male fragility on display in this comment section is exasperating.

#115 Dharma Bum on 06.11.21 at 8:42 am

Canada’s on a roll.

Get it while it’s hot.

Leafs in 2022.
(Just kidding.)

#116 tbone on 06.11.21 at 9:11 am

Getting my second jab June 22 .
Bumped it up from my August 2 date .
About 10 weeks between jabs .
I think Ontario is doing a good job getting people vaxed.
I am optimistic for the future.

#117 crowdedelevatorfartz on 06.11.21 at 9:24 am

@#114 Concerned Reader
“The cowardice and male fragility on display in this comment section is exasperating.”

+++

It’s our safe space.

#118 Dan in Nanaimo on 06.11.21 at 9:32 am

The pandemic allowed the FED and other CB’s to expand their balance sheets exponentially. Manna from heaven for some of us.

What will take real guts is tapering the expanding balance sheet. Do the smartest men in the room have what it takes?

#119 VladTor on 06.11.21 at 9:50 am

Canada Bank vs Russia Bank:

The Board of Directors for Monetary Policy of the Bank of Russia raised the key rate by 50 basis points (bp) to 5.5%.

The Russian and global economies are recovering faster than previously expected, “- said in a statement on the website of the Central Bank of the Russian Federation.

The regulator notes that inflation is developing above the forecast. In May, annual inflation increased to 6.0%, after 5.5% in April. As of June 7, annual inflation rose to 6.15%. The Central Bank reports that in the context of the ongoing monetary policy, annual inflation will return to the target in the second half of 2022, and after that it will be at about 4%.

Bank web (Russian) :
https://www.cbr.ru/press/pr/?file=11062021_133000Key.htm

Canada:

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Bank’s quantitative easing (QE) program, which continues at a target pace of $3 billion per week.

With COVID-19 cases falling in many countries and vaccine coverage rising, global economic activity is picking up. Growth remains uneven across regions, however. The US is experiencing a strong consumer-driven recovery and a rebound is beginning to take shape in Europe, while a resurgence of the virus is hampering the recovery in some emerging market economies. Financial conditions remain highly accommodative, reflected in broadly higher asset prices. Commodity prices have risen further, notably oil, and the Canadian dollar has seen a further appreciation.

https://www.bankofcanada.ca/2021/06/fad-press-release-2021-06-09/

If you compare – interesting :
in Russian no groans and groans about Covid19, vaccination …. No single words about that.

For what waiting Canada bank?

#120 Damifino on 06.11.21 at 10:24 am

#96 Nonplused

Fun fact, if they converted the entire US vehicle fleet to electricity by 2035, assuming no change in miles driven per year, they would need to install 1 GW of generation every 3 weeks over that time period. That’s one hell of a lot of wind turbines.
——————————

And of course, that’s simply not going to happen. The necessary power will be generated by hydrocarbons, just as it is today. What Ford may succeeded in doing is to move from internal to “remote” combustion. Nothing to shout about if you believe carbon is killing us.

#121 Chris Serran on 06.11.21 at 10:32 am

“Although Canada accounts for less than 4% of world markets we stand to benefit bigly from the reopening trade because of commodities and our proximity to the US, which is exploding.” I’ve never understood this so-called argument. Do I own Chinese and Russian and Venezuelan and Uzbekistan stocks according to their % of world markets? No of course not – I don’t trust the markets in many of these places. Why would I want to own companies from countries I don’t know, understand or in some cases trust?

#122 Quintilian on 06.11.21 at 10:45 am

Just how absurd has it become?

BOC would have to raise rates about 12 times before the rate becomes neutral.

#123 Damifino on 06.11.21 at 10:49 am

A full 33% of the sitting Greens have defected to the Liberals, abandoning a sinking dingy for a rudderless scow with half a chance of bungling its way to a majority.

It should be bigger news.

#124 Shawn Deborge on 06.11.21 at 10:50 am

Chris Serran you are so right. It is common sense which seems there is not much common sense anymore. The way I see it, is all about selling as much product as possible and make everyone too interdependent on each other with more centralized authority. This is the way globalism works. Trade is a great benefit for everyone but to what extent do you give up your local, regional, national control. This is the crux of the real problem we have today. People don’t want to believe this.

#125 DON on 06.11.21 at 11:32 am

#119 VladTor on 06.11.21 at 9:50 am
Canada Bank vs Russia Bank:

The Board of Directors for Monetary Policy of the Bank of Russia raised the key rate by 50 basis points (bp) to 5.5%.

The Russian and global economies are recovering faster than previously expected, “- said in a statement on the website of the Central Bank of the Russian Federation.

******************

Right you are. Russia has been getting their act togethwr in terms of finances/economy. Selling their US treasuries slowly over the last couple of years and buying gold and concentrating on agriculture exports. Latest is that they may jump off the swift system to avoid sanctions. And no doubt they are sticking it to the West by showing the World that central banks can raise rates.

We need to get our act together in the ‘west’.

cheers

#126 Brett in Calgary on 06.11.21 at 5:26 pm

I am curious as to when this ultra-leftness becomes too much for even the lefty’s in Canada? I think they just lost the moral high ground by sticking a head on a spike and declaring “we are coming for the rest of you”! Burn the witch, burn the witch.