Oliver Market Intelligence

Oliver Market Intelligence

Goldwise #9 The Bond Market Smelt Blood

One jobs report was enough to shake precious metals. It was not enough to change the arithmetic underneath the system.

Matt Oliver's avatar
Matt Oliver
Jun 19, 2026
∙ Paid

After the San Francisco earthquake of 1906, investors did something peculiar.

Shares in several fire insurance companies were dumped before the damage had even been properly assessed. The logic seemed obvious enough from a trading desk. Claims would rise. Profits would fall. Uncertainty would spread. Nobody wanted to sit around holding the equity of an i…

User's avatar

Continue reading this post for free, courtesy of Matt Oliver.

Or purchase a paid subscription.
© 2026 Matt · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture