--- title: The come-back of the energy crisis in Europe? description: Evidence points to peak inflation having passed in the US, while central banks purchase gold in quantities unseen in over half a century. Each week, the Syz investment team takes you through the last seven days in seven charts. image: https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-05.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### The come-back of the energy crisis in Europe? Evidence points to peak inflation having passed in the US, while central banks purchase gold in quantities unseen in over half a century. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Tuesday, 12/06/2022** | Reading time: 2min. - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - [PDF](https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-05.12.pdf?hsLang=en) Chart #1 —  S&P 500 closes above the 200-day moving average    The S&P 500 index has gained 17.4% since its low point on October 13, marking the fifth bear market rally since the market peaked in early January. Last week, the index closed above its 200-day moving average for the first time in more than 7 months.  Looking at the 13 times (since 1950) that the S&P 500 has traded below this average for 6 months or more and closed above it, it has only once returned to new lows. One year later, the index was up 18.8% on average. S&P 500 Index versus 200-day moving average ![pic 1-Dec-06-2022-10-13-49-2266-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%201-Dec-06-2022-10-13-49-2266-AM.jpg?width=599&height=326&name=pic%201-Dec-06-2022-10-13-49-2266-AM.jpg) Source: Charlie Bilello   Chart #2 —  VIX falls back below 20  The S&P 500 VIX implied volatility index (or fear index) closed below 20 yesterday for the first time since August. The year has been marked by significant swings in the VIX, with brief periods of calm followed by a return to greater volatility. The VIX average for the year is around 26 (while the historical average is 19.7). VIX Index ![pic 2-Dec-06-2022-10-18-22-3626-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%202-Dec-06-2022-10-18-22-3626-AM.jpg?width=574&height=308&name=pic%202-Dec-06-2022-10-18-22-3626-AM.jpg) Source: Bloomberg, [www.zerohedge.com](http://www.zerohedge.com) Chart #3 —  Central banks continue to accumulate gold   Gold rose back above $1,800 last week, its highest level since August. The weakening dollar and falling real yields have supported the yellow metal. As the Economist article points out, central banks around the world have been accumulating gold reserves this year at a rate not seen since 1967, when the US dollar was still backed by the precious metal. According to the World Gold Council, almost 400 tonnes were purchased by central banks, increasing their net long positions to 673 tonnes. Turkey was the largest buyer of gold during the quarter, followed by Uzbekistan  (26.13 tonnes) and India (17.46 tonnes). Though not all countries report their gold purchases on a regular basis, so it is difficult to know how much China and Russia bought during the same period. Central bank gold purchases by quarter in tonnes ![pic 3-Dec-06-2022-10-20-16-5369-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%203-Dec-06-2022-10-20-16-5369-AM.jpg?width=485&height=467&name=pic%203-Dec-06-2022-10-20-16-5369-AM.jpg) Source: The Economist Chart #4 —   A better than expected US employment report This was the most anticipated statistic of the week. The US employment figures turned out to be better than expected, which is not good news for the markets. Indeed, a deterioration in the job market is a necessary condition for the Fed to pause or reverse its interest rate hike.   In November, job creation rose by 263,000 against the 200,000 expected by the consensus. This is the 23rd consecutive monthly increase (the longest streak in history was 113 months of job growth from October 2010 to February 2020). Unemployment rate stands at 3.7% (as expected). Hourly earnings rose by 0.6% from the previous month (vs. +0.3% expected) and by 5.1% year-on-year (vs. +4.6%expected). US unemployment statistics for November ![pic 4-Dec-06-2022-10-23-40-3113-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%204-Dec-06-2022-10-23-40-3113-AM.jpg?width=772&height=240&name=pic%204-Dec-06-2022-10-23-40-3113-AM.jpg) Source: Bloomberg   Chart #5 —  Peak inflation in the US seems to be behind us      The past week has provided further evidence that the rate of inflation in the US is slowing. Indeed, the PCE price index (the measure most closely followed by the Fed) fell to 6%, its lowest level since last December. The peak was 7% in June.   US PCE Price Index (YoY % Change) ![pic 5-Dec-06-2022-10-25-47-3327-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%205-Dec-06-2022-10-25-47-3327-AM.jpg?width=583&height=377&name=pic%205-Dec-06-2022-10-25-47-3327-AM.jpg) Source: Charlie Bilello Chart #6 —  The come-back of the energy crisis in Europe?  As we can all feel it, temperatures have fallen across Europe and the one-year price of natural gas is up 40% from its mid-November low. This means that the Eurozone's trade balance is deteriorating again, even though the euro has recently appreciated. Will the euro soon resume its downward trend with the known consequences on imported inflation? 1-year natural gas futures contract ![pic 6-Dec-06-2022-10-28-54-1888-AM](https://blog.syzgroup.com/hs-fs/hubfs/pic%206-Dec-06-2022-10-28-54-1888-AM.jpg?width=570&height=402&name=pic%206-Dec-06-2022-10-28-54-1888-AM.jpg) Source: Bloomberg   Chart #7 —  S&P downgrades France's outlook   France's credit outlook has been downgraded to “negative” by Standard & Poor's (S&P) as the slowdown in the domestic economy and the government's measures to protect households and businesses from rising energy costs weigh on public finances. The AA rating is confirmed but S&P has reduced the GDP forecast for 2023 from 1.7% to 0.2% and the public deficit forecast from 4% to 5.4% of GDP.   Debt/GDP ratio for France (white) and Germany (yellow) ![pic 7-4](https://blog.syzgroup.com/hs-fs/hubfs/pic%207-4.jpg?width=600&height=332&name=pic%207-4.jpg) Source:  Bloomberg   #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Charles-Henry Monchau, CFA, CMT, CAIA", "url" : "https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau" }, "dateModified" : "2022-12-12T13:59:14.167Z", "datePublished" : "2022-12-06T10:33:49.000Z", "headline" : "The come-back of the energy crisis in Europe?", "image" : [ "https://blog.syzgroup.com/hubfs/Syz-Feature-The%20week%20in%20seven%20charts-05.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.syzgroup.com/fast-food-for-thought/the-come-back-of-the-energy-crisis-in-europe", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.syzgroup.com/hubfs/Logo%20(1).png" }, "name" : "Syz Group" } } ```