Gold

CBs proved to be savvy buyers of gold over 3Q22, scooping up record volumes of the metal as prices remained weak. The exorbitant privilege accorded the USD’s reserve-currency status will continue to erode as EM states move to insulate themselves against US financial and trade sanctions being turned on them. Based on our modeling, we believe as long as the Fed is intent on keeping the real effective USD exchange rate and real UST rates positive, demand for higher CB gold reserves will persist. Given this view, we are getting tactically long gold at tonight’s close.

This week’s <i>Global Investment Strategy</i> report titled Fourth Quarter 2022 Strategy Outlook: A Three-Act Play discusses the outlook for the global economy and financial markets for the rest of 2022 and beyond.

Executive Summary Iran Reaches Nuclear Breakout Biden And Putin Court The Middle East…

Listen to a short summary of this report.       Executive Summary Gold Has Established A Double-Top Formation Gold Has Established A Double-Top Formation…

Next Thursday May 26, we will hold the BCA Debate – High Inflation: Here To Stay,Or Soon In The Rear-View Mirror? – a Webcast in which I will debate my colleague, Chief Commodity & Energy Strategist, Bob Ryan on the outlook for inflation, and take the side that inflationary fears will soon…

Executive Summary The US Still Dominates Economic Output The US Still Dominates Economic Output…

Executive Summary Equities Are Still Attractive Versus Bonds Equities Are Still Attractive Versus Bonds…

Executive Summary Oil Remains A Prominent Inflation Variable WTI Futures Strongly Linked To US Inflation Expectations…

  Executive Summary Inflation Expectations Likely Too Low Inflation Expectations Likely Too Low…