Gold

Highlights From time immemorial, gold has been a medium of exchange, a store of value, and a safe haven to hedge portfolios. In modern times, the market in which it trades has evolved into an important filter of information and expectations re monetary…

Housekeeping…

Dear Clients, In addition to this Weekly Report, you will also be getting a Special Report authored by some of our top strategists on global growth. The manufacturing recession that began in early 2018 has lasted longer than most expected. The risk is that…

Add Shiny Metal Exposure…

Highlights Portfolio Strategy Recession odds continue to tick higher, according to the NY Fed’s probability of recession model, at a time when global growth is waning, U.S. profit growth is contracting and the non-financial ex-tech corporate balance sheet…

Highlights The breakout in financial asset prices stands at odds with a deteriorating profit outlook. This suggests a high probability of a coiled-spring reversal in one of the two variables as we enter the thin summer trading months. We are maintaining a…