Research
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 12, 2024)
15 April, 2024 | Jeff Klearman
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 5, 2024)
08 April, 2024 | Jeff Klearman
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 28, 2024)
01 April, 2024 | Jeff Klearman
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 22, 2024)
25 March, 2024 | Jeff Klearman
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Although a fund aims to match as closely as possible its target leverage factor, a fund’s actual leverage factor might differ from it mostly for two reasons: execution risk and capacity risk. GraniteShares discloses on its website an “actual leverage factor” highlighting any eventual difference against its target level.
Topic: Equity
Publication Type: Single stock research
Leveraged Stock ETFs: Consistent Target Ratio?
22 March, 2024 | GraniteShares
Although a fund aims to match as closely as possible its target leverage factor, a fund’s actual leverage factor might differ from it mostly for two reasons: execution risk and capacity risk. GraniteShares discloses on its website an “actual leverage factor” highlighting any eventual difference against its target level.
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Gold is often though of as a hedge against inflation. With inflation reaching 40-year highs, some analysts may have expected gold to perform well. However, after a strong start of the year, mostly attributed to its role as safe-haven asset at the start of the Ukrainian war, the gold price retreated to its pre-covid 19 level. As of November 08, 2022, the price of gold is down 6.4% year to date (source Bloomberg).
Topic: Gold
Publication Type: Investment Cases
Gold Market Sentiments for the Entire Year
21 November, 2022 | GraniteShares
Gold is often though of as a hedge against inflation. With inflation reaching 40-year highs, some analysts may have expected gold to perform well. However, after a strong start of the year, mostly attributed to its role as safe-haven asset at the start of the Ukrainian war, the gold price retreated to its pre-covid 19 level. As of November 08, 2022, the price of gold is down 6.4% year to date (source Bloomberg).
The current economic tumult recatalyzes the classic, three-fold case for gold, namely asset stability, diversification and vulnerability of the dollar in the new Fed paradigm. This investment case explores the critical dynamics that have propelled gold to new record highs above $2,000/oz, and how the asset's unique status combining characteristics of a commodity and a currency lend gold unique value as the global economy attempts a reset from the COVID-19 tumult.
Topic: Gold
Publication Type: Investment Cases
Gold's Investment Case: New Record Highs
03 September, 2020 | GraniteShares
The current economic tumult recatalyzes the classic, three-fold case for gold, namely asset stability, diversification and vulnerability of the dollar in the new Fed paradigm. This investment case explores the critical dynamics that have propelled gold to new record highs above $2,000/oz, and how the asset's unique status combining characteristics of a commodity and a currency lend gold unique value as the global economy attempts a reset from the COVID-19 tumult.
The 60/40 portfolio, a strategy of dividing assets between 60% large cap equities and 40% bonds, has long served as the de facto benchmark for risk adjusted returns. The sizable equity allocation allows for decent upside capture and long-term growth, while the fixed income pool dampens the volatility inherent to stock ownership.
Topic: Gold
Publication Type: Investment Cases
Sharpe Up Your Portfolio: Enhancing 60/40 with Gold
02 September, 2020 | GraniteShares
The 60/40 portfolio, a strategy of dividing assets between 60% large cap equities and 40% bonds, has long served as the de facto benchmark for risk adjusted returns. The sizable equity allocation allows for decent upside capture and long-term growth, while the fixed income pool dampens the volatility inherent to stock ownership.
A somewhat choppy week for U.S. stock markets with the S&P 500 Index striving for but not reaching record highs on Wednesday. Despite stronger-than-expected U.S. economic reports (including lower-than-expected weekly jobless claims, strong retail sales and industrial production reports) and a falling number of new Covid-19 cases and deaths, U.S. stock markets struggled to move higher last week. Concerns surrounding the legality of President Trump’s executive orders combined with still-stalled congressional coronavirus-related stimulus negotiations and, perhaps, higher-than-expected PPI, CPI and wage inflation numbers may have limited stock market gains. The 10-year U.S. Treasury rate moved higher all through the week, reacting to corporate and government supply pressures, higher-than-expected inflation numbers and strong U.S. economic reports. At week’s end the S&P 500 Index increased 0.6% to 3,372.85, the Nasdaq Composite index increased 0.1% to 11,019.30, the 10-year U.S. interest rate increased 14 bps to 71 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.4%.
Topic: Gold , Commodities
Publication Type: Market Commentaries
Commodities & Precious Metals Weekly Report: Aug 14
17 August, 2020 | Jeff Klearman
A somewhat choppy week for U.S. stock markets with the S&P 500 Index striving for but not reaching record highs on Wednesday. Despite stronger-than-expected U.S. economic reports (including lower-than-expected weekly jobless claims, strong retail sales and industrial production reports) and a falling number of new Covid-19 cases and deaths, U.S. stock markets struggled to move higher last week. Concerns surrounding the legality of President Trump’s executive orders combined with still-stalled congressional coronavirus-related stimulus negotiations and, perhaps, higher-than-expected PPI, CPI and wage inflation numbers may have limited stock market gains. The 10-year U.S. Treasury rate moved higher all through the week, reacting to corporate and government supply pressures, higher-than-expected inflation numbers and strong U.S. economic reports. At week’s end the S&P 500 Index increased 0.6% to 3,372.85, the Nasdaq Composite index increased 0.1% to 11,019.30, the 10-year U.S. interest rate increased 14 bps to 71 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.4%.
Against a backdrop of better-than-expected economic reports and earning results and indications new Covid-19 cases may be falling, U.S. stock markets all moved higher again last week despite concerns over increased U.S.-China frictions and stalled congressional progess on additional coronavirus relief funds. Better-than-expected factory orders and ISM manufacturing and non-manufacturing index numbers combined with lower-than-expected weekly jobless claims and a stronger-than-expected payroll report helped move U.S. equity markets higher. Earning results reported last week were predominantly positive also helping move equity markets higher. Early-in-the-week optimism that congress would reach agreement on additional coronavirus-related relief funds faded as the week ended with no progress, but was slightly ameliorated with the Trump administration announcing the President may take executive action to extend existing programs. Both the U.S. dollar and the 10-year U.S. Treasury rate moved off their lows reached earlier in the week on stronger-than-expected economic reports and signs the number of new Covid-19 cases may be decreasing. At week’s end the S&P 500 Index and Nasdaq Composite index each increased 2.5% to 3,351.28 and 11,010.98, respectively. the 10-year U.S. interest rate increased 4 bps to 57 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.
Topic: Gold , Commodities
Publication Type: Market Commentaries
Commodities & Precious Metals Weekly Report: Aug 07
10 August, 2020 | Jeff Klearman
Against a backdrop of better-than-expected economic reports and earning results and indications new Covid-19 cases may be falling, U.S. stock markets all moved higher again last week despite concerns over increased U.S.-China frictions and stalled congressional progess on additional coronavirus relief funds. Better-than-expected factory orders and ISM manufacturing and non-manufacturing index numbers combined with lower-than-expected weekly jobless claims and a stronger-than-expected payroll report helped move U.S. equity markets higher. Earning results reported last week were predominantly positive also helping move equity markets higher. Early-in-the-week optimism that congress would reach agreement on additional coronavirus-related relief funds faded as the week ended with no progress, but was slightly ameliorated with the Trump administration announcing the President may take executive action to extend existing programs. Both the U.S. dollar and the 10-year U.S. Treasury rate moved off their lows reached earlier in the week on stronger-than-expected economic reports and signs the number of new Covid-19 cases may be decreasing. At week’s end the S&P 500 Index and Nasdaq Composite index each increased 2.5% to 3,351.28 and 11,010.98, respectively. the 10-year U.S. interest rate increased 4 bps to 57 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 12, 2024)
15 April, 2024 | Jeff Klearman
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 5, 2024)
08 April, 2024 | Jeff Klearman
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 28, 2024)
01 April, 2024 | Jeff Klearman
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 22, 2024)
25 March, 2024 | Jeff Klearman
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Buoyed by increased IEA demand forecasts and Ukraine drone attacks on Russian refineries, crude oil prices moved 4% higher last week. Increased U.S refinery utilization rates and a surprise fall in U.S. oil inventories also contributed to the gain. Last week’s gain comes despite a noticeably stronger U.S. dollar.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 15, 2024)
18 March, 2024 | Jeff Klearman
Buoyed by increased IEA demand forecasts and Ukraine drone attacks on Russian refineries, crude oil prices moved 4% higher last week. Increased U.S refinery utilization rates and a surprise fall in U.S. oil inventories also contributed to the gain. Last week’s gain comes despite a noticeably stronger U.S. dollar.
The unfortunate reality is that a deep chasm stands between investor income requirements and what conventional strategies can now yield. Alternative Income may help bridge the divide.
Topic: Income
Publication Type: Investment Cases
Income Blueprint: HIPS Income Replacement
13 October, 2020 | GraniteShares
The unfortunate reality is that a deep chasm stands between investor income requirements and what conventional strategies can now yield. Alternative Income may help bridge the divide.
Income is one of the most basic, yet important needs of any portfolio—the capacity to generate enduring cashflows to fund expenses. While searching for sustainable yield is never easy, over the last decade income investing become a most unpalatable cocktail — one part frustration and two parts despair (add bitters to taste). These were the difficulties that pervaded income investing before COVID-19 struck, an economic shock that redoubled the income challenge to near unimaginable levels.
Topic: Income
Publication Type: Investment Cases
Crafting Your Income Blueprint: Strategies with HIPS
10 September, 2020 | GraniteShares
Income is one of the most basic, yet important needs of any portfolio—the capacity to generate enduring cashflows to fund expenses. While searching for sustainable yield is never easy, over the last decade income investing become a most unpalatable cocktail — one part frustration and two parts despair (add bitters to taste). These were the difficulties that pervaded income investing before COVID-19 struck, an economic shock that redoubled the income challenge to near unimaginable levels.
Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental, and how it may prevent you from acheiving your true income goals.
Topic: Alternative Income
Publication Type: Investment Cases
Overcoming Investing Fallacies, GraniteShares Perspective
27 March, 2020 | GraniteShares
Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental, and how it may prevent you from acheiving your true income goals.
If you thought achieving income yields was difficult, life will only get harder—the Fed that giveth can taketh away. Just as investors were getting accustomed to the taste of at least modestly non-zero rates, expectations have shifted swiftly.
Topic: Alternative Income
Publication Type: Investment Cases
Help! What Happened to My Income?
27 March, 2020 | GraniteShares
If you thought achieving income yields was difficult, life will only get harder—the Fed that giveth can taketh away. Just as investors were getting accustomed to the taste of at least modestly non-zero rates, expectations have shifted swiftly.
While generating sustainable yield for income investing has never been an easy task, the latest shockwaves to reverberate through interest rate markets have only compounded this challenge. The core of this problem for investors, whether retirees, long-term savers, or anyone looking to diversify their returns, is they are probably looking for yield in all the wrong places.
Topic: Income
Publication Type: Investment Cases
Seeking Yield: Finding 7% Income in Today’s Market
27 March, 2020 | GraniteShares
While generating sustainable yield for income investing has never been an easy task, the latest shockwaves to reverberate through interest rate markets have only compounded this challenge. The core of this problem for investors, whether retirees, long-term savers, or anyone looking to diversify their returns, is they are probably looking for yield in all the wrong places.
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 12, 2024)
15 April, 2024 | Jeff Klearman
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 5, 2024)
08 April, 2024 | Jeff Klearman
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 28, 2024)
01 April, 2024 | Jeff Klearman
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 22, 2024)
25 March, 2024 | Jeff Klearman
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Although a fund aims to match as closely as possible its target leverage factor, a fund’s actual leverage factor might differ from it mostly for two reasons: execution risk and capacity risk. GraniteShares discloses on its website an “actual leverage factor” highlighting any eventual difference against its target level.
Topic: Equity
Publication Type: Single stock research
Leveraged Stock ETFs: Consistent Target Ratio?
22 March, 2024 | GraniteShares
Although a fund aims to match as closely as possible its target leverage factor, a fund’s actual leverage factor might differ from it mostly for two reasons: execution risk and capacity risk. GraniteShares discloses on its website an “actual leverage factor” highlighting any eventual difference against its target level.
Gold is often though of as a hedge against inflation. With inflation reaching 40-year highs, some analysts may have expected gold to perform well. However, after a strong start of the year, mostly attributed to its role as safe-haven asset at the start of the Ukrainian war, the gold price retreated to its pre-covid 19 level. As of November 08, 2022, the price of gold is down 6.4% year to date (source Bloomberg).
Topic: Gold
Publication Type: Investment Cases
Gold Market Sentiments for the Entire Year
21 November, 2022 | GraniteShares
Gold is often though of as a hedge against inflation. With inflation reaching 40-year highs, some analysts may have expected gold to perform well. However, after a strong start of the year, mostly attributed to its role as safe-haven asset at the start of the Ukrainian war, the gold price retreated to its pre-covid 19 level. As of November 08, 2022, the price of gold is down 6.4% year to date (source Bloomberg).
The current economic tumult recatalyzes the classic, three-fold case for gold, namely asset stability, diversification and vulnerability of the dollar in the new Fed paradigm. This investment case explores the critical dynamics that have propelled gold to new record highs above $2,000/oz, and how the asset's unique status combining characteristics of a commodity and a currency lend gold unique value as the global economy attempts a reset from the COVID-19 tumult.
Topic: Gold
Publication Type: Investment Cases
Gold's Investment Case: New Record Highs
03 September, 2020 | GraniteShares
The current economic tumult recatalyzes the classic, three-fold case for gold, namely asset stability, diversification and vulnerability of the dollar in the new Fed paradigm. This investment case explores the critical dynamics that have propelled gold to new record highs above $2,000/oz, and how the asset's unique status combining characteristics of a commodity and a currency lend gold unique value as the global economy attempts a reset from the COVID-19 tumult.
The 60/40 portfolio, a strategy of dividing assets between 60% large cap equities and 40% bonds, has long served as the de facto benchmark for risk adjusted returns. The sizable equity allocation allows for decent upside capture and long-term growth, while the fixed income pool dampens the volatility inherent to stock ownership.
Topic: Gold
Publication Type: Investment Cases
Sharpe Up Your Portfolio: Enhancing 60/40 with Gold
02 September, 2020 | GraniteShares
The 60/40 portfolio, a strategy of dividing assets between 60% large cap equities and 40% bonds, has long served as the de facto benchmark for risk adjusted returns. The sizable equity allocation allows for decent upside capture and long-term growth, while the fixed income pool dampens the volatility inherent to stock ownership.
A somewhat choppy week for U.S. stock markets with the S&P 500 Index striving for but not reaching record highs on Wednesday. Despite stronger-than-expected U.S. economic reports (including lower-than-expected weekly jobless claims, strong retail sales and industrial production reports) and a falling number of new Covid-19 cases and deaths, U.S. stock markets struggled to move higher last week. Concerns surrounding the legality of President Trump’s executive orders combined with still-stalled congressional coronavirus-related stimulus negotiations and, perhaps, higher-than-expected PPI, CPI and wage inflation numbers may have limited stock market gains. The 10-year U.S. Treasury rate moved higher all through the week, reacting to corporate and government supply pressures, higher-than-expected inflation numbers and strong U.S. economic reports. At week’s end the S&P 500 Index increased 0.6% to 3,372.85, the Nasdaq Composite index increased 0.1% to 11,019.30, the 10-year U.S. interest rate increased 14 bps to 71 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.4%.
Topic: Gold , Commodities
Publication Type: Market Commentaries
Commodities & Precious Metals Weekly Report: Aug 14
17 August, 2020 | Jeff Klearman
A somewhat choppy week for U.S. stock markets with the S&P 500 Index striving for but not reaching record highs on Wednesday. Despite stronger-than-expected U.S. economic reports (including lower-than-expected weekly jobless claims, strong retail sales and industrial production reports) and a falling number of new Covid-19 cases and deaths, U.S. stock markets struggled to move higher last week. Concerns surrounding the legality of President Trump’s executive orders combined with still-stalled congressional coronavirus-related stimulus negotiations and, perhaps, higher-than-expected PPI, CPI and wage inflation numbers may have limited stock market gains. The 10-year U.S. Treasury rate moved higher all through the week, reacting to corporate and government supply pressures, higher-than-expected inflation numbers and strong U.S. economic reports. At week’s end the S&P 500 Index increased 0.6% to 3,372.85, the Nasdaq Composite index increased 0.1% to 11,019.30, the 10-year U.S. interest rate increased 14 bps to 71 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.4%.
Against a backdrop of better-than-expected economic reports and earning results and indications new Covid-19 cases may be falling, U.S. stock markets all moved higher again last week despite concerns over increased U.S.-China frictions and stalled congressional progess on additional coronavirus relief funds. Better-than-expected factory orders and ISM manufacturing and non-manufacturing index numbers combined with lower-than-expected weekly jobless claims and a stronger-than-expected payroll report helped move U.S. equity markets higher. Earning results reported last week were predominantly positive also helping move equity markets higher. Early-in-the-week optimism that congress would reach agreement on additional coronavirus-related relief funds faded as the week ended with no progress, but was slightly ameliorated with the Trump administration announcing the President may take executive action to extend existing programs. Both the U.S. dollar and the 10-year U.S. Treasury rate moved off their lows reached earlier in the week on stronger-than-expected economic reports and signs the number of new Covid-19 cases may be decreasing. At week’s end the S&P 500 Index and Nasdaq Composite index each increased 2.5% to 3,351.28 and 11,010.98, respectively. the 10-year U.S. interest rate increased 4 bps to 57 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.
Topic: Gold , Commodities
Publication Type: Market Commentaries
Commodities & Precious Metals Weekly Report: Aug 07
10 August, 2020 | Jeff Klearman
Against a backdrop of better-than-expected economic reports and earning results and indications new Covid-19 cases may be falling, U.S. stock markets all moved higher again last week despite concerns over increased U.S.-China frictions and stalled congressional progess on additional coronavirus relief funds. Better-than-expected factory orders and ISM manufacturing and non-manufacturing index numbers combined with lower-than-expected weekly jobless claims and a stronger-than-expected payroll report helped move U.S. equity markets higher. Earning results reported last week were predominantly positive also helping move equity markets higher. Early-in-the-week optimism that congress would reach agreement on additional coronavirus-related relief funds faded as the week ended with no progress, but was slightly ameliorated with the Trump administration announcing the President may take executive action to extend existing programs. Both the U.S. dollar and the 10-year U.S. Treasury rate moved off their lows reached earlier in the week on stronger-than-expected economic reports and signs the number of new Covid-19 cases may be decreasing. At week’s end the S&P 500 Index and Nasdaq Composite index each increased 2.5% to 3,351.28 and 11,010.98, respectively. the 10-year U.S. interest rate increased 4 bps to 57 bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 12, 2024)
15 April, 2024 | Jeff Klearman
Copper prices moved higher again last week finding support from a resilient U.S. economy, stronger-than-expected German industrial production and hopes of growing Chinese demand amidst production cutbacks. Price gains, however, were capped by a significantly stronger U.S. dollar resulting from lowered U.S. rate-cut expectations.
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending April 5, 2024)
08 April, 2024 | Jeff Klearman
Spot gold prices moved markedly higher last week, buoyed by central bank and haven demand (resulting primarily from Increased Israel-Iran tensions and the ongoing Ukraine-Russia conflict) and despite increased uncertainty regarding Fed rate cuts following hawkish fed officials’ comments and strong U.S. economic data.
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 28, 2024)
01 April, 2024 | Jeff Klearman
Crude oil prices moved higher last week, bolstered by Russia production cutbacks, Ukraine drone attacks on Russian oil refineries and economic data pointing to a resilient U.S. economy. An unexpected rise in oil and gasoline inventories as reported by the EIA sent prices lower Wednesday, capping the weekly increase. Gasoline prices were practically unchanged and heating prices finished slightly lower on the week. Natural gas prices, down almost 6% through Wednesday on oversupply concerns, rallied almost 3% Thursday on a larger-than-expected drop in storage levels.
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 22, 2024)
25 March, 2024 | Jeff Klearman
Spot gold prices moved noticeably higher early last week, jumping almost 1.5% higher Wednesday following an as-expected FOMC rate decision along with dovish Fed Chair Powell comments and a better-than-expected dot plot release. Price gains reversed over Thursday and Friday on a stronger U.S. dollar and perhaps on profit taking. Silver and platinum prices moved lower moving more in step with base metal prices.
Buoyed by increased IEA demand forecasts and Ukraine drone attacks on Russian refineries, crude oil prices moved 4% higher last week. Increased U.S refinery utilization rates and a surprise fall in U.S. oil inventories also contributed to the gain. Last week’s gain comes despite a noticeably stronger U.S. dollar.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Report (Week Ending March 15, 2024)
18 March, 2024 | Jeff Klearman
Buoyed by increased IEA demand forecasts and Ukraine drone attacks on Russian refineries, crude oil prices moved 4% higher last week. Increased U.S refinery utilization rates and a surprise fall in U.S. oil inventories also contributed to the gain. Last week’s gain comes despite a noticeably stronger U.S. dollar.
The unfortunate reality is that a deep chasm stands between investor income requirements and what conventional strategies can now yield. Alternative Income may help bridge the divide.
Topic: Income
Publication Type: Investment Cases
Income Blueprint: HIPS Income Replacement
13 October, 2020 | GraniteShares
The unfortunate reality is that a deep chasm stands between investor income requirements and what conventional strategies can now yield. Alternative Income may help bridge the divide.
Income is one of the most basic, yet important needs of any portfolio—the capacity to generate enduring cashflows to fund expenses. While searching for sustainable yield is never easy, over the last decade income investing become a most unpalatable cocktail — one part frustration and two parts despair (add bitters to taste). These were the difficulties that pervaded income investing before COVID-19 struck, an economic shock that redoubled the income challenge to near unimaginable levels.
Topic: Income
Publication Type: Investment Cases
Crafting Your Income Blueprint: Strategies with HIPS
10 September, 2020 | GraniteShares
Income is one of the most basic, yet important needs of any portfolio—the capacity to generate enduring cashflows to fund expenses. While searching for sustainable yield is never easy, over the last decade income investing become a most unpalatable cocktail — one part frustration and two parts despair (add bitters to taste). These were the difficulties that pervaded income investing before COVID-19 struck, an economic shock that redoubled the income challenge to near unimaginable levels.
Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental, and how it may prevent you from acheiving your true income goals.
Topic: Alternative Income
Publication Type: Investment Cases
Overcoming Investing Fallacies, GraniteShares Perspective
27 March, 2020 | GraniteShares
Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental, and how it may prevent you from acheiving your true income goals.
If you thought achieving income yields was difficult, life will only get harder—the Fed that giveth can taketh away. Just as investors were getting accustomed to the taste of at least modestly non-zero rates, expectations have shifted swiftly.
Topic: Alternative Income
Publication Type: Investment Cases
Help! What Happened to My Income?
27 March, 2020 | GraniteShares
If you thought achieving income yields was difficult, life will only get harder—the Fed that giveth can taketh away. Just as investors were getting accustomed to the taste of at least modestly non-zero rates, expectations have shifted swiftly.
While generating sustainable yield for income investing has never been an easy task, the latest shockwaves to reverberate through interest rate markets have only compounded this challenge. The core of this problem for investors, whether retirees, long-term savers, or anyone looking to diversify their returns, is they are probably looking for yield in all the wrong places.
Topic: Income
Publication Type: Investment Cases
Seeking Yield: Finding 7% Income in Today’s Market
27 March, 2020 | GraniteShares
While generating sustainable yield for income investing has never been an easy task, the latest shockwaves to reverberate through interest rate markets have only compounded this challenge. The core of this problem for investors, whether retirees, long-term savers, or anyone looking to diversify their returns, is they are probably looking for yield in all the wrong places.
