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GraniteShares

Research

Market Commentaries

Commodities and Precious Metals Update (Week ending July 31, 2020)

03 August 2020 | Jeff Klearman

All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Market Commentaries

Commodities and Precious Metals Update (Week ending July 31, 2020)

03 August 2020 | Jeff Klearman

All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Investment Cases

How Much of Your Income is Mental? Overcoming Human Fallacies in Investing

27 March 2020 | Ryan Giannotto, CFA, Director of Research

Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental.

Market Commentaries

See Ya Dimon, Hello Fink: Top 10 XOUT’s for Q1 2020

28 March 2020 | Ryan Giannotto, CFA, Director of Research

The latest XOUT rebalance gives fresh insight into the pulse of disruption, and significantly, the players who are falling behind in the race to innovate effectively. Here we examine the 10 largest companies XOUT eliminates this quarter—the roughly $3 trillion in market cap vulnerable to secular decline. When yesterday’s titans can rapidly become today’s bankruptcies, the XOUT Index continually looks to identify potential market laggards, aiming to leave them out of the portfolio.

Market Commentaries

Commodities and Precious Metals Update (Week ending July 31, 2020)

August 03, 2020 | Jeff Klearman

All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Market Commentaries

Commodities and Precious Metals Update (Week ending July 31, 2020)

August 03, 2020 | Jeff Klearman

All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Investment Cases

How Much of Your Income is Mental? Overcoming Human Fallacies in Investing

March 27, 2020 | Ryan Giannotto, CFA, Director of Research

Mental accounting is a truly defining feature of the human condition. Find out how much of your income is mental.

Market Commentaries

See Ya Dimon, Hello Fink: Top 10 XOUT’s for Q1 2020

March 28, 2020 | Ryan Giannotto, CFA, Director of Research

The latest XOUT rebalance gives fresh insight into the pulse of disruption, and significantly, the players who are falling behind in the race to innovate effectively. Here we examine the 10 largest companies XOUT eliminates this quarter—the roughly $3 trillion in market cap vulnerable to secular decline. When yesterday’s titans can rapidly become today’s bankruptcies, the XOUT Index continually looks to identify potential market laggards, aiming to leave them out of the portfolio.

Market Commentaries

All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Gold , Commodities

Commodities and Precious Metals Update (Week ending July 31, 2020)

August 03, 2020 | Jeff Klearman
All three major U.S. stock indexes ended higher (moving in a zig-zag fashion), the U.S. dollar continued to weaken and the 10-year U.S Treasury rate fell last week as investors digested earnings and economic reports, FOMC statements, growing Covid-19 cases and congressional stimulus bill progress.   Earnings reports, though generally mixed, provided strong support for U.S. stock markets with four major technology companies reporting better-than-expected results after the market on Thursday.  Apple results were particularly strong, pushing the share price of Apple over 10% higher on Friday and raising its market capitalization to over $1.8 trillion. Comments by Fed Chairman Jerome Powell following the end of a 2-day FOMC meeting on Wednesday reaffirmed the Fed’s commitment to maintain aggressive monetary policy to support maximum employment and price stability.  Chairman Powell also said the U.S. economy faces a long road to recovery, that the virus will determine the path of that recovery and emphasized the importance of fiscal policy to support the economy.   Economic reports last week were also mixed with pending home sales, consumer spending and durable goods orders reports all better-than-expected while weekly jobless claims were slightly higher than expected.  The first estimate of 2nd  quarter GDP, released Thursday, posted its all-time greatest quarterly contraction of 32.7%, though this was slightly better than expectations.  Markets also focused on Friday’s expiration of supplemental unemployment benefits and congressional negotiations to extend them and implement a phase 4 coronavirus stimulus package.  At week’s end the S&P 500 Index increased 1.7% to 3,271.12, the Nasdaq Composite Index rose 3.7% to 10,745.27, the 10-year U.S. interest rate fell 6 bps to 53bps and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened another 1.2%.

Investment Cases

In a world of exotic assets and fast trading, what has become of the world’s oldest asset, gold? Modern finance, where the pursuit of endless sophistication is often confused with success itself, has forced investors to ask a pivotal question: is gold obsolete?

Gold

Is Gold Obsolete? A New Take on the Oldest Asset

March 28, 2020 | Ryan Giannotto, CFA, Director of Research
In a world of exotic assets and fast trading, what has become of the world’s oldest asset, gold? Modern finance, where the pursuit of endless sophistication is often confused with success itself, has forced investors to ask a pivotal question: is gold obsolete?

Viewpoints

Over the past 15 years, gold is almost completely uncorrelated with market volatility.

Gold

Gold & the VIX – Chart of the Week

March 28, 2020 | GraniteShares
Over the past 15 years, gold is almost completely uncorrelated with market volatility.

Videos and Webinars

Gabriel Pincus of GA Pincus Funds, and an investor in the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) speaks with Will Rhind, Founder and CEO of GraniteShares ETFs, to answer some questions about his strategies and use of ETFs.

Commodities

Hear It From the Experts – Advisor Interview With Gabriel Pincus of GA Pincus Funds

July 08, 2017 | GraniteShares
Gabriel Pincus of GA Pincus Funds, and an investor in the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) speaks with Will Rhind, Founder and CEO of GraniteShares ETFs, to answer some questions about his strategies and use of ETFs.

Videos

Gabriel Pincus of GA Pincus Funds, and an investor in the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) speaks with Will Rhind, Founder and CEO of GraniteShares ETFs, to answer some questions about his strategies and use of ETFs.

Commodities

Hear It From the Experts – Advisor Interview With Gabriel Pincus of GA Pincus Funds

July 08, 2017 | GraniteShares
Gabriel Pincus of GA Pincus Funds, and an investor in the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) speaks with Will Rhind, Founder and CEO of GraniteShares ETFs, to answer some questions about his strategies and use of ETFs.

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