Research
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 24, 2023)
27 November, 2023 | Jeff Klearman
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 17, 2023)
20 November, 2023 | Jeff Klearman
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 10, 2023)
13 November, 2023 | Jeff Klearman
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 3, 2023)
06 November, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending October 27, 2023)
30 October, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
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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
Investment Case for Gold as The Yellow Metal Charts 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
Is Your Portfolio Sharpe Enough? Improving a 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 and Precious Metals Update (Week ending August 14 , 2020)
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 and Precious Metals Update (Week ending August 7 , 2020)
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.
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 24, 2023)
27 November, 2023 | Jeff Klearman
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 17, 2023)
20 November, 2023 | Jeff Klearman
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 10, 2023)
13 November, 2023 | Jeff Klearman
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 3, 2023)
06 November, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending October 27, 2023)
30 October, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
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
The Income Blueprint: Potential Strategy for Income Replacement with HIPS
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
The Income Blueprint: Potential Strategies for Income Replacement 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
How Much of Your Income is Mental? Overcoming Human Fallacies in Investing
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
Looking for Yield in All the Wrong Places: 7% Income and How to Get it 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.
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 24, 2023)
27 November, 2023 | Jeff Klearman
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 17, 2023)
20 November, 2023 | Jeff Klearman
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 10, 2023)
13 November, 2023 | Jeff Klearman
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 3, 2023)
06 November, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending October 27, 2023)
30 October, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
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
Investment Case for Gold as The Yellow Metal Charts 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
Is Your Portfolio Sharpe Enough? Improving a 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 and Precious Metals Update (Week ending August 14 , 2020)
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 and Precious Metals Update (Week ending August 7 , 2020)
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.
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 24, 2023)
27 November, 2023 | Jeff Klearman
Oil prices ended slightly lower on the week, belying volatility due to OPEC+ supply concerns. Prices rose north of 2% Monday, climbing on OPEC+ comments that they were considering additional cutbacks. Prices then moved sharply lower Wednesday and Friday following a postponement of the scheduled November 26 OPEC+ meeting (due to internal cutback/production disagreements) and a larger-than-expected build in U.S. inventories.
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 17, 2023)
20 November, 2023 | Jeff Klearman
Spot gold prices rose last week, benefiting from a combination of cooling inflation and weaker-than-expected economic data. Tuesday’s better-than-expected CPI release pushed 10-year Treasury rates almost 20bps lower and significantly weakened the U.S. dollar, driving gold prices higher. Declining PPI and retail sales numbers (MoM) combined with larger-than-expected initial jobless claims, added to expectations of a Fed pivot sooner than previously expected, adding to upward price momentum. Silver, platinum and palladium prices also rose last week, outperforming gold prices.
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 10, 2023)
13 November, 2023 | Jeff Klearman
Oil prices moved lower again last week struggling against a background of continued weak Chinese and European economic data. Hawkish comments from Fed Chairman Powell as well as from ECB and BoE officials also worked to pressure prices by dimming demand expectations. Prices also suffered from a much larger-than-expected U.S. inventory build (according to the API) and from EIA forecasts of weaker demand and growing supply next year. Natural gas prices moved sharply lower (down 14%), reeling from increased production, November warm-weather forecasts and weak LNG exports.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending November 3, 2023)
06 November, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
Topic: Commodities
Publication Type: Market Commentaries
Commoditized Wisdom: Metals & Markets Update (Week Ending October 27, 2023)
30 October, 2023 | Jeff Klearman
Spot gold prices moved higher again last week primarily on haven-based buying. Prices fell through Tuesday with lessened Mid-East concerns but then moved higher the remainder of the week as though concerns increased, especially on Friday. Silver prices ended the week about 1% lower while platinum prices moved higher by about 1%.
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
The Income Blueprint: Potential Strategy for Income Replacement with HIPS
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
The Income Blueprint: Potential Strategies for Income Replacement 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
How Much of Your Income is Mental? Overcoming Human Fallacies in Investing
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
Looking for Yield in All the Wrong Places: 7% Income and How to Get it 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.
