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GraniteShares

Commodities

Gold prices, only slightly lower through Wednesday last week, fell 0.6% on Thursday following Pfizer’s updated, higher vaccine effectiveness and increased outflows from U.S. gold ETPs.   Silver prices followed gold prices.  Platinum prices rose sharply benefiting from both a weaker U.S. dollar and reports from the WPIC of a significant platinum supply deficit.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (November 20, 2020)

November 23, 2020 | Jeff Klearman
Gold prices, only slightly lower through Wednesday last week, fell 0.6% on Thursday following Pfizer’s updated, higher vaccine effectiveness and increased outflows from U.S. gold ETPs.   Silver prices followed gold prices.  Platinum prices rose sharply benefiting from both a weaker U.S. dollar and reports from the WPIC of a significant platinum supply deficit.

Crude oil prices moved sharply higher through Wednesday last week supported by Pfizer’s positive vaccine results, a much larger-than-expected increase in API’s crude oil inventory report and talk OPEC+ may maintain current production cutback levels beyond January next year.  Thursday’s EIA report showing an unexpected increase in oil inventories combined with the IEA’s and OPEC’s forecast for lower demand through the end of the year pushed crude prices off their highs through the remainder of the week.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (November 13, 2020)

November 16, 2020 | Jeff Klearman
Crude oil prices moved sharply higher through Wednesday last week supported by Pfizer’s positive vaccine results, a much larger-than-expected increase in API’s crude oil inventory report and talk OPEC+ may maintain current production cutback levels beyond January next year.  Thursday’s EIA report showing an unexpected increase in oil inventories combined with the IEA’s and OPEC’s forecast for lower demand through the end of the year pushed crude prices off their highs through the remainder of the week.

Up over 5% through Tuesday on much greater-than-expected declines in U.S. oil inventories and reports Russia would consider extending production cutbacks, WTI oil prices fell the remainder of the week with increased coronavirus-related demand concerns and falling expectations of a large U.S. stimulus package.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (November 6, 2020)

November 09, 2020 | Jeff Klearman
Up over 5% through Tuesday on much greater-than-expected declines in U.S. oil inventories and reports Russia would consider extending production cutbacks, WTI oil prices fell the remainder of the week with increased coronavirus-related demand concerns and falling expectations of a large U.S. stimulus package.

WTI crude oil prices moved sharply lower last week only pausing briefly on Tuesday with Gulf platform shutdowns due to tropical storm Zeta.  Growing global Covid-19 cases combined with new restrictions and lockdowns in Europe as well as a much bigger-than-expected increase in U.S. oil inventories helped move WTI prices down 10% last week.  A much stronger U.S. dollar also pressured oil prices lower.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (October 30, 2020)

November 02, 2020 | Jeff Klearman
WTI crude oil prices moved sharply lower last week only pausing briefly on Tuesday with Gulf platform shutdowns due to tropical storm Zeta.  Growing global Covid-19 cases combined with new restrictions and lockdowns in Europe as well as a much bigger-than-expected increase in U.S. oil inventories helped move WTI prices down 10% last week.  A much stronger U.S. dollar also pressured oil prices lower.

Wheat prices moved sharply higher again last week as a result of continuing dry weather concerns in the U.S., South America and Russia and from strong global demand.  Soybean and corn prices moved higher as well supported by continued strong demand.  Corn prices also benefited from some concerns the Brazilian corn crop would be planted later than usual.  A weaker U.S. dollar also supported grain prices.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (October 23, 2020)

October 26, 2020 | Jeff Klearman
Wheat prices moved sharply higher again last week as a result of continuing dry weather concerns in the U.S., South America and Russia and from strong global demand.  Soybean and corn prices moved higher as well supported by continued strong demand.  Corn prices also benefited from some concerns the Brazilian corn crop would be planted later than usual.  A weaker U.S. dollar also supported grain prices.

Down nearly 3% Monday on the back of increased production out of Norway, Libya and the Gulf, WTI crude oil prices jumped nearly 2% both Tuesday and Wednesday after much larger-than-expected China import numbers.  Demand concerns prompted by reduced hopes of Congress passing a stimulus package and growing Covid-19 cases pushed WTI crude oil prices lower the remainder of the week

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (October 16, 2020)

October 19, 2020 | Jeff Klearman
Down nearly 3% Monday on the back of increased production out of Norway, Libya and the Gulf, WTI crude oil prices jumped nearly 2% both Tuesday and Wednesday after much larger-than-expected China import numbers.  Demand concerns prompted by reduced hopes of Congress passing a stimulus package and growing Covid-19 cases pushed WTI crude oil prices lower the remainder of the week

A combination of factors moved crude oil prices higher last week including Gulf of Mexico production shutdowns due to Tropical Storm Delta, Norway production reduction due to striking oil workers, President Trump’s early return to the White House and revived optimism over a congressional stimulus package.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (October 9, 2020)

October 12, 2020 | Jeff Klearman
A combination of factors moved crude oil prices higher last week including Gulf of Mexico production shutdowns due to Tropical Storm Delta, Norway production reduction due to striking oil workers, President Trump’s early return to the White House and revived optimism over a congressional stimulus package.

Down early in the week on better-than-expected harvest progress and lack of China export demand, grain prices surged on Wednesday after the release of a quarterly USDA report showing much-lower-than-expected supply levels of wheat, corn and soybeans.  Kansas wheat jumped 7% and corn prices increased 4% on Wednesday as a result of the report.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (October 2, 2020)

October 05, 2020 | Jeff Klearman
Down early in the week on better-than-expected harvest progress and lack of China export demand, grain prices surged on Wednesday after the release of a quarterly USDA report showing much-lower-than-expected supply levels of wheat, corn and soybeans.  Kansas wheat jumped 7% and corn prices increased 4% on Wednesday as a result of the report.

Precious metal prices moved lower last week with silver and platinum prices down double digits.  Increasing Covid-19 cases along with expectations of renewed lockdown restrictions in Europe as well as in the U.S. pushed the U.S. dollar sharply higher versus the Euro and British pound exerting strong downward pressure on precious metal prices.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (September 25, 2020)

September 28, 2020 | Jeff Klearman
Precious metal prices moved lower last week with silver and platinum prices down double digits.  Increasing Covid-19 cases along with expectations of renewed lockdown restrictions in Europe as well as in the U.S. pushed the U.S. dollar sharply higher versus the Euro and British pound exerting strong downward pressure on precious metal prices.

WTI crude oil prices moved higher throughout the week, bolstered  by falling U.S. inventory levels, Hurricane Sally related production cutbacks, OPEC+ moves to ensure cutback compliance and a weaker U.S. dollar.   Stronger-than-expected Chinese economic numbers also supported oil prices.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (September 18, 2020)

September 21, 2020 | Jeff Klearman
WTI crude oil prices moved higher throughout the week, bolstered  by falling U.S. inventory levels, Hurricane Sally related production cutbacks, OPEC+ moves to ensure cutback compliance and a weaker U.S. dollar.   Stronger-than-expected Chinese economic numbers also supported oil prices.

Platinum is one of the rarest metals found on our planet. It’s a hard, silvery metal discovered in 1735, thousands of years after gold due to its high melting point it is rarely found in its pure form.Formed millions of years ago, platinum occurs at very low concentrations deep in the Earth’s crust and is about 30 times rarer than gold. It is interesting to note that all of the platinum ever mined would only come up to your ankles in an Olympic swimming pool, whereas all the gold produced would fill more than three.

Topic: Commodities

Publication Type: Investment Cases

PLATINUM AN INVESTMENT CASE

September 16, 2020 | Ryan Giannotto, CFA, Director of Research
Platinum is one of the rarest metals found on our planet. It’s a hard, silvery metal discovered in 1735, thousands of years after gold due to its high melting point it is rarely found in its pure form.Formed millions of years ago, platinum occurs at very low concentrations deep in the Earth’s crust and is about 30 times rarer than gold. It is interesting to note that all of the platinum ever mined would only come up to your ankles in an Olympic swimming pool, whereas all the gold produced would fill more than three.

WTI crude oil prices mirrored U.S. stock markets last week plunging over 7% on Tuesday, bouncing back over 3% on Wednesday and then declining about 2% Thursday through Friday.  Increasing demand concerns driven by renewed Covid-19 concerns, higher U.S. oil inventory levels, OPEC+ production cutback non-compliance and weaker China buying all weighed on crude oil markets.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (September 11, 2020)

September 14, 2020 | Jeff Klearman
WTI crude oil prices mirrored U.S. stock markets last week plunging over 7% on Tuesday, bouncing back over 3% on Wednesday and then declining about 2% Thursday through Friday.  Increasing demand concerns driven by renewed Covid-19 concerns, higher U.S. oil inventory levels, OPEC+ production cutback non-compliance and weaker China buying all weighed on crude oil markets.

WTI Crude oil prices, down slightly through Tuesday, fell almost 3% on Wednesday despite a much-larger-than-expected drawdown in U.S. oil inventories as reported by the EIA and then continued to fall through Friday, finishing the week down 7%.  Planned refinery maintenance shutdowns, increased production after Hurricane Laura and lower-than-expected demand for gasoline and continued coronavirus demand concerns all pressured oil prices lower.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update (September 4, 2020)

September 08, 2020 | Jeff Klearman
WTI Crude oil prices, down slightly through Tuesday, fell almost 3% on Wednesday despite a much-larger-than-expected drawdown in U.S. oil inventories as reported by the EIA and then continued to fall through Friday, finishing the week down 7%.  Planned refinery maintenance shutdowns, increased production after Hurricane Laura and lower-than-expected demand for gasoline and continued coronavirus demand concerns all pressured oil prices lower.

BCI vs GSCI which index is the right choice as either an investment or benchmark? Unlike stocks and bonds, commodities do not lend themselves to indexing in an immediately intuitive fashion.  Read more on the relative importance, perspective, and purpose of commodities.

Topic: Gold , Commodities

Publication Type: Investment Cases

Will the Real Commodities Index Please Stand Up?

September 01, 2020 | Ryan Giannotto, CFA, Director of Research
BCI vs GSCI which index is the right choice as either an investment or benchmark? Unlike stocks and bonds, commodities do not lend themselves to indexing in an immediately intuitive fashion.  Read more on the relative importance, perspective, and purpose of commodities.

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.

Topic: Commodities

Publication Type: Videos

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

September 01, 2020 | 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.

U.S. stock markets moved higher last week with both the S&P 500 Index and the Nasdaq Composite Index closing at all-time highs and with the Dow Jones Industrial Average finishing the week flat on the year.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update #53

August 31, 2020 | Jeff Klearman
U.S. stock markets moved higher last week with both the S&P 500 Index and the Nasdaq Composite Index closing at all-time highs and with the Dow Jones Industrial Average finishing the week flat on the year.

Moving higher on much-stronger-than-expected housing starts data, the S&P 500 Index reached an all-time closing high on Tuesday, surpassing its record closing last set in February of this year.   Wednesday’s release of FOMC minutes pushed the S&P 500 Index off its record revealing Fed concerns about economic recovery.

Topic: Commodities

Publication Type: Market Commentaries

Commoditized Wisdom: Metals & Markets Update #52

August 24, 2020 | Jeff Klearman
Moving higher on much-stronger-than-expected housing starts data, the S&P 500 Index reached an all-time closing high on Tuesday, surpassing its record closing last set in February of this year.   Wednesday’s release of FOMC minutes pushed the S&P 500 Index off its record revealing Fed concerns about economic recovery.

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)

August 17, 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)

August 10, 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.

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%.

Topic: Gold , Commodities

Publication Type: 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%.

Riding on the previous week’s momentum, U.S. stock markets moved higher on Monday with the Nasdaq Composite Index reaching another record high. Increased investor optimism spurred by the EU’s passage of an $860 billion coronavirus recovery fund, increased hopes of a phase 4 U.S. coronavirus stimulus package and positive developments regarding a Covid-19 vaccine helped move the S&P 500 Index higher through Wednesday. Despite a strong Microsoft earnings report after the close on Wednesday, both the S&P 500 and the Nasdaq Composite Index moved lower on Thursday with the Nasdaq Composite Index falling over 2%. A larger-than-hoped-for jobless claims number, new U.S-China frictions resulting in the closing of the China consulate in Houston, rising Covid-19 cases and the rotation out of tech into cyclical stocks all contributed to Thursday’s as well as Friday’s U.S. stock market declines. The U.S. dollar (as measured by the U.S. Dollar Index – DXY) weakened significantly over the week, pressured lower by increased concerns over the growing number of U.S. Covid-19 cases, uncertainty regarding a phase 4 coronavirus stimulus package and expectations EU GDP growth will significantly outpace U.S. GDP growth over the next year. At week’s end the S&P 500 Index decreased 0.3% to 3,215.63, the Nasdaq Composite Index fell 1.3% to 10,363.18, the 10-year U.S. interest rate fell 4 bps to 59bps and the U.S. dollar (as measured by the U.S. Dollar index - DXY) weakened 1.7%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 24, 2020)

July 27, 2020 | Jeff Klearman
Riding on the previous week’s momentum, U.S. stock markets moved higher on Monday with the Nasdaq Composite Index reaching another record high. Increased investor optimism spurred by the EU’s passage of an $860 billion coronavirus recovery fund, increased hopes of a phase 4 U.S. coronavirus stimulus package and positive developments regarding a Covid-19 vaccine helped move the S&P 500 Index higher through Wednesday. Despite a strong Microsoft earnings report after the close on Wednesday, both the S&P 500 and the Nasdaq Composite Index moved lower on Thursday with the Nasdaq Composite Index falling over 2%. A larger-than-hoped-for jobless claims number, new U.S-China frictions resulting in the closing of the China consulate in Houston, rising Covid-19 cases and the rotation out of tech into cyclical stocks all contributed to Thursday’s as well as Friday’s U.S. stock market declines. The U.S. dollar (as measured by the U.S. Dollar Index – DXY) weakened significantly over the week, pressured lower by increased concerns over the growing number of U.S. Covid-19 cases, uncertainty regarding a phase 4 coronavirus stimulus package and expectations EU GDP growth will significantly outpace U.S. GDP growth over the next year. At week’s end the S&P 500 Index decreased 0.3% to 3,215.63, the Nasdaq Composite Index fell 1.3% to 10,363.18, the 10-year U.S. interest rate fell 4 bps to 59bps and the U.S. dollar (as measured by the U.S. Dollar index - DXY) weakened 1.7%.

U.S. stock markets continued to struggle with concerns over increasing U.S. Covid-19 cases versus strong economic reports and hopeful news regarding development of a Covid-19 vaccine. Covid-19 concerns - sharpened by Carlifornia reopening rollbacks - and anxiety surrounding earnings reports for major bank and tech stocks pushed U.S. stock markets lower on Monday, with the Nasdaq Compositie Index significantly underperforming the S&P 500 Index. Those losses were more than reversed on Tuesday and Wednesday after better-than-expected earnings releases from JPMorgan, Goldman Sachs and Morgan Stanley, positive Covid-19 vaccine news from 3 pharmaceutical/biotech companies, higher-than-expected CPI and stronger-than-expected industrial production reports. A much-larger-than expected increase in retail sales on Thursday was offset by continued high jobless claims with U.S. Stock markets mainly unchanged the remainder of the week. At week’s end the S&P 500 Index increased 1.3% to close at 3,224.73, the Nasdaq Composite Index fell 1.1% to 10,503.19, the 10-year U.S. interest rate fell 1 bp to 63bps and the U.S. dollar (as

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 17, 2020)

July 20, 2020 | Jeff Klearman
U.S. stock markets continued to struggle with concerns over increasing U.S. Covid-19 cases versus strong economic reports and hopeful news regarding development of a Covid-19 vaccine. Covid-19 concerns - sharpened by Carlifornia reopening rollbacks - and anxiety surrounding earnings reports for major bank and tech stocks pushed U.S. stock markets lower on Monday, with the Nasdaq Compositie Index significantly underperforming the S&P 500 Index. Those losses were more than reversed on Tuesday and Wednesday after better-than-expected earnings releases from JPMorgan, Goldman Sachs and Morgan Stanley, positive Covid-19 vaccine news from 3 pharmaceutical/biotech companies, higher-than-expected CPI and stronger-than-expected industrial production reports. A much-larger-than expected increase in retail sales on Thursday was offset by continued high jobless claims with U.S. Stock markets mainly unchanged the remainder of the week. At week’s end the S&P 500 Index increased 1.3% to close at 3,224.73, the Nasdaq Composite Index fell 1.1% to 10,503.19, the 10-year U.S. interest rate fell 1 bp to 63bps and the U.S. dollar (as

A see-saw week for U.S. stock markets as investors struggled with optimism over economic recovery versus growing concerns over increasing Covid-19 cases. Coming off the July 4th holiday week, a surging Chinese stock market and stronger-than-expected PMI and ISM services index numbers, the S&P 500 Index increased 1.6% on Monday only to see most of those gains reversed on Tuesday after the Trump administration called for a much-smaller-than-talked-about additional stimulus package and U.S. Federal Reserve officials voiced concerns that a resurgence of coronavirus cases could derail economic recovery. The S&P 500 Index rose about 0.6% on Wednesday on no real news only to see those gains more than reversed on a larger-than-expected jobless claims report and continued concerns surrounding increasing Covid-19 cases. Data suggesting Gilead’s remdesivir may help reduce Covid-19 mortalities helped move the S&P 500 Index over 1% higher on Friday. At week’s end the S&P 500 Index increased 1.8% to close at 3,184.04, the Nasdaq Composite Index rose 4.0% to 10,617.44, the 10-year U.S. interest rate fell 3 bps to 64bps and the U.S. dollar (as measured by the U.S. Dollar index – DXY) weakened 0.7%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 10, 2020)

July 13, 2020 | Jeff Klearman
A see-saw week for U.S. stock markets as investors struggled with optimism over economic recovery versus growing concerns over increasing Covid-19 cases. Coming off the July 4th holiday week, a surging Chinese stock market and stronger-than-expected PMI and ISM services index numbers, the S&P 500 Index increased 1.6% on Monday only to see most of those gains reversed on Tuesday after the Trump administration called for a much-smaller-than-talked-about additional stimulus package and U.S. Federal Reserve officials voiced concerns that a resurgence of coronavirus cases could derail economic recovery. The S&P 500 Index rose about 0.6% on Wednesday on no real news only to see those gains more than reversed on a larger-than-expected jobless claims report and continued concerns surrounding increasing Covid-19 cases. Data suggesting Gilead’s remdesivir may help reduce Covid-19 mortalities helped move the S&P 500 Index over 1% higher on Friday. At week’s end the S&P 500 Index increased 1.8% to close at 3,184.04, the Nasdaq Composite Index rose 4.0% to 10,617.44, the 10-year U.S. interest rate fell 3 bps to 64bps and the U.S. dollar (as measured by the U.S. Dollar index – DXY) weakened 0.7%.

Monday’s and Tuesday’s much-stronger-than-expected pending home sales and consumer confidence numbers combined with Boeing’s successful 737 Max test flight propelled the S&P 500 and the Nasdaq Composite Index to their best quartly performance since 1998 and 2001, respectively. Better-than-expected PMI and ISM manufacturing index releases on Wednesday and a much-stronger than-expected payroll report on Thursday pushed U.S. stock markets higher the remainder of the holiday-shortened week, though gains were muted because of growing concerns surrounding increasing COVID-19 cases. At week’s end the S&P 500 Index increased 4.0% to 3,130.01, the Nasdaq Composite Index increased 4.6% to 10,207.63, the 10-year U.S. Treasury rate increased 2bps to 0.67% and the U.S. dollar (as measured by the DXY Index) weakened 0.4%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 2, 2020)

July 06, 2020 | Jeff Klearman
Monday’s and Tuesday’s much-stronger-than-expected pending home sales and consumer confidence numbers combined with Boeing’s successful 737 Max test flight propelled the S&P 500 and the Nasdaq Composite Index to their best quartly performance since 1998 and 2001, respectively. Better-than-expected PMI and ISM manufacturing index releases on Wednesday and a much-stronger than-expected payroll report on Thursday pushed U.S. stock markets higher the remainder of the holiday-shortened week, though gains were muted because of growing concerns surrounding increasing COVID-19 cases. At week’s end the S&P 500 Index increased 4.0% to 3,130.01, the Nasdaq Composite Index increased 4.6% to 10,207.63, the 10-year U.S. Treasury rate increased 2bps to 0.67% and the U.S. dollar (as measured by the DXY Index) weakened 0.4%.

Better-than-expected economic reports and continued optimism regarding a V-shaped economic recovery pushed S&P 500 Index 1.1% higher through Tuesday and helped the Nasdaq Composite Index reach new record closing levels. Reports of increasing Covid-19 cases, Trump administration threats of EU import tariffs and the IMF’s updated and significantly lower global economic growth forecast calling for a contraction of nearly 5% caught the market’s attention on Wednesday pushing the S&P 500 Index down 2.6%. Though a portion of those losses were reversed on Thursday as banks stocks rallied on news bank regulators would be relaxing certain capital restrictions, record daily increases in Covid-19 cases and reports that Florida and Texas would be rolling back some easing measures on Friday increased concerns regarding the strength and speed of the recovery of US and global economies pushing the S&P 500 Index down another 2.4%. At week’s end the S&P 500 Index fell 2.9% to 3,009.05, the 10-year U.S. Treasury rate decreased 5bps to 0.65% and the U.S. dollar (as measured by the DXY Index) weakened slightly, falling 0.1%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 26, 2020)

June 29, 2020 | Jeff Klearman
Better-than-expected economic reports and continued optimism regarding a V-shaped economic recovery pushed S&P 500 Index 1.1% higher through Tuesday and helped the Nasdaq Composite Index reach new record closing levels. Reports of increasing Covid-19 cases, Trump administration threats of EU import tariffs and the IMF’s updated and significantly lower global economic growth forecast calling for a contraction of nearly 5% caught the market’s attention on Wednesday pushing the S&P 500 Index down 2.6%. Though a portion of those losses were reversed on Thursday as banks stocks rallied on news bank regulators would be relaxing certain capital restrictions, record daily increases in Covid-19 cases and reports that Florida and Texas would be rolling back some easing measures on Friday increased concerns regarding the strength and speed of the recovery of US and global economies pushing the S&P 500 Index down another 2.4%. At week’s end the S&P 500 Index fell 2.9% to 3,009.05, the 10-year U.S. Treasury rate decreased 5bps to 0.65% and the U.S. dollar (as measured by the DXY Index) weakened slightly, falling 0.1%.

Garnering support from the U.S. Federal Reserve Bank’s widening of its corporate buyback program to include individual bonds and much-stronger-than-expected retail sales and and industrial production reports, the S&P 500 increased almost 3% through Tuesday. Fed Chairman Jerome Powell’s testimony in front of the Senate and House on Tuesday and Wednesday imploring congress to continue its fiscal stimulus efforts as well as increased fears of a coronavirus second wave (exacerbated by the W.H.O’s proclamation that the coronavirus has entered a new and dangerous phase) pushed the S&P 500 lower the remainder of week. At week’s end the S&P 500 Index increased 1.9% to 3,097.74, the 10-year U.S. Treasury rate was unchanged at 0.70% and the U.S. dollar (as measured by the DXY Index) strengthened 0.3%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 19, 2020)

June 22, 2020 | Jeff Klearman
Garnering support from the U.S. Federal Reserve Bank’s widening of its corporate buyback program to include individual bonds and much-stronger-than-expected retail sales and and industrial production reports, the S&P 500 increased almost 3% through Tuesday. Fed Chairman Jerome Powell’s testimony in front of the Senate and House on Tuesday and Wednesday imploring congress to continue its fiscal stimulus efforts as well as increased fears of a coronavirus second wave (exacerbated by the W.H.O’s proclamation that the coronavirus has entered a new and dangerous phase) pushed the S&P 500 lower the remainder of week. At week’s end the S&P 500 Index increased 1.9% to 3,097.74, the 10-year U.S. Treasury rate was unchanged at 0.70% and the U.S. dollar (as measured by the DXY Index) strengthened 0.3%.

Momentum from the previous Friday’s much-stronger-than-expected employment report pushed the S&P 500 Index 1.2% higher on Monday and into the black for the year and moved the Nasdaq Composite Index to a record high. Anxiety surrounding the 2-Day FOMC meeting moved U.S. stock markets lower on Tuesday and Fed Chairman Powell’s comments on Wednesday – voicing deep uncertainty about the strength and timing of the recovery of the U.S. economy – pushed the S&P 500 Index off its Monday’s highs to unchanged for the week. U.S. stock markets plummeted Thursday on continued follow through from Powell’s comments as well as increased concerns of a coronavirus second wave only to see some of those losses recouped on Friday on no real news. 10-year Treasury rates steadily moved lower last week, fading with increased concerns of the timing and strength of economic recovery in the U.S. At week’s end the S&P 500 Index fell 4.8% to 3,041.31, the 10-year U.S. Treasury rate decreased 20bps to 0.70% and the U.S. dollar (as measured by the DXY Index) strengthened 0.2%

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 12, 2020)

June 15, 2020 | Jeff Klearman
Momentum from the previous Friday’s much-stronger-than-expected employment report pushed the S&P 500 Index 1.2% higher on Monday and into the black for the year and moved the Nasdaq Composite Index to a record high. Anxiety surrounding the 2-Day FOMC meeting moved U.S. stock markets lower on Tuesday and Fed Chairman Powell’s comments on Wednesday – voicing deep uncertainty about the strength and timing of the recovery of the U.S. economy – pushed the S&P 500 Index off its Monday’s highs to unchanged for the week. U.S. stock markets plummeted Thursday on continued follow through from Powell’s comments as well as increased concerns of a coronavirus second wave only to see some of those losses recouped on Friday on no real news. 10-year Treasury rates steadily moved lower last week, fading with increased concerns of the timing and strength of economic recovery in the U.S. At week’s end the S&P 500 Index fell 4.8% to 3,041.31, the 10-year U.S. Treasury rate decreased 20bps to 0.70% and the U.S. dollar (as measured by the DXY Index) strengthened 0.2%

Overcoming concerns brought about by violent protests, fears of a second coronovirus wave and increasing U.S.-China tensions, U.S. stock markets marched higher last week, only pausing momentarily on Thursday, supported by growing optimism of a faster-than-expected economic recovery due to easing lockdown restrictions at home and abroad. An unexpected 2.5 million increase in non-farm payrolls (expectations were for a loss of about 8 million jobs) was the proverbial icing on the cake, pushing U.S. stock markets 2%-3% higher on Friday. Throughout the week the 10-year U.S. Treasury rate climbed higher as well, moving with increasing expectations of stronger, faster U.S. economic growth while the U.S. dollar weakened significantly mainly as result of lessening coronavirus concerns decreasing demand for U.S. dollars. At week’s end the S&P 500 Index increased 4.9% to 3,193.93, the 10-year U.S. Treasury rate rose 24bps to 0.90% and the U.S. dollar (as measured by the DXY Index) weakened 1.4%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 5, 2020)

June 08, 2020 | Jeff Klearman
Overcoming concerns brought about by violent protests, fears of a second coronovirus wave and increasing U.S.-China tensions, U.S. stock markets marched higher last week, only pausing momentarily on Thursday, supported by growing optimism of a faster-than-expected economic recovery due to easing lockdown restrictions at home and abroad. An unexpected 2.5 million increase in non-farm payrolls (expectations were for a loss of about 8 million jobs) was the proverbial icing on the cake, pushing U.S. stock markets 2%-3% higher on Friday. Throughout the week the 10-year U.S. Treasury rate climbed higher as well, moving with increasing expectations of stronger, faster U.S. economic growth while the U.S. dollar weakened significantly mainly as result of lessening coronavirus concerns decreasing demand for U.S. dollars. At week’s end the S&P 500 Index increased 4.9% to 3,193.93, the 10-year U.S. Treasury rate rose 24bps to 0.90% and the U.S. dollar (as measured by the DXY Index) weakened 1.4%.

Buoyed by increasing hopes regarding a coronavirus vaccine and increasing expectations of economic recovery spurred by easing lockdown restrictions, the S&P 500 Index increased 2.7% through Wednesday. Concerns surrounding U.S.-China tensions, inflamed by China’s Hong Kong security restrictions, pushed the S&P 500 Index off Wednesday’s high on Thursday only to see those losses recouped on Friday after President Trump’s announcement of measures against China were less harsh and encompassing than originally feared. Markets all but ignored weak economic reports last week, including an almost 14% decline in consumer spending reported Friday, with investors focusing instead on increased hopes and expectations of economic recovery. Jerome Powell, speaking Friday, said the fundamentals of the U.S. economy remain strong but with the coronavirus posing risks to growth and said the U.S. Federal Reserve Bank continues to use its tools to support the economy. At week’s end the S&P 500 Index increased 3.0% to 3,044.31, the 10-year U.S. Treasury rate was unchanged at 0.66% and the U.S. dollar (as measured by the DXY Index) weakened 1.6%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending May 29, 2020)

June 01, 2020 | Jeff Klearman
Buoyed by increasing hopes regarding a coronavirus vaccine and increasing expectations of economic recovery spurred by easing lockdown restrictions, the S&P 500 Index increased 2.7% through Wednesday. Concerns surrounding U.S.-China tensions, inflamed by China’s Hong Kong security restrictions, pushed the S&P 500 Index off Wednesday’s high on Thursday only to see those losses recouped on Friday after President Trump’s announcement of measures against China were less harsh and encompassing than originally feared. Markets all but ignored weak economic reports last week, including an almost 14% decline in consumer spending reported Friday, with investors focusing instead on increased hopes and expectations of economic recovery. Jerome Powell, speaking Friday, said the fundamentals of the U.S. economy remain strong but with the coronavirus posing risks to growth and said the U.S. Federal Reserve Bank continues to use its tools to support the economy. At week’s end the S&P 500 Index increased 3.0% to 3,044.31, the 10-year U.S. Treasury rate was unchanged at 0.66% and the U.S. dollar (as measured by the DXY Index) weakened 1.6%.

Up over 3% Monday on positive news regarding Moderna’s development of a coronavirus vaccine, the S&P 500 Index zigzagged the rest of the week finishing very close to Monday’s level. Initial optimism over Moderna’s progress was partially offset by doubts and questions over the value of the initial results on Tuesday, pushing the S&P 500 Index about 1% lower on the day. Continued easing of restrictions throughout the U.S. with increasing expectations of stronger economic growth moved the S&P 500 Index higher by almost 2% on Wednesday only to see some of those gains reversed on Thursday with the weekly jobless claims report showing initial claims of 2.4 million. The S&P 500 Index closed the week up 3.2% at 2,955.46, the 10-year U.S. Treasury rate rose 1bp to 0.66% and the U.S. dollar (as measured by the DXY Index) gave up last weeks gains, weakening 0.6%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending May 22, 2020)

May 26, 2020 | Jeff Klearman
Up over 3% Monday on positive news regarding Moderna’s development of a coronavirus vaccine, the S&P 500 Index zigzagged the rest of the week finishing very close to Monday’s level. Initial optimism over Moderna’s progress was partially offset by doubts and questions over the value of the initial results on Tuesday, pushing the S&P 500 Index about 1% lower on the day. Continued easing of restrictions throughout the U.S. with increasing expectations of stronger economic growth moved the S&P 500 Index higher by almost 2% on Wednesday only to see some of those gains reversed on Thursday with the weekly jobless claims report showing initial claims of 2.4 million. The S&P 500 Index closed the week up 3.2% at 2,955.46, the 10-year U.S. Treasury rate rose 1bp to 0.66% and the U.S. dollar (as measured by the DXY Index) gave up last weeks gains, weakening 0.6%.

Continued concerns of U.S. economic growth negatively affected by lower global growth and statements of some Federal Reserve Bank officials indicating it’s too soon to consider lowering rates, limited U.S. stock market gains and helped push commodity markets lower through Wednesday last week

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Mar. 29)

March 28, 2020 | Jeff Klearman
Continued concerns of U.S. economic growth negatively affected by lower global growth and statements of some Federal Reserve Bank officials indicating it’s too soon to consider lowering rates, limited U.S. stock market gains and helped push commodity markets lower through Wednesday last week

Positive economic reports from both the U.S. and China combined with increased optimism over a U.S.-China trade agreement pushed U.S stock and commodity markets higher last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Apr. 5)

March 28, 2020 | GraniteShares
Positive economic reports from both the U.S. and China combined with increased optimism over a U.S.-China trade agreement pushed U.S stock and commodity markets higher last week.

Initially falling early in the week on the IMF’s reduced global and U.S. economic growth forecast for 2019, commodity and U.S. stocks markets finished the week higher after strong U.S. bank earnings and Chinese trade and lending reports on Friday.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Apr. 12)

March 28, 2020 | Jeff Klearman
Initially falling early in the week on the IMF’s reduced global and U.S. economic growth forecast for 2019, commodity and U.S. stocks markets finished the week higher after strong U.S. bank earnings and Chinese trade and lending reports on Friday.

Stocks, bonds and hedge funds: Can you guess which is which? Hint: hedge funds underperform.. #2and20problems

Topic: Commodities , Alternative Income

Publication Type: Viewpoints

Guess The Index – Chart of The Week

March 28, 2020 | Ryan Giannotto, CFA, Director of Research
Stocks, bonds and hedge funds: Can you guess which is which? Hint: hedge funds underperform.. #2and20problems

A holiday-shortened trading week and mixed U.S. and weak German economic reports left U.S. stock markets unchanged and commodity markets lower despite continued U.S-China trade agreement optimism and stronger-than-expected Chinese GDP growth and industrial production numbers released on Tuesday.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Apr. 19)

March 28, 2020 | Jeff Klearman
A holiday-shortened trading week and mixed U.S. and weak German economic reports left U.S. stock markets unchanged and commodity markets lower despite continued U.S-China trade agreement optimism and stronger-than-expected Chinese GDP growth and industrial production numbers released on Tuesday.

Thirty times rarer than gold, platinum occurs at very low concentrations in the Earth’s crust. There are only four countries in the world that have platinum mining operations of any significance and of these South Africa has the largest platinum resources by far.

Topic: Commodities

Publication Type: Investment Cases

Where Does Platinum Come From?

March 28, 2020 | GraniteShares
Thirty times rarer than gold, platinum occurs at very low concentrations in the Earth’s crust. There are only four countries in the world that have platinum mining operations of any significance and of these South Africa has the largest platinum resources by far.

Just when you thought it was safe to buy guacamole again, Avocado prices surge 45%! Millennial purchasing power may never recover…

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

Millennial Avocados- Chart of the Week

March 28, 2020 | GraniteShares
Just when you thought it was safe to buy guacamole again, Avocado prices surge 45%! Millennial purchasing power may never recover…

espite the previous week’s strong GDP report and Friday’s strong payroll report, concerns of stubbornly low price and wage inflation combined with concerns of sluggish consumer spending and business investment led the FOMC to keep the Fed Funds target rate unchanged while indicating there is no strong reason to adjust rates either way.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending May 3)

March 27, 2020 | Jeff Klearman
espite the previous week’s strong GDP report and Friday’s strong payroll report, concerns of stubbornly low price and wage inflation combined with concerns of sluggish consumer spending and business investment led the FOMC to keep the Fed Funds target rate unchanged while indicating there is no strong reason to adjust rates either way.

Playing dirty? Recent OPEC production cuts are as large as total U.S. growth over the past 2 years…

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

U.S. vs. OPEC Crude Production – Chart of the Week

March 27, 2020 | GraniteShares
Playing dirty? Recent OPEC production cuts are as large as total U.S. growth over the past 2 years…

Recent changes to the Chinese government’s New Energy Vehicle program have shifted the focus away from the subsidies awarded to battery electric vehicles towards FCEV roll-out and, importantly, the development of the country’s hydrogen refueling infrastructure.

Topic: Commodities

Publication Type: Investment Cases

Fuel Cell Electric Vehicles in China

March 27, 2020 | GraniteShares
Recent changes to the Chinese government’s New Energy Vehicle program have shifted the focus away from the subsidies awarded to battery electric vehicles towards FCEV roll-out and, importantly, the development of the country’s hydrogen refueling infrastructure.

Volatile week spurred by renewed U.S.-China trade tensions and escalating U.S. – Iran frictions. President Trump’s start-of-the-week tweet threatening more and increased tariffs on Chinese goods increased global growth concerns pushing U.S. stock markets and U.S. Treasury yields lower and the U.S. dollar higher.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending May 10)

March 27, 2020 | Jeff Klearman
Volatile week spurred by renewed U.S.-China trade tensions and escalating U.S. – Iran frictions. President Trump’s start-of-the-week tweet threatening more and increased tariffs on Chinese goods increased global growth concerns pushing U.S. stock markets and U.S. Treasury yields lower and the U.S. dollar higher.

It is the wedding band on your ring finger. It is with you every time you’re travelling by car, three grams at least. This is the story of platinum, a metal that follows us and underlies our lives in subtle, yet profound ways.

Topic: Commodities

Publication Type: Investment Cases

You May Know Gold, but Do You Know Platinum?

March 27, 2020 | Ryan Giannotto, CFA, Director of Research
It is the wedding band on your ring finger. It is with you every time you’re travelling by car, three grams at least. This is the story of platinum, a metal that follows us and underlies our lives in subtle, yet profound ways.

Historically, platinum has been known as the “Rich Man’s Gold,” trading at an average premium to gold of $132 over the last 30 years. Will the current $449 discount to gold ever revert to the long-term average?

Topic: Commodities

Publication Type: Investment Cases

Do You Know Where Your Platinum Is? – Chart of the Week

March 27, 2020 | GraniteShares
Historically, platinum has been known as the “Rich Man’s Gold,” trading at an average premium to gold of $132 over the last 30 years. Will the current $449 discount to gold ever revert to the long-term average?

The S&P 500 index, down 2.4% on Monday on renewed U.S-China trade tensions, regained most of its losses through Friday as off-again-on-again optimism of U.S.-China trade progress along with President Trump’s delay of EU and Japan auto tariffs moved the S&P 500 of its lows.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending May 17)

March 27, 2020 | Jeff Klearman
The S&P 500 index, down 2.4% on Monday on renewed U.S-China trade tensions, regained most of its losses through Friday as off-again-on-again optimism of U.S.-China trade progress along with President Trump’s delay of EU and Japan auto tariffs moved the S&P 500 of its lows.

Increased concerns over U.S.-China trade frictions and weaker-than-expected EU, U.S. and Chinese economic reports pushed commodity and U.S. stock markets lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending May 24)

March 27, 2020 | Jeff Klearman
Increased concerns over U.S.-China trade frictions and weaker-than-expected EU, U.S. and Chinese economic reports pushed commodity and U.S. stock markets lower last week.

Chart of the week from Ryan Giannotto…. At current rate, will Jeff Bezos’ wealth surpass the GDP of the US? It could happen in ~30 years.

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

Will Bezos Overtake U.S. by 2050? – Chart of the Week

March 27, 2020 | GraniteShares
Chart of the week from Ryan Giannotto…. At current rate, will Jeff Bezos’ wealth surpass the GDP of the US? It could happen in ~30 years.

Continued concerns of weaker global and U.S. growth, driven by U.S-China trade frictions and economic reports pointing to slowdowns in the EU, China and the U.S, helped push commodity and stock markets lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending May 31)

March 27, 2020 | Jeff Klearman
Continued concerns of weaker global and U.S. growth, driven by U.S-China trade frictions and economic reports pointing to slowdowns in the EU, China and the U.S, helped push commodity and stock markets lower last week.

Continued concerns of weaker global and U.S. growth, driven by U.S-China trade frictions and economic reports pointing to slowdowns in the EU, China and the U.S, helped push commodity and stock markets lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 7)

March 27, 2020 | Jeff Klearman
Continued concerns of weaker global and U.S. growth, driven by U.S-China trade frictions and economic reports pointing to slowdowns in the EU, China and the U.S, helped push commodity and stock markets lower last week.

il tanker attacks attributed to Iran by both the U.S. and Britain, better-than-expected U.S and weaker than expected China economic rerpots combined to push the U.S. dollar higher and leave both 10-year U.S. Treasury rates and the S&P 500 index practically unchanged from the previous week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 14)

March 27, 2020 | Jeff Klearman
il tanker attacks attributed to Iran by both the U.S. and Britain, better-than-expected U.S and weaker than expected China economic rerpots combined to push the U.S. dollar higher and leave both 10-year U.S. Treasury rates and the S&P 500 index practically unchanged from the previous week.

The Platinum Group Metals (PGMs) – platinum, palladium, rhodium, ruthenium, iridium and osmium – are a family of six individual elements that are chemically, physically and anatomically similar. They have unique properties and are used in many industrial processes – making, for example, auto-components, electronics, fertilizer and glass – as well as in medical treatments.

Topic: Commodities

Publication Type: Investment Cases

Platinum Metals: A Lightbulb Moment

March 27, 2020 | GraniteShares
The Platinum Group Metals (PGMs) – platinum, palladium, rhodium, ruthenium, iridium and osmium – are a family of six individual elements that are chemically, physically and anatomically similar. They have unique properties and are used in many industrial processes – making, for example, auto-components, electronics, fertilizer and glass – as well as in medical treatments.

Despite ECB statements indicating more stimulus would be needed and greatly increased tensions between the U.S. and Iran precipitated by Iran’s shooting down of a U.S. drone on Thursday, the U.S. dollar sharply weakened following U.S. Federal Reserve Bank Chairman Jerome Powell’s comments – at the end of the 2-day FOMC meeting – that the Fed would act as needed to sustain economic growth.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 21)

March 27, 2020 | Jeff Klearman
Despite ECB statements indicating more stimulus would be needed and greatly increased tensions between the U.S. and Iran precipitated by Iran’s shooting down of a U.S. drone on Thursday, the U.S. dollar sharply weakened following U.S. Federal Reserve Bank Chairman Jerome Powell’s comments – at the end of the 2-day FOMC meeting – that the Fed would act as needed to sustain economic growth.

Comments from U.S Federal Reserve Bank officials, including Fed Chairman Jerome Powell, lowered expectations of of two rate cuts this year, pushing U.S stock markets slightly lower while leaving the U.S. dollar practically unchanged.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending June 28)

March 27, 2020 | Jeff Klearman
Comments from U.S Federal Reserve Bank officials, including Fed Chairman Jerome Powell, lowered expectations of of two rate cuts this year, pushing U.S stock markets slightly lower while leaving the U.S. dollar practically unchanged.

Increased optimism on Monday resulting from a reported U.S.-China trade truce following the G-20 conference followed by a stronger-than-expected employment report on Friday moved U.S. stock markets higher, strengthened the U.S. dollar and increased the 10-year U.S. Treasury rate.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 5)

March 27, 2020 | Jeff Klearman
Increased optimism on Monday resulting from a reported U.S.-China trade truce following the G-20 conference followed by a stronger-than-expected employment report on Friday moved U.S. stock markets higher, strengthened the U.S. dollar and increased the 10-year U.S. Treasury rate.

Chart of the week from Ryan Giannotto…. A classic case for diversification? Investors had 5 times the chance of picking a stock in the S&P 500 with a 30% or greater loss in 2018 vs. 2017.

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

Diversify, Diversify, Diversify – Chart of the Week

March 27, 2020 | Ryan Giannotto, CFA, Director of Research
Chart of the week from Ryan Giannotto…. A classic case for diversification? Investors had 5 times the chance of picking a stock in the S&P 500 with a 30% or greater loss in 2018 vs. 2017.

Increased optimism on Monday resulting from a reported U.S.-China trade truce following the G-20 conference followed by a stronger-than-expected employment report on Friday moved U.S. stock markets higher, strengthened the U.S. dollar and increased the 10-year U.S. Treasury rate.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 12)

March 27, 2020 | Jeff Klearman
Increased optimism on Monday resulting from a reported U.S.-China trade truce following the G-20 conference followed by a stronger-than-expected employment report on Friday moved U.S. stock markets higher, strengthened the U.S. dollar and increased the 10-year U.S. Treasury rate.

Despite much-better-than-expected retail sales numbers on Monday, concerns of weak growth in the EU and China helped pushed commodity and U.S. Stock markets lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 19)

March 27, 2020 | Jeff Klearman
Despite much-better-than-expected retail sales numbers on Monday, concerns of weak growth in the EU and China helped pushed commodity and U.S. Stock markets lower last week.

Key points Except for natural gas, energy component futures prices were all higher last week. WTI and Brent crude oil prices increased 0.8% and 1.5% respectively. Gasoil and gasoline prices increased 1.4% and 1.5%, respectively, and heating oil prices gained 0.9%. Natural gas prices fell 3.5% Grain prices were all lower last week. Chicago and Kansas wheat prices decreased 1.3% and 1.8%, respectively, and soybean and corn prices fell 2.0% and 3.8%, respectively. Base metal prices, except for zinc prices, all fell last week. Nickel prices decreased 4.2%, copper prices decreased 2.5%, and aluminum prices decreased 2.6%. Zinc prices increased 0.6%. Silver and platinum prices moved higher last week while gold prices fell. Silver and platinum prices both rose 1.3% while gold prices fell 1.3%. The S&P GSCI outperformed the Bloomberg Commodity Index last week with the S&P GSCI increasing 0.23% versus the Bloomberg Commodity Index decreasing 0.76%. The S&P GSCI’s larger exposure to energy but smaller exposure to natural gas, grains and base metals was the primary reason for its underperformance. Total assets in commodity ETPs decreased $157.0m last week. Broad commodity (-$397.8m), crude oil (-$38.3m) and agriculture (-$15.7m) ETP outflows were offset partially by gold ($128.0m) and silver ($174.4m) ETP inflows. Commentary Friday’s stronger-than-expected first estimate of Q2 GDP helped reduce concerns of a weaker U.S. economy brought about by a much-weaker-than-expected existing home sales number and a slew of other slightly-less-than-expected economic numbers released earlier in the week. Strong Indications the ECB is ready and willing to reduce rates and restart its bond buying program helped increased expectations of stronger EU and global economic growth as did reports U.S. and China trade talks would resume this coming week. At week’s end the U.S. dollar strengthened 0.9%, 10-year U.S. Treasury rates increased 2bp to 2.07% and the S&P 500 index increased 1.7%. Up 1.8% through Tuesday, oil prices moved higher spurred by concerns over Iran’s seizure of a British oil tanker the previous week and expectations of a large drawdown in U.S. oil inventories. Wednesday’s EIA inventory report showing a large drawdown (as expected) was dismissed as a one-time “Hurricane Barry” effect with concerns of reduced oil demand due to weaker global growth prevailing and pushing oil prices off their highs of the week. Base metal prices moved lower last week as a result of a stronger U.S. dollar and continued concerns of weaker Chinese and global growth. Aluminum prices down 1.4% through Thursday fell another 1.2% on Friday after the world’s largest alumina refinery, Norsk Hydro, lowered its demand growth forecasts for aluminum for a second time this year citing weaker global growth and U.S. – China trade frictions. Nickel prices gave up some of their recent large gains after analysts warned prices had moved too high. Gold prices moved lower as expectations of the number and size of U.S. rate decreases were slightly lowered on the back of a stronger-than-expected U.S. GDP report on Friday. Silver and platinum prices increased supported by inflows into ETPs. Grain prices moved lower last week mainly as a result of improved weather conditions and increased expectations of improved harvest yields. Corn prices also suffered from lower-than-expected export numbers and reduced demand for ethanol. Soybean prices increased slightly on Friday after reports U.S.- China trade talks would resume this coming week. Coming up this week Busy data week highlighted by the 2-day FOMC meeting beginning Tuesday and the employment situation report on Friday. Personal income and outlays and consumer confidence on Tuesday. Employment cost index and FOMC meeting announcement followed by Fed Chair Jerome Powell press conference on Wednesday. Jobless claims, ISM and PMI manufacturing indexes on Thursday. Employment situation report and international trade on Friday. EIA petroleum report on Wednesday and Baker-Hughes rig count on Friday.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending July 26)

March 27, 2020 | GraniteShares
Key points Except for natural gas, energy component futures prices were all higher last week. WTI and Brent crude oil prices increased 0.8% and 1.5% respectively. Gasoil and gasoline prices increased 1.4% and 1.5%, respectively, and heating oil prices gained 0.9%. Natural gas prices fell 3.5% Grain prices were all lower last week. Chicago and Kansas wheat prices decreased 1.3% and 1.8%, respectively, and soybean and corn prices fell 2.0% and 3.8%, respectively. Base metal prices, except for zinc prices, all fell last week. Nickel prices decreased 4.2%, copper prices decreased 2.5%, and aluminum prices decreased 2.6%. Zinc prices increased 0.6%. Silver and platinum prices moved higher last week while gold prices fell. Silver and platinum prices both rose 1.3% while gold prices fell 1.3%. The S&P GSCI outperformed the Bloomberg Commodity Index last week with the S&P GSCI increasing 0.23% versus the Bloomberg Commodity Index decreasing 0.76%. The S&P GSCI’s larger exposure to energy but smaller exposure to natural gas, grains and base metals was the primary reason for its underperformance. Total assets in commodity ETPs decreased $157.0m last week. Broad commodity (-$397.8m), crude oil (-$38.3m) and agriculture (-$15.7m) ETP outflows were offset partially by gold ($128.0m) and silver ($174.4m) ETP inflows. Commentary Friday’s stronger-than-expected first estimate of Q2 GDP helped reduce concerns of a weaker U.S. economy brought about by a much-weaker-than-expected existing home sales number and a slew of other slightly-less-than-expected economic numbers released earlier in the week. Strong Indications the ECB is ready and willing to reduce rates and restart its bond buying program helped increased expectations of stronger EU and global economic growth as did reports U.S. and China trade talks would resume this coming week. At week’s end the U.S. dollar strengthened 0.9%, 10-year U.S. Treasury rates increased 2bp to 2.07% and the S&P 500 index increased 1.7%. Up 1.8% through Tuesday, oil prices moved higher spurred by concerns over Iran’s seizure of a British oil tanker the previous week and expectations of a large drawdown in U.S. oil inventories. Wednesday’s EIA inventory report showing a large drawdown (as expected) was dismissed as a one-time “Hurricane Barry” effect with concerns of reduced oil demand due to weaker global growth prevailing and pushing oil prices off their highs of the week. Base metal prices moved lower last week as a result of a stronger U.S. dollar and continued concerns of weaker Chinese and global growth. Aluminum prices down 1.4% through Thursday fell another 1.2% on Friday after the world’s largest alumina refinery, Norsk Hydro, lowered its demand growth forecasts for aluminum for a second time this year citing weaker global growth and U.S. – China trade frictions. Nickel prices gave up some of their recent large gains after analysts warned prices had moved too high. Gold prices moved lower as expectations of the number and size of U.S. rate decreases were slightly lowered on the back of a stronger-than-expected U.S. GDP report on Friday. Silver and platinum prices increased supported by inflows into ETPs. Grain prices moved lower last week mainly as a result of improved weather conditions and increased expectations of improved harvest yields. Corn prices also suffered from lower-than-expected export numbers and reduced demand for ethanol. Soybean prices increased slightly on Friday after reports U.S.- China trade talks would resume this coming week. Coming up this week Busy data week highlighted by the 2-day FOMC meeting beginning Tuesday and the employment situation report on Friday. Personal income and outlays and consumer confidence on Tuesday. Employment cost index and FOMC meeting announcement followed by Fed Chair Jerome Powell press conference on Wednesday. Jobless claims, ISM and PMI manufacturing indexes on Thursday. Employment situation report and international trade on Friday. EIA petroleum report on Wednesday and Baker-Hughes rig count on Friday.

Following somewhat stronger-than-expected U.S. economic and inflation reports (including the previous Friday’s GDP report), the FOMC voted on Wednesday to reduce the Fed Funds target rate 25bp to between 2.00% – 2.25%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending August 2)

March 27, 2020 | Jeff Klearman
Following somewhat stronger-than-expected U.S. economic and inflation reports (including the previous Friday’s GDP report), the FOMC voted on Wednesday to reduce the Fed Funds target rate 25bp to between 2.00% – 2.25%.

U.S. stock markets and the 10-year U.S. Treasury rate fell sharply on Monday (S&P 500 Index down 3%, 10-year U.S. Treasury rate 14bps lower) after the Chinese yuan weakened to above 7 yuan/dollar, greatly increasing fears of an all-out trade and, perhaps, currency war between the U.S. and China.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending August 9)

March 27, 2020 | Jeff Klearman
U.S. stock markets and the 10-year U.S. Treasury rate fell sharply on Monday (S&P 500 Index down 3%, 10-year U.S. Treasury rate 14bps lower) after the Chinese yuan weakened to above 7 yuan/dollar, greatly increasing fears of an all-out trade and, perhaps, currency war between the U.S. and China.

A volatile week for U.S. stock markets and U.S. interest rates resulting from quickly changing expectations of global growth and U.S-China trade relations.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending August 16)

March 27, 2020 | Jeff Klearman
A volatile week for U.S. stock markets and U.S. interest rates resulting from quickly changing expectations of global growth and U.S-China trade relations.

U.S. stock markets and the U.S. dollar were higher through Thursday last week following the Trump administration’s positive statements and actions regarding U.S-China trade frictions and following the release of FOMC minutes and Jerome Powell’s comments at Jackson Hole confirming the U.S. Federal Reserve Bank will act to maintain economic expansion.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending August 23)

March 27, 2020 | Jeff Klearman
U.S. stock markets and the U.S. dollar were higher through Thursday last week following the Trump administration’s positive statements and actions regarding U.S-China trade frictions and following the release of FOMC minutes and Jerome Powell’s comments at Jackson Hole confirming the U.S. Federal Reserve Bank will act to maintain economic expansion.

A mix of stronger-than-expected U.S. economic reports and statements from China seemingly de-escalating trade frictions moved U.S. stock markets higher while also strengthening the U.S. dollar.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending August 30)

March 27, 2020 | Jeff Klearman
A mix of stronger-than-expected U.S. economic reports and statements from China seemingly de-escalating trade frictions moved U.S. stock markets higher while also strengthening the U.S. dollar.

Returning Tuesday from a long holiday weekend, U.S. stock and commodity markets moved lower as global and U.S. growth concerns, prompted by tweets from President Trump, increased.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending September 06)

March 27, 2020 | Jeff Klearman
Returning Tuesday from a long holiday weekend, U.S. stock and commodity markets moved lower as global and U.S. growth concerns, prompted by tweets from President Trump, increased.

Despite President Trump’s tweets requesting the U.S Federal Reserve Bank dramatically lower rates, higher-than-expected CPI and PPI numbers and better-than-expected retail sales, chain-store sales, consumer sentiment and business inventories reports pushed 10-year interest rates higher by over 30bps and reduced the probability of a rate increase at this week’s FOMC meeting.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending September 13)

March 27, 2020 | Jeff Klearman
Despite President Trump’s tweets requesting the U.S Federal Reserve Bank dramatically lower rates, higher-than-expected CPI and PPI numbers and better-than-expected retail sales, chain-store sales, consumer sentiment and business inventories reports pushed 10-year interest rates higher by over 30bps and reduced the probability of a rate increase at this week’s FOMC meeting.

Dominated by news of attacks on Saudi oil processing facilities, U.S. Federal Reserve Bank repo operations and the FOMC meeting, U.S. stock markets and the U.S. dollar remained relatively calm while 10-year U.S. interest rates moved lower off their recent highs.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending September 20)

March 27, 2020 | Jeff Klearman
Dominated by news of attacks on Saudi oil processing facilities, U.S. Federal Reserve Bank repo operations and the FOMC meeting, U.S. stock markets and the U.S. dollar remained relatively calm while 10-year U.S. interest rates moved lower off their recent highs.

Weak economic reports in Europe and Asia along with the what may be the beginning of impeachment proceedings against President Trump pushed U.S. and global stock markets lower, strengthened the U.S. dollar and moved U.S. Treasury rates lower.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending September 27)

March 27, 2020 | Jeff Klearman
Weak economic reports in Europe and Asia along with the what may be the beginning of impeachment proceedings against President Trump pushed U.S. and global stock markets lower, strengthened the U.S. dollar and moved U.S. Treasury rates lower.

A bevy of weak U.S. economic reports on Tuesday and Wednesday, including a very weak ISM manufacturing index release on Tuesday and extremely disappointing auto sales numbers on Wednesday, drove U.S. stock markets, U.S. Treasury rates and the U.S. dollar lower last week. Concerns of a slowing U.S. economy increased Thursday after the release of a weaker-than-expected ISM non-manufacturing index number, a weaker-than-expected ADP private payroll report as well as by a mediocre employment report on Friday. Despite Thursday’s and Friday’s reports, U.S. stock markets rebounded off their lows with increasing market expectations of more U.S. Federal Reserve Bank rate reductions . The S&P 500 Index, down more 2.5% through Wednesday, finished the week only 0.3% lower at 2,952.01. 10-year U.S. Treasury rates fell 15bps over the week to 1.53% and the U.S. dollar (as measured by the DXY index) weakened 0.3% over the week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending October 4, 2019)

March 27, 2020 | Jeff Klearman
A bevy of weak U.S. economic reports on Tuesday and Wednesday, including a very weak ISM manufacturing index release on Tuesday and extremely disappointing auto sales numbers on Wednesday, drove U.S. stock markets, U.S. Treasury rates and the U.S. dollar lower last week. Concerns of a slowing U.S. economy increased Thursday after the release of a weaker-than-expected ISM non-manufacturing index number, a weaker-than-expected ADP private payroll report as well as by a mediocre employment report on Friday. Despite Thursday’s and Friday’s reports, U.S. stock markets rebounded off their lows with increasing market expectations of more U.S. Federal Reserve Bank rate reductions . The S&P 500 Index, down more 2.5% through Wednesday, finished the week only 0.3% lower at 2,952.01. 10-year U.S. Treasury rates fell 15bps over the week to 1.53% and the U.S. dollar (as measured by the DXY index) weakened 0.3% over the week.

Concerns of weak U.S. economic growth spurred by the previous week’s weaker-than-expected ISM manufacturing report and exacerbated by growing concerns of increased trade frictions between the U.S. and China pushed U.S. stock markets lower and strengthened the U.S. dollar early last week. The release of FOMC minutes on Wednesday, comments from various Fed officials reaffirming the U.S. Federal Reserve Bank would continue to act to maintain the expansion and the Fed’s announcement it would increase its balance sheet by buying short-term Treasuries helped move U.S. stock markets off their intra-week lows through the remainder of the week. Reports on Thursday that President Trump would meet with Vice Premier Liu on Friday and the announcement that a partial trade agreement had been reached with China on Friday, pushed U.S. stock markets and U.S. Treasury rates higher and weakened the U.S. dollar.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending October 11, 2019)

March 27, 2020 | Jeff Klearman
Concerns of weak U.S. economic growth spurred by the previous week’s weaker-than-expected ISM manufacturing report and exacerbated by growing concerns of increased trade frictions between the U.S. and China pushed U.S. stock markets lower and strengthened the U.S. dollar early last week. The release of FOMC minutes on Wednesday, comments from various Fed officials reaffirming the U.S. Federal Reserve Bank would continue to act to maintain the expansion and the Fed’s announcement it would increase its balance sheet by buying short-term Treasuries helped move U.S. stock markets off their intra-week lows through the remainder of the week. Reports on Thursday that President Trump would meet with Vice Premier Liu on Friday and the announcement that a partial trade agreement had been reached with China on Friday, pushed U.S. stock markets and U.S. Treasury rates higher and weakened the U.S. dollar.

Stronger-than-expected U.S. earnings reports overcame a weaker-than-expected retail sales report and reduced expectations of a U.S-China “partial” trade agreement last week. The S&P 500 Index, lower on Monday after China announced it wanted more talks before signing any trade agreement, rallied through Thursday on the back of stronger-than-expected U.S. earnings reports despite weaker-than-expected retail sales numbers released on Wednesday. U.S. stock markets lost some ground on Friday after weaker-than-expected Chinese economic data and a couple of “missed” U.S. earnings reports. At week’s end the S&P 500 index was up 0.5% at 2986.20, 10-year U.S. Treasury rates were up 2.5bps at 1.75% and the dollar weakened 1.0 % as measured by the DXY index.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending October 18, 2019)

March 27, 2020 | Jeff Klearman
Stronger-than-expected U.S. earnings reports overcame a weaker-than-expected retail sales report and reduced expectations of a U.S-China “partial” trade agreement last week. The S&P 500 Index, lower on Monday after China announced it wanted more talks before signing any trade agreement, rallied through Thursday on the back of stronger-than-expected U.S. earnings reports despite weaker-than-expected retail sales numbers released on Wednesday. U.S. stock markets lost some ground on Friday after weaker-than-expected Chinese economic data and a couple of “missed” U.S. earnings reports. At week’s end the S&P 500 index was up 0.5% at 2986.20, 10-year U.S. Treasury rates were up 2.5bps at 1.75% and the dollar weakened 1.0 % as measured by the DXY index.

Buoyed by increased optimism of a U.S.-China trade agreement, overall better-than-expected U.S. earnings reports and continued expectations of U.S. Federal Reserve Bank easing, the S&P 500 Index, increased 1.2% to 3022.55, just shy of its record in late July of 3025.86. The U.S. dollar strengthened over the week, despite U.S. Federal Reserve Bank easing expectations, on the back of weak economic reports from the EU and China. At week’s end the U.S. dollar (as measured by the DXY index) strengthened 0.6% and 10-year U.S Treasury rates increased 4.5bps to 1.0%

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending October 25, 2019)

March 27, 2020 | Jeff Klearman
Buoyed by increased optimism of a U.S.-China trade agreement, overall better-than-expected U.S. earnings reports and continued expectations of U.S. Federal Reserve Bank easing, the S&P 500 Index, increased 1.2% to 3022.55, just shy of its record in late July of 3025.86. The U.S. dollar strengthened over the week, despite U.S. Federal Reserve Bank easing expectations, on the back of weak economic reports from the EU and China. At week’s end the U.S. dollar (as measured by the DXY index) strengthened 0.6% and 10-year U.S Treasury rates increased 4.5bps to 1.0%

Starting the week with strong expectations of a partial trade agreement between the U.S.- and China, U.S. stock markets and the 10-year Treasury rate both moved higher early in the week. With Wednesday’s FOMC decision to once again lower the Fed Fund’s target rate 25bps while at the same time hinting the Federal Reserve Bank would pause further rate reductions combined with a lackluster 3rd quarter GDP report, 10-year U.S Treasury rates moved off their intraweek highs while the U.S. stock markets seemed unphased. Weaker-than-expected consumer spending number and reduced expectations of a U.S.-China trade agreement partially reversed gains in U.S. stock markets and pushed the 10-year Treasury even rate lower on Thursday. Friday’s much-stronger-than-expected employment situation report -despite weaker-than-expected manufacturing data -pushed U.S. stock markets even higher and slightly increased the 10-year U.S. Treasury rate. At week’s end the S&P 500 was up almost 1.5% to 3066.91, the 10-year U.S. Treasury was lower 8bps at 1.71% and the U.S. dollar (as measured by the DXY index) was weaker 0.6%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending November 1, 2019)

March 27, 2020 | Jeff Klearman
Starting the week with strong expectations of a partial trade agreement between the U.S.- and China, U.S. stock markets and the 10-year Treasury rate both moved higher early in the week. With Wednesday’s FOMC decision to once again lower the Fed Fund’s target rate 25bps while at the same time hinting the Federal Reserve Bank would pause further rate reductions combined with a lackluster 3rd quarter GDP report, 10-year U.S Treasury rates moved off their intraweek highs while the U.S. stock markets seemed unphased. Weaker-than-expected consumer spending number and reduced expectations of a U.S.-China trade agreement partially reversed gains in U.S. stock markets and pushed the 10-year Treasury even rate lower on Thursday. Friday’s much-stronger-than-expected employment situation report -despite weaker-than-expected manufacturing data -pushed U.S. stock markets even higher and slightly increased the 10-year U.S. Treasury rate. At week’s end the S&P 500 was up almost 1.5% to 3066.91, the 10-year U.S. Treasury was lower 8bps at 1.71% and the U.S. dollar (as measured by the DXY index) was weaker 0.6%.

Stronger-than-expected U.S. economic and earnings reports – and despite increased expectations that the next rate move by the U.S. Federal Reserve bank will be a move higher – pushed the S&P 500 Index up 0.85% to an all-time high of 3093.08 while moving the 10-year U.S Treasury rate higher by 23 bps to 1.94% and strengthened the U.S. dollar by 1.2% (as measured by the DXY index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending November 8, 2019)

March 27, 2020 | Jeff Klearman
Stronger-than-expected U.S. economic and earnings reports – and despite increased expectations that the next rate move by the U.S. Federal Reserve bank will be a move higher – pushed the S&P 500 Index up 0.85% to an all-time high of 3093.08 while moving the 10-year U.S Treasury rate higher by 23 bps to 1.94% and strengthened the U.S. dollar by 1.2% (as measured by the DXY index).

Renewed optimism over a U.S.-China trade agreement spurred by Trump administration comments and stronger-expected retail sales on Friday, pushed the S&P 500 Index almost a percent higher and moved 10-year U.S. Treasury rates a couple of basis points off their lows of the week. At week’s end the S&P 500 increased 0.9% to 3120.46, 10-year U.S. Treasury rates fell 11bps to 1.83% and the U.S. dollar weakened 0.4% (as measured by the DXY index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending November 15, 2019)

March 27, 2020 | Jeff Klearman
Renewed optimism over a U.S.-China trade agreement spurred by Trump administration comments and stronger-expected retail sales on Friday, pushed the S&P 500 Index almost a percent higher and moved 10-year U.S. Treasury rates a couple of basis points off their lows of the week. At week’s end the S&P 500 increased 0.9% to 3120.46, 10-year U.S. Treasury rates fell 11bps to 1.83% and the U.S. dollar weakened 0.4% (as measured by the DXY index).

Comments by Chinese President Xi Jinping calling for increased communications between the U.S. and China, positive comments from President Trump regarding U.S.-China trade frictions and stronger-than-expected economic reports on Friday moved U.S. stock markets, 10-year U.S. Treasury rates and the U.S. dollar off their lows of the week. At week’s end the S&P 500 was down 0.3% to 3110.29, 10-year U.S. Treasury rates fell 6bps to 1.77% and the U.S. dollar strengthened (all on Friday) 0.3% (as measured by the DXY index). ).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending November 22, 2019)

March 27, 2020 | Jeff Klearman
Comments by Chinese President Xi Jinping calling for increased communications between the U.S. and China, positive comments from President Trump regarding U.S.-China trade frictions and stronger-than-expected economic reports on Friday moved U.S. stock markets, 10-year U.S. Treasury rates and the U.S. dollar off their lows of the week. At week’s end the S&P 500 was down 0.3% to 3110.29, 10-year U.S. Treasury rates fell 6bps to 1.77% and the U.S. dollar strengthened (all on Friday) 0.3% (as measured by the DXY index). ).

Supported by indications of progress on a U.S.-China trade agreement and strong U.S. economic reports (including new home sales and 2nd estimate Q3 GDP), the S&P 500 Index moved 1.4% higher through Wednesday to close at 3153.63, another all-time high. President Trump’s signing of legislation supporting Hong Kong protesters along with falling energy prices pushed U.S. stock markets slightly lower with the S&P 500 Index slipping 0.4%. At week’s end the S&P 500 was up 1% to 3140.98, 10-year U.S. Treasury rates gained 1bp to 1.78% and the U.S. dollar was unchanged (as measured by the DXY index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending November 29, 2019)

March 27, 2020 | Jeff Klearman
Supported by indications of progress on a U.S.-China trade agreement and strong U.S. economic reports (including new home sales and 2nd estimate Q3 GDP), the S&P 500 Index moved 1.4% higher through Wednesday to close at 3153.63, another all-time high. President Trump’s signing of legislation supporting Hong Kong protesters along with falling energy prices pushed U.S. stock markets slightly lower with the S&P 500 Index slipping 0.4%. At week’s end the S&P 500 was up 1% to 3140.98, 10-year U.S. Treasury rates gained 1bp to 1.78% and the U.S. dollar was unchanged (as measured by the DXY index).

U.S. stock markets moved lower Monday and Tuesday last week following statements from President Trump threatening steel tariffs on Brazil and Argentinia, promising repercussions to France’s digital tax and allowing for the possibility of U.S-China trade negotiations dragging on through 2020. Conversely, 10-year U.S. Treasury rates moved higher on Monday after better-than-expected manufacturing data from China, then moved sharply lower on Tuesday following President Trump’s comments regarding U.S.-China trade negotiations and weaker-than-expected U.S. manufacturing data. Reports on Wednesday that a U.S.-China trade agreement was very close, all but erasing concerns raised Tuesday, and stronger-than-expected non-manufacturing data moved 10-year U.S. Treasury rates and U.S. stock markets higher. Lower-than-expected initial jobless claims on Thursday and a much-stronger-than expected employment situation report on Friday pushed U.S. stock markets and 10-year U.S. Treasury yields higher through the remainder of the week. At week’s end the S&P 500 was up 0.2% to 3145.91, 10-year U.S. Treasury rates increased 6bp to close at 1.84% and the U.S. dollar (as measured by the DXY index) weakened 0.6%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending December 6, 2019)

March 27, 2020 | Jeff Klearman
U.S. stock markets moved lower Monday and Tuesday last week following statements from President Trump threatening steel tariffs on Brazil and Argentinia, promising repercussions to France’s digital tax and allowing for the possibility of U.S-China trade negotiations dragging on through 2020. Conversely, 10-year U.S. Treasury rates moved higher on Monday after better-than-expected manufacturing data from China, then moved sharply lower on Tuesday following President Trump’s comments regarding U.S.-China trade negotiations and weaker-than-expected U.S. manufacturing data. Reports on Wednesday that a U.S.-China trade agreement was very close, all but erasing concerns raised Tuesday, and stronger-than-expected non-manufacturing data moved 10-year U.S. Treasury rates and U.S. stock markets higher. Lower-than-expected initial jobless claims on Thursday and a much-stronger-than expected employment situation report on Friday pushed U.S. stock markets and 10-year U.S. Treasury yields higher through the remainder of the week. At week’s end the S&P 500 was up 0.2% to 3145.91, 10-year U.S. Treasury rates increased 6bp to close at 1.84% and the U.S. dollar (as measured by the DXY index) weakened 0.6%.

Approaching U.S trade tariff deadlines, continued uncertainty of a phase one U.S.-China trade agreement, CPI and PPI reports, the FOMC meeting and UK elections all added to a jittery start of the week. 10-year U.S. Treasury rates, unchanged at 1.84% through Tuesday after an as-expected CPI report, fell 5bps on Wednesday after the U.S. Federal Reserve bank said it would maintain the current Fed funds target rate unless there was a significant outlook change. President Trump’s announcement on Thursday that he had signed off on the trade agreement caused 10-year U.S. Treasury rates to reverse course and increase 10bps to 1.89% only to reverse course again on Friday after China confirmed there was an agreement and after a benign retail sales report pushing 10-year Treasury rates down 7bps to 1.82%. The S&P 500 index moved lower early in the week, also affected by the uncertainty surrounding the FOMC meeting and the prospects of a U.S.-China trade deal. Down 0.4% through Tuesday, the S&P 500 Index increased 1.2% the remainder of the week after the announcement of a trade agreement and a “steady-as-she-goes” policy annunciated by Fed Chairman Jerome Powell. At week’s end the S&P 500 Index increased 0.7% to 3168.8, 10-year U.S. interest rates fell 1bp to 1.82% and the U.S. dollar (as measured by the DXY index) weakened 0.5%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending December 13, 2019)

March 27, 2020 | Jeff Klearman
Approaching U.S trade tariff deadlines, continued uncertainty of a phase one U.S.-China trade agreement, CPI and PPI reports, the FOMC meeting and UK elections all added to a jittery start of the week. 10-year U.S. Treasury rates, unchanged at 1.84% through Tuesday after an as-expected CPI report, fell 5bps on Wednesday after the U.S. Federal Reserve bank said it would maintain the current Fed funds target rate unless there was a significant outlook change. President Trump’s announcement on Thursday that he had signed off on the trade agreement caused 10-year U.S. Treasury rates to reverse course and increase 10bps to 1.89% only to reverse course again on Friday after China confirmed there was an agreement and after a benign retail sales report pushing 10-year Treasury rates down 7bps to 1.82%. The S&P 500 index moved lower early in the week, also affected by the uncertainty surrounding the FOMC meeting and the prospects of a U.S.-China trade deal. Down 0.4% through Tuesday, the S&P 500 Index increased 1.2% the remainder of the week after the announcement of a trade agreement and a “steady-as-she-goes” policy annunciated by Fed Chairman Jerome Powell. At week’s end the S&P 500 Index increased 0.7% to 3168.8, 10-year U.S. interest rates fell 1bp to 1.82% and the U.S. dollar (as measured by the DXY index) weakened 0.5%.

Stronger-than-expected Chinese factory production and consumer spending numbers combined with support from last week’s announcement of a U.S.-China phase one trade agreement and congress passing the USMCA pushed the S&P 500 Index to another record high and moved 10-year U.S. Treasury interest rates 5bps higher to 1.88% through Tuesday. Stronger-than-expected U.S. economic reports, including strong factory production and new housing starts, pushed 10-year U.S. interest rates 3bps higher to 1.92% and kept the S&P 500 Index at near record levels through Wednesday. Stronger-than-expected new homes sales on Thursday and consumer spending reports on Friday along with Trump administration statements the U.S.-China phase one trade agreement would be signed next month, pushed the S&P 500 index to new highs with 10-year U.S. Treasury rates remaining at 1.92%. At week’s end the S&P 500 Index increased 1.7% to 3,221.22, 10-year U.S. interest rates fell 10bp to 1.92% and the U.S. dollar (as measured by the DXY index) strengthened 0.5%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending December 20, 2019)

March 27, 2020 | Jeff Klearman
Stronger-than-expected Chinese factory production and consumer spending numbers combined with support from last week’s announcement of a U.S.-China phase one trade agreement and congress passing the USMCA pushed the S&P 500 Index to another record high and moved 10-year U.S. Treasury interest rates 5bps higher to 1.88% through Tuesday. Stronger-than-expected U.S. economic reports, including strong factory production and new housing starts, pushed 10-year U.S. interest rates 3bps higher to 1.92% and kept the S&P 500 Index at near record levels through Wednesday. Stronger-than-expected new homes sales on Thursday and consumer spending reports on Friday along with Trump administration statements the U.S.-China phase one trade agreement would be signed next month, pushed the S&P 500 index to new highs with 10-year U.S. Treasury rates remaining at 1.92%. At week’s end the S&P 500 Index increased 1.7% to 3,221.22, 10-year U.S. interest rates fell 10bp to 1.92% and the U.S. dollar (as measured by the DXY index) strengthened 0.5%.

Quiet holiday-shortened week with the S&P 500 Index struggling but eking out new highs, 10-year U.S. Treasury rates slightly declining and the U.S. dollar weakening. Weaker-than-expected durable goods orders and new home sales reported on Monday (the only significant economic data released last week) may have set the tone for the remainder of the week. At week’s end the S&P 500 Index increased 0.6% to 3240.02, the 10-year U.S. Treasury rate fell 4 bps to 1.88% and the U.S. dollar weakened 0.8%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending December 27, 2019)

March 27, 2020 | Jeff Klearman
Quiet holiday-shortened week with the S&P 500 Index struggling but eking out new highs, 10-year U.S. Treasury rates slightly declining and the U.S. dollar weakening. Weaker-than-expected durable goods orders and new home sales reported on Monday (the only significant economic data released last week) may have set the tone for the remainder of the week. At week’s end the S&P 500 Index increased 0.6% to 3240.02, the 10-year U.S. Treasury rate fell 4 bps to 1.88% and the U.S. dollar weakened 0.8%.

Though finishing slightly lower than its all time high reached on Friday the previous week, the S&P 500 Index ended the year up just shy of 29% while the 10-year U.S. Treasury rate closed at 1.92%, down approximately 80bps from its level at the end of 2018. The U.S. dollar (as measured by the DXY index) finished the year almost unchanged. Last week opened with reports of U.S. attacks on pro-Iranian military bases in Syria and Iraq and closed with news of a U.S. airstrike killing IRGC general Qassam Soleimani. Stock and bond markets barely reacted to the former news with markets experiencing very light trading activity Monday and Tuesday. On Thursday, the first trading day of the new year, the S&P 500 moved higher by almost 1% and U.S. 10-year Treasury rates fell about 4bps after the PBOC said it would further loosen monetary policy to support the Chinese economy. However, overnight news leading into Friday of the killing of Soleimani and weaker-than-expected ISM manufacturing index number the S&P 500 Index reversed almost all of Thursday’s gain and pushed the 10-year U.S. Treasury rate a few basis points lower. At week’s end, the S&P 500 Index was down 0.2% at 3234.85, the 10-year U.S. Treasury rates was down 9bps to 1.79% and the U.S. dollar was almost unchanged.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending January 3, 2020)

March 27, 2020 | Jeff Klearman
Though finishing slightly lower than its all time high reached on Friday the previous week, the S&P 500 Index ended the year up just shy of 29% while the 10-year U.S. Treasury rate closed at 1.92%, down approximately 80bps from its level at the end of 2018. The U.S. dollar (as measured by the DXY index) finished the year almost unchanged. Last week opened with reports of U.S. attacks on pro-Iranian military bases in Syria and Iraq and closed with news of a U.S. airstrike killing IRGC general Qassam Soleimani. Stock and bond markets barely reacted to the former news with markets experiencing very light trading activity Monday and Tuesday. On Thursday, the first trading day of the new year, the S&P 500 moved higher by almost 1% and U.S. 10-year Treasury rates fell about 4bps after the PBOC said it would further loosen monetary policy to support the Chinese economy. However, overnight news leading into Friday of the killing of Soleimani and weaker-than-expected ISM manufacturing index number the S&P 500 Index reversed almost all of Thursday’s gain and pushed the 10-year U.S. Treasury rate a few basis points lower. At week’s end, the S&P 500 Index was down 0.2% at 3234.85, the 10-year U.S. Treasury rates was down 9bps to 1.79% and the U.S. dollar was almost unchanged.

Though markets started the week with heightened concerns regarding possible Iran retailiatory actions against a U.S. airstrike killing IRGC general Soleimani, U.S. stock markets, 10-year U.S. Treasury rates and the U.S. dollar moved slightly higher through Tuesday. Overnight reports on Tuesday of Iranian missile attacks on U.S. bases in Iraq drove U.S. and global stock markets significantly lower before U.S. stock markets opened on Wednesday. President Trump’s speech before the nation late Wednesday morning defused tensions surrounding the U.S. and Iran and U.S. stock markets moved higher yet again through Thursday. Friday’s good-but-slightly-weaker-than-expected payroll report pushed U.S. stock markets off their highs and pushed the 10-year Treasury rate and the U.S. dollar slightly lower as well. At week’s end the S&P 500 Index increased 1.2% to 3265.35, the 10-year U.S. Treasury rate increased 3bp to 1.82% and the U.S. dollar (as measured by the DXY index) strengthened 0.5%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending January 10, 2020)

March 27, 2020 | Jeff Klearman
Though markets started the week with heightened concerns regarding possible Iran retailiatory actions against a U.S. airstrike killing IRGC general Soleimani, U.S. stock markets, 10-year U.S. Treasury rates and the U.S. dollar moved slightly higher through Tuesday. Overnight reports on Tuesday of Iranian missile attacks on U.S. bases in Iraq drove U.S. and global stock markets significantly lower before U.S. stock markets opened on Wednesday. President Trump’s speech before the nation late Wednesday morning defused tensions surrounding the U.S. and Iran and U.S. stock markets moved higher yet again through Thursday. Friday’s good-but-slightly-weaker-than-expected payroll report pushed U.S. stock markets off their highs and pushed the 10-year Treasury rate and the U.S. dollar slightly lower as well. At week’s end the S&P 500 Index increased 1.2% to 3265.35, the 10-year U.S. Treasury rate increased 3bp to 1.82% and the U.S. dollar (as measured by the DXY index) strengthened 0.5%.

Stronger-than-expected U.S. economic reports (retail sales, housing starts and jobless claims), moderate inflation and good earning releases drove the S&P 500 to another record high. In addition the official signing of the U.S.-China Phase One trade agreement and the removal of the designation of China as a currency manipulator along with a stronger-than-expected Chinese industrial production report, helped move U.S and global stock markets higher while strengthening the U.S. dollar. At week’s end the S&P 500 Index increased 1.6% to 3329.62, the 10-year U.S. Treasury rate was unchanged at 1.82% and the U.S. dollar (as measured by the DXY index) strengthened 0.3%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending January 17, 2020)

March 27, 2020 | Jeff Klearman
Stronger-than-expected U.S. economic reports (retail sales, housing starts and jobless claims), moderate inflation and good earning releases drove the S&P 500 to another record high. In addition the official signing of the U.S.-China Phase One trade agreement and the removal of the designation of China as a currency manipulator along with a stronger-than-expected Chinese industrial production report, helped move U.S and global stock markets higher while strengthening the U.S. dollar. At week’s end the S&P 500 Index increased 1.6% to 3329.62, the 10-year U.S. Treasury rate was unchanged at 1.82% and the U.S. dollar (as measured by the DXY index) strengthened 0.3%.

U.S. stock markets were mostly unchanged through Thursday last week despite building concerns surrounding the coronavirus, more negative news regarding Boeing and the 737 MAX. 10-year U.S Treasury rates, in contrast, fell 9bps through Thursday moving lower as investor concerns over the coronavirus increased. On Friday, U.S. stock markets capitulated to coronavirus concerns after a second case was reported in the U.S., with the S&P 500 Index decreasing just under 1% and with the 10-year U.S Treasury rate falling another 5bps. At week’s end the S&P 500 lost a little over 1% closing at 3295.45, 10-year U.S Treasury rate dropped 14bps to 1.68% and the U.S. dollar strengthened 0.3% (as measured by the DXY Index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending January 24, 2020)

March 26, 2020 | Jeff Klearman
U.S. stock markets were mostly unchanged through Thursday last week despite building concerns surrounding the coronavirus, more negative news regarding Boeing and the 737 MAX. 10-year U.S Treasury rates, in contrast, fell 9bps through Thursday moving lower as investor concerns over the coronavirus increased. On Friday, U.S. stock markets capitulated to coronavirus concerns after a second case was reported in the U.S., with the S&P 500 Index decreasing just under 1% and with the 10-year U.S Treasury rate falling another 5bps. At week’s end the S&P 500 lost a little over 1% closing at 3295.45, 10-year U.S Treasury rate dropped 14bps to 1.68% and the U.S. dollar strengthened 0.3% (as measured by the DXY Index).

The coronavirus and its possible deleterious effect on the global economy ruled the markets last week, pushing global stock markets and bond yields lower. Weaker-than-expected durable goods orders, new home sales and an as-expected GDP report combined with the FOMC leaving U.S. interest rates unchanged but expressing concerns about the coronavirus and the low level of inflation also helped to push U.S. stock markets and bond yields lower. At week’s end the S&P 500 fell 2.1% closing at 3225.52, the 10-year U.S Treasury rate fell 17bps to 1.51% and the U.S. dollar weakened 0.5% (as measured by the DXY Index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

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

March 26, 2020 | Jeff Klearman
The coronavirus and its possible deleterious effect on the global economy ruled the markets last week, pushing global stock markets and bond yields lower. Weaker-than-expected durable goods orders, new home sales and an as-expected GDP report combined with the FOMC leaving U.S. interest rates unchanged but expressing concerns about the coronavirus and the low level of inflation also helped to push U.S. stock markets and bond yields lower. At week’s end the S&P 500 fell 2.1% closing at 3225.52, the 10-year U.S Treasury rate fell 17bps to 1.51% and the U.S. dollar weakened 0.5% (as measured by the DXY Index).

Climate intersects with investing on many levels- look no further than to agricultural commodities. Examining seasonal avocado prices is just one example of how changes in climate may be increasingly interconnected with investing: a confluence of science, economics and ethics.

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

Climate and Avocado Prices: Chart of the Week

March 26, 2020 | Ryan Giannotto, CFA, Director of Research
Climate intersects with investing on many levels- look no further than to agricultural commodities. Examining seasonal avocado prices is just one example of how changes in climate may be increasingly interconnected with investing: a confluence of science, economics and ethics.

Despite continued concerns and uncertainties surrounding the economic impact of the coronavirus outbreak and as the Shanghai Composite Index tumbled 7.7% on Monday, U.S. stock markets moved sharply higher through Thursday supported, by among other things, reports of the Chinese developing an effective drug against the coronavirus, improved U.S. trade deficit numbers, a very strong ADP payroll report, the Senate’s acquittal of President Trump and the Chinese announcing they would halve tariffs on $75 billion of U.S. imports. Coronavirus fears, however, resurfaced on Friday pushing U.S. stock markets lower for the first time last week despite a much-stronger-than-expected U.S. employment situation report. At week’s end the S&P 500 Index increased 3.2% closing at 3327.71, the 10-year U.S Treasury rate increased 7bps to 1.58% and the U.S. dollar st

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending February 7, 2020)

March 26, 2020 | Jeff Klearman
Despite continued concerns and uncertainties surrounding the economic impact of the coronavirus outbreak and as the Shanghai Composite Index tumbled 7.7% on Monday, U.S. stock markets moved sharply higher through Thursday supported, by among other things, reports of the Chinese developing an effective drug against the coronavirus, improved U.S. trade deficit numbers, a very strong ADP payroll report, the Senate’s acquittal of President Trump and the Chinese announcing they would halve tariffs on $75 billion of U.S. imports. Coronavirus fears, however, resurfaced on Friday pushing U.S. stock markets lower for the first time last week despite a much-stronger-than-expected U.S. employment situation report. At week’s end the S&P 500 Index increased 3.2% closing at 3327.71, the 10-year U.S Treasury rate increased 7bps to 1.58% and the U.S. dollar st

Amid reduced concern surrounding the coronavirus and supportive statements by Fed Chairman Jerome Powell regarding the strength of the U.S. economy and that the Fed was monitoring the possible effects of the coronavirus, U.S. stock markets moved higher once again last week. Reports on Tuesday the FTC would be investigating tech companies and China’s restatement higher of the number of coronavirus cases on Thursday, only momentarily moved U.S. stock markets lower with the FTC clarifying it was not investigating but only opening a study and as the WHO made clear China’s restatement did not represent a surge in the growth of new coronavirus cases. And despite weaker-than-expected industrial production numbers and so-so retails sales numbers on Friday, U.S. stock markets closed at all time highs on Friday. At week’s end the S&P 500 Index increased 1.6% closing at 3380.16, the 10-year U.S Treasury rate was unchanged at 1.58% and the U.S. dollar strengthened .5% (as measured by the DXY Index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending February 14, 2020)

March 26, 2020 | Jeff Klearman
Amid reduced concern surrounding the coronavirus and supportive statements by Fed Chairman Jerome Powell regarding the strength of the U.S. economy and that the Fed was monitoring the possible effects of the coronavirus, U.S. stock markets moved higher once again last week. Reports on Tuesday the FTC would be investigating tech companies and China’s restatement higher of the number of coronavirus cases on Thursday, only momentarily moved U.S. stock markets lower with the FTC clarifying it was not investigating but only opening a study and as the WHO made clear China’s restatement did not represent a surge in the growth of new coronavirus cases. And despite weaker-than-expected industrial production numbers and so-so retails sales numbers on Friday, U.S. stock markets closed at all time highs on Friday. At week’s end the S&P 500 Index increased 1.6% closing at 3380.16, the 10-year U.S Treasury rate was unchanged at 1.58% and the U.S. dollar strengthened .5% (as measured by the DXY Index).

Vacillating on coronavirus concerns, U.S. stock markets moved slightly lower through Thursday. A combination of Chinese stimulus measures and statements from China touting a reduced rate in coronavirus infections mostly offset Apple’s lower revenue warning on Tuesday. However, Friday’s much-weaker-than-expected IHS Markit composite output index along with China reporting 800 new coronavirus infections pushed U.S stock markets and the 10-year U.S. Treasury rates to the lows of the week. At week’s end the S&P 500 Index fell 1.3% to 3337.75, the 10-year U.S Treasury rate dropped 11bps to 1.47% and the U.S. dollar strengthened .2% (as measured by the DXY Index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending February 21, 2020)

March 26, 2020 | Jeff Klearman
Vacillating on coronavirus concerns, U.S. stock markets moved slightly lower through Thursday. A combination of Chinese stimulus measures and statements from China touting a reduced rate in coronavirus infections mostly offset Apple’s lower revenue warning on Tuesday. However, Friday’s much-weaker-than-expected IHS Markit composite output index along with China reporting 800 new coronavirus infections pushed U.S stock markets and the 10-year U.S. Treasury rates to the lows of the week. At week’s end the S&P 500 Index fell 1.3% to 3337.75, the 10-year U.S Treasury rate dropped 11bps to 1.47% and the U.S. dollar strengthened .2% (as measured by the DXY Index).

U.S. and global stock markets sold off strongly last week on worsening coronavirus concerns. Fears of spreading contagion beyond China, brought to light by increased cases in Italy, Korea and Iran, “community spread” cases in the U.S. and a warning from the CDC about a possible pandemic pushed U.S. stock markets sharply lower and forced the 10-year U.S. Treasury rate to record lows. The S&P 500 Index fell over 3% on Monday and Tuesday and lost almost 4.5% on Thursday. And it was only Fed Chairman Powell’s statement on Friday that the Fed was monitoring the coronavirus’ effect on the economy and would act to maintain the expansion that prevented another 3%-or-more down day on Friday. At week’s end the S&P 500 Index dcreased 11.5% to close at 2,954.22, the 10-year U.S. Treasury rate fell just over 32bps to 1.15% and the U.S. dollar weakened 1.14% (as measured by the DXY index).

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending February 28, 2020)`

March 26, 2020 | Jeff Klearman
U.S. and global stock markets sold off strongly last week on worsening coronavirus concerns. Fears of spreading contagion beyond China, brought to light by increased cases in Italy, Korea and Iran, “community spread” cases in the U.S. and a warning from the CDC about a possible pandemic pushed U.S. stock markets sharply lower and forced the 10-year U.S. Treasury rate to record lows. The S&P 500 Index fell over 3% on Monday and Tuesday and lost almost 4.5% on Thursday. And it was only Fed Chairman Powell’s statement on Friday that the Fed was monitoring the coronavirus’ effect on the economy and would act to maintain the expansion that prevented another 3%-or-more down day on Friday. At week’s end the S&P 500 Index dcreased 11.5% to close at 2,954.22, the 10-year U.S. Treasury rate fell just over 32bps to 1.15% and the U.S. dollar weakened 1.14% (as measured by the DXY index).

Another very volatile week for U.S and global stock and bond markets. Despite the U.S. Federal Reserve Bank’s emergency 100bp rate cut on Sunday evening, U.S. and global stock markets fell sharply on Monday with the S&P 500 Index falling 12%. Extremely weak Chinese economic numbers combined with California’s shelter-in-place order on Monday, greatly increased concerns of the effect of the coronavirus on the U.S. and global economy, pushing U.S and global stock markets significantly lower while also causing the 10-year Treasury rate to drop 23bps to 0.73%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending March 20, 2020)

March 26, 2020 | Jeff Klearman
Another very volatile week for U.S and global stock and bond markets. Despite the U.S. Federal Reserve Bank’s emergency 100bp rate cut on Sunday evening, U.S. and global stock markets fell sharply on Monday with the S&P 500 Index falling 12%. Extremely weak Chinese economic numbers combined with California’s shelter-in-place order on Monday, greatly increased concerns of the effect of the coronavirus on the U.S. and global economy, pushing U.S and global stock markets significantly lower while also causing the 10-year Treasury rate to drop 23bps to 0.73%.

Rapidly growing fears regarding the strength of global economic growth resulting from government measures to counteract the spread of the coronavirus as well Saudi Arabia’s desire to greatly increase oil output, moved U.S stock markets sharply lower and 10- and 30-year interest rates sharply higher while greatly increasing the volatility of both markets. WTI crude oil prices plunged over 30% intraday on Monday driving U.S. and global stock markets significantly lower (the S&P 500 Index closed down 7.6%) and triggering a trading halt on U.S. exchanges.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending March 13, 2020)

March 26, 2020 | Jeff Klearman
Rapidly growing fears regarding the strength of global economic growth resulting from government measures to counteract the spread of the coronavirus as well Saudi Arabia’s desire to greatly increase oil output, moved U.S stock markets sharply lower and 10- and 30-year interest rates sharply higher while greatly increasing the volatility of both markets. WTI crude oil prices plunged over 30% intraday on Monday driving U.S. and global stock markets significantly lower (the S&P 500 Index closed down 7.6%) and triggering a trading halt on U.S. exchanges.

One of the prime rationales for a gold allocation is introducing an uncorrelated driver of returns to stock and bond exposures, two fundamental building blocks for most standard portfolios. The challenge is, for many investors the search for diversifying assets begins and ends with gold, when there exists an entire ecosystem of precious metals just over the horizon.

Topic: Gold , Commodities

Publication Type: Investment Cases

Madness in the Metals: What Will 2020 Bring?

March 26, 2020 | Ryan Giannotto, CFA, Director of Research
One of the prime rationales for a gold allocation is introducing an uncorrelated driver of returns to stock and bond exposures, two fundamental building blocks for most standard portfolios. The challenge is, for many investors the search for diversifying assets begins and ends with gold, when there exists an entire ecosystem of precious metals just over the horizon.

Except for natural gas, all components of the energy sector were lower last week.  WTI and Brent crude oil prices fell 7.6% and 8.9%, respectively and gasoil and heating oil prices fell 5.6% and 6.1%, respectively.  Gasoline prices fell 6.5%.  Natural gas prices eked out a gain, increasing 0.1%

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week ending March 6, 2020)

March 09, 2020 | Jeff Klearman
Except for natural gas, all components of the energy sector were lower last week.  WTI and Brent crude oil prices fell 7.6% and 8.9%, respectively and gasoil and heating oil prices fell 5.6% and 6.1%, respectively.  Gasoline prices fell 6.5%.  Natural gas prices eked out a gain, increasing 0.1%

Platinum-based sensors have widespread applications, improving our personal safety, enhancing the functionality of equipment and processes, as well as paving the way for future technologies.

Topic: Commodities

Publication Type: Investment Cases

Sensory Perception with Platinum

March 19, 2019 | GraniteShares
Platinum-based sensors have widespread applications, improving our personal safety, enhancing the functionality of equipment and processes, as well as paving the way for future technologies.

Stronger-than-expected durable goods orders, consumer sentiment and job openings numbers combined with tepid inflation numbers overcame larger-than-expected jobless claims and disappointing industrial production numbers and helped push commodity and U.S. stock markets higher.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Mar. 15)

March 18, 2019 | Jeff Klearman
Stronger-than-expected durable goods orders, consumer sentiment and job openings numbers combined with tepid inflation numbers overcame larger-than-expected jobless claims and disappointing industrial production numbers and helped push commodity and U.S. stock markets higher.

GraniteShares announced today a 10 for 1 forward share split for GraniteShares Platinum Trust (PLTM). The split will not change the total value of a shareholder’s investment.

Topic: Commodities

Publication Type: Viewpoints

PLTM – Notice of Share Split

March 12, 2019 | GraniteShares
GraniteShares announced today a 10 for 1 forward share split for GraniteShares Platinum Trust (PLTM). The split will not change the total value of a shareholder’s investment.

Innovation in the treatment of patients with neurovascular conditions is harnessing platinum’s radiopacity – clear visibility in X-rays – allowing doctors greater precision and achieving better outcomes.

Topic: Commodities

Publication Type: Investment Cases

X-Ray Vision? How Platinum Helps

March 12, 2019 | GraniteShares
Innovation in the treatment of patients with neurovascular conditions is harnessing platinum’s radiopacity – clear visibility in X-rays – allowing doctors greater precision and achieving better outcomes.

Uncertainty over the completion of a U.S. –China trade agreement and weak economic numbers from the U.S., EU and China pushed most commodity prices and the U.S. stock markets lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Mar. 8)

March 11, 2019 | Jeff Klearman
Uncertainty over the completion of a U.S. –China trade agreement and weak economic numbers from the U.S., EU and China pushed most commodity prices and the U.S. stock markets lower last week.

Vacillating expectations of a US-China trade agreement and a combination of Fed Chairman Jerome Powell’s congressional comments and mixed U.S. economic reports left U.S stock markets and the U.S dollar little changed on the week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Mar. 1)

March 05, 2019 | Jeff Klearman
Vacillating expectations of a US-China trade agreement and a combination of Fed Chairman Jerome Powell’s congressional comments and mixed U.S. economic reports left U.S stock markets and the U.S dollar little changed on the week.

The modern periodic table was first created 150 years ago, enabling the classification of chemical elements for the first time, including the Platinum Group Metals.

Topic: Commodities

Publication Type: Investment Cases

Platinum and 150 Years of the Periodic Table

February 26, 2019 | GraniteShares
The modern periodic table was first created 150 years ago, enabling the classification of chemical elements for the first time, including the Platinum Group Metals.

Increasing expectations of a U.S.-China trade agreement and growing conviction the U.S. Federal Reserve Bank won’t raise rates this year helped move commodity and stock markets higher last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Feb. 22)

February 25, 2019 | GraniteShares
Increasing expectations of a U.S.-China trade agreement and growing conviction the U.S. Federal Reserve Bank won’t raise rates this year helped move commodity and stock markets higher last week.

Markedly lower European Union growth forecasts combined with reduced expectations of a US-China trade agreement before March 1st moved the U.S. dollar higher and commodity prices lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Feb. 8)

February 08, 2019 | Jeff Klearman
Markedly lower European Union growth forecasts combined with reduced expectations of a US-China trade agreement before March 1st moved the U.S. dollar higher and commodity prices lower last week.

The FOMC 2-day meeting ended on Wednesday with the U.S. Federal Reserve Bank leaving the Fed Funds target rate unchanged and indicating it would adopt a patient and more flexible stance on monetary policy going forward.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Feb. 1)

February 04, 2019 | Jeff Klearman
The FOMC 2-day meeting ended on Wednesday with the U.S. Federal Reserve Bank leaving the Fed Funds target rate unchanged and indicating it would adopt a patient and more flexible stance on monetary policy going forward.

This year is the 50th anniversary of the first manned mission to land on the moon. On 20 July 1969, Neil Armstrong and Edwin ‘Buzz’ Aldrin became the first humans to walk on the moon as part of NASA’s Apollo 11 mission.

Topic: Commodities

Publication Type: Viewpoints

Platinum’s Role Leading Up To Historic Moon Landing

January 29, 2019 | GraniteShares
This year is the 50th anniversary of the first manned mission to land on the moon. On 20 July 1969, Neil Armstrong and Edwin ‘Buzz’ Aldrin became the first humans to walk on the moon as part of NASA’s Apollo 11 mission.

Reports on Friday the Federal Reserve Bank would end its balance sheet wind-down sooner than expected help weaken the U.S dollar and supported U.S. stock markets.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Jan. 25)

January 28, 2019 | Jeff Klearman
Reports on Friday the Federal Reserve Bank would end its balance sheet wind-down sooner than expected help weaken the U.S dollar and supported U.S. stock markets.

Firm’s low-cost gold ETF, BAR, leads the way pushing over $430 million NEW YORK– GraniteShares, a disruptive exchange-traded fund (ETF) company, has become one of the fastest-growing asset managers in the U.S. by accumulating over $500 million in assets under management (AUM), representing 1,180 percent growth over the last year alone.* This surge is led by the GraniteShares Gold Trust (NYSE Arca: BAR), which has swelled past $430 million in AUM**, having already attracted $113 million in 2019. With an expense ratio of just 17.49 basis points, BAR is one of the lowest-cost ways to invest in gold.

Topic: Commodities , Alternative Income

Publication Type: Viewpoints

GraniteShares AUM Surges 1,180 Percent Crossing $500 Million in First Full Operating Year

January 28, 2019 | GraniteShares
Firm’s low-cost gold ETF, BAR, leads the way pushing over $430 million NEW YORK– GraniteShares, a disruptive exchange-traded fund (ETF) company, has become one of the fastest-growing asset managers in the U.S. by accumulating over $500 million in assets under management (AUM), representing 1,180 percent growth over the last year alone.* This surge is led by the GraniteShares Gold Trust (NYSE Arca: BAR), which has swelled past $430 million in AUM**, having already attracted $113 million in 2019. With an expense ratio of just 17.49 basis points, BAR is one of the lowest-cost ways to invest in gold.

Despite increased estimates of the cost of the government shutdown on U.S. GDP and the disruption of some government issued economic reports, the U.S. dollar strengthened and U.S stock markets rose on reduced concerns of slowing U.S. growth, optimism over a U.S. China-trade agreement and a much-stronger-than-expected industrial production report released on Friday.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Jan. 18)

January 22, 2019 | Jeff Klearman
Despite increased estimates of the cost of the government shutdown on U.S. GDP and the disruption of some government issued economic reports, the U.S. dollar strengthened and U.S stock markets rose on reduced concerns of slowing U.S. growth, optimism over a U.S. China-trade agreement and a much-stronger-than-expected industrial production report released on Friday.

uoyed by US-China trade talk progress, FOMC minutes indicating a more flexible U.S. Federal Reserve Bank and a weaker-than-expected CPI number, the S&P 500 increased 2.5% and the U.S. dollar weakened 0.57%.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Update (Week Ending Jan. 11)

January 14, 2019 | Jeff Klearman
uoyed by US-China trade talk progress, FOMC minutes indicating a more flexible U.S. Federal Reserve Bank and a weaker-than-expected CPI number, the S&P 500 increased 2.5% and the U.S. dollar weakened 0.57%.

Platinum plays a key role in modern cochlear implant technology, which has revolutionized the lives of patients.

Topic: Commodities

Publication Type: Viewpoints

Platinum: Transforming Lives Through Cochlear Implants

January 10, 2019 | GraniteShares
Platinum plays a key role in modern cochlear implant technology, which has revolutionized the lives of patients.

Specialty silicones are a growing business, and platinum’s catalytic properties are key to their formulation in a process known as ‘curing.’

Topic: Commodities , Alternative Income

Publication Type: Viewpoints

Platinum’s Curative and Flexible Benefits

December 19, 2018 | Jeff Klearman
Specialty silicones are a growing business, and platinum’s catalytic properties are key to their formulation in a process known as ‘curing.’

Receding expectations of improved trade relations between the U.S and China combined with concerns of weaker economic growth in the U.S. moved the U.S dollar, U.S stock markets and U.S. treasury rates lower last week.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Report – Week Ending Dec. 7

December 10, 2018 | Jeff Klearman
Receding expectations of improved trade relations between the U.S and China combined with concerns of weaker economic growth in the U.S. moved the U.S dollar, U.S stock markets and U.S. treasury rates lower last week.

Platinum is used in many ways, from cancer treatments to improving crop yields, making a real difference on a daily basis.

Topic: Commodities

Publication Type: Viewpoints

From Pharma to Farmer: The Many Uses of Platinum

December 05, 2018 | GraniteShares
Platinum is used in many ways, from cancer treatments to improving crop yields, making a real difference on a daily basis.

A combination of growing expectations of a positive meeting between the U.S. and China during the weekend’s G20 conference in Argentina and dovish comments from Fed Chairman Jerome Powell regarding monetary policy helped move U.S. equity markets higher and the U.S. dollar and 10-year Treasury rates lower.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Report – Week Ending Nov. 30

December 03, 2018 | Jeff Klearman
A combination of growing expectations of a positive meeting between the U.S. and China during the weekend’s G20 conference in Argentina and dovish comments from Fed Chairman Jerome Powell regarding monetary policy helped move U.S. equity markets higher and the U.S. dollar and 10-year Treasury rates lower.

Continuing concerns of slower global growth compounded by growing concerns of a U.S. slowdown helped push the S&P 500 lower last week moving its year-to-date performance into negative territory for the first time this year.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Report – Week Ending Nov. 23

November 26, 2018 | Jeff Klearman
Continuing concerns of slower global growth compounded by growing concerns of a U.S. slowdown helped push the S&P 500 lower last week moving its year-to-date performance into negative territory for the first time this year.

Up nearly 0.7% through Tuesday on expectations the U.S. Federal Reserve Bank would continue raising interest rates as a result of a stronger-than-expected PPI report the previous week, the U.S. dollar finished the week down almost 0.5% after Federal Reserve Bank Vice Chairman Richard Clarida commented that interest rates are reaching neutral levels and that the U.S.Federal Reserve Bank needed to be aware of any slowing of economic growth.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Report – Week Ending Nov. 16

November 19, 2018 | Jeff Klearman
Up nearly 0.7% through Tuesday on expectations the U.S. Federal Reserve Bank would continue raising interest rates as a result of a stronger-than-expected PPI report the previous week, the U.S. dollar finished the week down almost 0.5% after Federal Reserve Bank Vice Chairman Richard Clarida commented that interest rates are reaching neutral levels and that the U.S.Federal Reserve Bank needed to be aware of any slowing of economic growth.

Initially weakening on the back U.S mid-term election results, the U.S. dollar moved higher on Thursday and Friday with a stronger-than-expected PPI report on Friday and an FOMC statement – coming at the end of a 2-day meeting on Thursday– indicating the Federal Reserve Bank would continue with its tightening policy.

Topic: Gold , Commodities

Publication Type: Market Commentaries

Commodities and Precious Metals Report – Week Ending Nov. 9

November 13, 2018 | Jeff Klearman
Initially weakening on the back U.S mid-term election results, the U.S. dollar moved higher on Thursday and Friday with a stronger-than-expected PPI report on Friday and an FOMC statement – coming at the end of a 2-day meeting on Thursday– indicating the Federal Reserve Bank would continue with its tightening policy.

There are two paths to becoming an entrepreneur. The first is the dream scenario: Have a great idea, set up a company, enjoy instant overnight success and become rich, famous or both.

Topic: Commodities , Alternative Income

Publication Type: Viewpoints

How to Make the Leap from CEO to Entrepreneur

November 12, 2018 | GraniteShares
There are two paths to becoming an entrepreneur. The first is the dream scenario: Have a great idea, set up a company, enjoy instant overnight success and become rich, famous or both.

Commodities fuel the world’s economy. Raw materials like copper or crude oil are essential for industrial processes in all sectors of all markets, from Buffalo to Beijing. As such, commodities offer a unique opportunity to invest in economic growth at its most elemental level.

Topic: Commodities , Alternative Income

Publication Type: Investment Cases

Commodities: Why Now? An Investment Case

November 12, 2018 | GraniteShares
Commodities fuel the world’s economy. Raw materials like copper or crude oil are essential for industrial processes in all sectors of all markets, from Buffalo to Beijing. As such, commodities offer a unique opportunity to invest in economic growth at its most elemental level.

The rise of social media and big data will vastly increase cloud-based data storage needs. Platinum, a key component of computer hard drives, will play a major role in enabling this connected future.

Topic: Commodities , Alternative Income

Publication Type: Viewpoints

Every ‘Cloud’ Has A Platinum Lining

November 09, 2018 | GraniteShares
The rise of social media and big data will vastly increase cloud-based data storage needs. Platinum, a key component of computer hard drives, will play a major role in enabling this connected future.

Firm celebrates impressive AUM milestone while its gold ETF reemerges as the most affordable investment option in the space, joining GraniteShares’ COMB, COMG and PLTM as low-cost leaders.

Topic: Commodities

Publication Type: Viewpoints

BAR Reclaims Title of Lowest-Cost Gold ETF as GraniteShares Surges Past $350 Million in AUM

November 09, 2018 | GraniteShares
Firm celebrates impressive AUM milestone while its gold ETF reemerges as the most affordable investment option in the space, joining GraniteShares’ COMB, COMG and PLTM as low-cost leaders.

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