The Morning Call--Gold is for insurance not speculation

 

The Morning Call

 

5/10/24

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/gold-bonds-stocks-rip-after-bad-data-quietest-day-year

 

            Short interest crashes.

            https://www.zerohedge.com/the-market-ear/short-interest-crashes-spx-contradictions-and-inflation-savior

 

            Gold’s pause?

            https://www.zerohedge.com/the-market-ear/golds-pause

 

            Gold is for insurance not speculation.

            https://www.zerohedge.com/personal-finance/dollar-falters-gold-becomes-insurance-not-speculation

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

Q1 UK preliminary GDP growth was up 0.6% versus forecasts of +0.4%; Q1 preliminary business investment was up 0.9% versus +1.9%; March industrial production was up 0.2% versus -0.5%; the March trade balance was -L1.1 billion versus -L2.1 billion.

 

March Japanese household spending rose 1.2% versus expectations of -0.3%.

 

                        Other

 

                          Housing inventory increased 35% YoY.

                          https://www.calculatedriskblog.com/2024/05/realtorcom-reports-active-inventory-up_01995292131.html

 

            Fiscal Policy

 

This narrative was written in support of Biden’s massive spending programs. Whether or not you agree with some or all of these ventures, it does give a decent rundown of where Your Money is going.

https://www.politico.com/interactives/2024/biden-trillion-dollar-spending-tracker/

 

            Recession

 

              Evidence of a recession.

              https://www.advisorperspectives.com/commentaries/2024/05/09/cracks-in-labor-market-ed-d-agostino

 

              Though not quite yet.

              https://www.capitalspectator.com/us-labor-market-cycle-has-peaked-will-recession-soon-follow/

 

              But here is what to watch for as an early indication.

              https://www.zerohedge.com/economics/we-need-talk-about-recession-risk-again

 

              One or two bank failures per week?

              https://www.zerohedge.com/economics/watch-billionaire-real-estate-investor-expects-one-or-two-bank-failures-week-uk-economist

 

            China

 

              China’s factory glut alarms the world.

              https://www.straitstimes.com/business/china-s-factory-glut-alarms-the-world-but-there-s-no-quick-fix

 

     Bottom line.

 

            Bernstein’s investment cycle.

            https://www.advisorperspectives.com/commentaries/2024/05/09/goes-around-comes-around-richard-bernstein

 

            More on the growing number of corporate buybacks.

            https://www.wsj.com/finance/stocks/stock-buyback-big-tech-314f79c5?st=ddfsrpc9m9xrk1p&reflink=desktopwebshare_permalink

 

    News on Stocks in Our Portfolios

 

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) declares $0.61/share quarterly dividend, in line with previous.

 

What I am reading today

 

            Quote of the day.

            https://cafehayek.com/2024/05/quotation-of-the-day-4632.html

 

 

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