Just Prices This Week
Due to a full day of travel, HAI is limited to prices only this week. Nevertheless, HAI does have one important insight to share. Flying 30,000 feet above our remarkable country, an unfortunate truth was revealed. This author, crammed like a sardine in the dreaded middle seat with perhaps, if generous, an inch of elbow room on either side, didn’t even have enough space in front to fully open a laptop. Folks, we have a bona fide middle-seat crisis unfolding in the skies above America. Readers are encouraged to visit Doug Noland’s Credit Bubble Bulletin for full market commentary on the week’s events. Doug’s analysis is absolutely first rate and he’s also motionless, sitting comfortably in a more spacious seat!
Weekly performance: The S&P 500 declined 0.69%. Gold was down 0.85%, silver lost 3.09%, platinum took a hit, down 5.18%, and palladium dropped by 4.32%. The HUI gold miners index was down 3.25%. The IFRA iShares US Infrastructure ETF was little changed, down 0.11%. Energy commodities were volatile and mixed on the week. WTI crude oil was drubbed, down 9.95%, while natural gas surged 7.27%. The CRB Commodity Index was lower, down 3.29%, while copper was crushed 7.16%. The Dow Jones US Specialty Real Estate Investment Trust Index was down 2.27% on the week, while the Vanguard Utilities ETF (VPU) gained 1.09%. The dollar gained 0.63% to close the week at 106.83. The yield on the 10-yr Treasury was unchanged, ending the week again at 3.82%
Have a wonderful weekend!
Investment Strategist & Co-Portfolio Manager