Thanks to All Our Clients!

This week, the MWM team hosted our 2022 annual client conference. It was a wonderful experience for the team. Deep gratitude goes out to all our clients. For this author, it was an absolute pleasure to meet all in attendance.

With presentations during the day and a dinner party Friday night, time has been elusive. As a result, HAI will include only an update on price action for the week. For content, please see Doug Noland’s Credit Bubble Bulletin. Many thanks!

Weekly performance: The S&P 500 was up 1.51%. Gold was up 2.23%, silver gained 6.36%, platinum was up 6.84%, and palladium inched higher by 0.42%. The HUI gold miners index gained 1.79%. The IFRA iShares US Infrastructure ETF added 1.52%. Energy commodities were mixed on the week. WTI crude oil surged 16.54%, while natural gas was nearly flat, down 0.27%. The CRB Commodity Index was up by 5.33%, while copper lost 0.59%. The Dow Jones US Specialty Real Estate Investment Trust Index was lower by 5.17% on the week, while the Vanguard Utilities ETF (VPU) was down 2.57%. The dollar added 0.57% to close a volatile week at 112.68. The yield on the 10-yr Treasury was higher by 6 bps to end the week at 3.89%.

Have a wonderful weekend!

Best Regards,

Morgan Lewis
Equity Analyst & Investment Strategist