"Under present economic conditions, a commodities portfolio should be tilted toward foodstuffs and (for now) away from gold. "
Tactical Asset Selector – 4/13 |
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~ R. David Ranson, President
and Director of Research
H.C. Wainwright & Co. Economics
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Sample this month's Client Update Webcast - The Economy segment: Play.
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Call +1(877)257-6109 for find out more.
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Monthly Client Update Webcast
On the first Thursday of each month Wainwright Client Update webcasts provide an up-to-the-minute recap of our most recent research findings. The webcasts and illustrated summary transcripts can be viewed by subscribers on this website along with those from the previous six months. Just click on Client Login, enter your client username and password and proceed to the webcast link. Questions can be addressed to David Ranson by phone or e-mail at any time following release, keeping in mind that his primary location is on the west coast of the U.S. If you are not a subscriber but would like to be, call now for more information at +1(877)257-6109. Play a sample segment. The next scheduled update will be available:
Thursday June 6, 2013 – 8:00 AM PST
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Publication Highlights as of May 1, 2013
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Get the stories behind the headlines here! |
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 Interest-Rate Outlook |
| Three days in April: gold and Fed policy |
| To some extent the plunge in the price of gold reflects panic on the part of some investors. What set it off is the interesting question. |
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Tactical Asset Selector |
| Using the market's economic signals to tilt a commodities portfolio |
| Under present economic conditions, a commodities portfolio should be tilted toward foodstuffs and (for now) away from gold. |
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Economy Watch |
| How far will the housing recovery or the energy boom boost GDP? |
| Economic improvement in housing and the energy industry tends to make investors more optimistic. But it may add nothing to GDP growth. |
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Fixed-Income Barometer |
| Highlights: |
| The Baa-Aaa spread has narrowed further to 86 basis points, very good news for the world economy. It was unaffected by the crisis in Cyprus. |
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Economic Barometer |
| Highlights: |
| The sudden drop in the price of gold is probably not the result of any change of heart on the part of the markets. It might reflect an explicit (but unannounced) Fed policy to cap the gold price - that is, to curb the fall in the dollar for the time being. Logically, an escalating fall in the dollar certainly is a threat to the Fed's extreme low-interest-rate policy. |
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Equity-Market Barometer |
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| The performance of the S&P no longer depends on how well it has recovered from 2008-09. Since the middle of 2012, the dominant factor has been the narrowing of current spreads and that still continues. |
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International Barometer |
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Foreign-exchange Value of the Dollar: Uncertain relative to the euro and yen: drifting down relative to most major currencies over the next couple of years.
Equity Markets:
Most favored - Argentina
Least favored - Brazil
Bond Markets:
Most favored - U.K.
Least favored - U.S.
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Get the stories behind the headlines here! |
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