IN THIS REPORT RATING SUMMARY – HOLD. Short-term headwinds warrant patience; the secular bull market remains intact. p. 1 THE RATE-FIRST REGIME RETURNS – A Fed hiking cycle, 19-year highs in Treasury yields and the highest real yields since 2008 raise the opportunity cost of holding gold. p. 2 – 4 CENTRAL BANK DEMAND –… Read more

Rating: SELL | Price Target: $220 | Current Price: $350 IN THIS REPORT: INFLATION REGIMES AND COST OF EQUITY – Higher oil prices continue to apply upward pressure on inflation, and could affect equities. p. 1 JPY CARRY TRADE – Systemic risk continues to boil beneath the surface in Japan. p. 1 TAIWAN FRAGILITY– Geopolitical… Read more

IN THIS REPORT● MONETARY IMPOTENCE – A close look at the key decoupling of central bank policy and housing market activity. p. 1 – 2● BOND MARKET VIGILANTES: THE TERM PREMIUM THESIS – Inflation expectations and fiscal uncertainty send the long-end of the curve rising. p. 2 – 4● LABOR MARKET DETERIORATION – Troublesome trends… Read more