Weekly Macro Themes - 12 November 2021
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. US Credit Spreads: Continuing to monitor risk indicators for credit as valuations reach extreme expensive/complacent; focused on a specific set of macro indicators (which look good at the moment) as a trigger to shift bearish.
2. Gold Price Outlook: Slight change to the view given where technicals, sentiment, positioning, monetary signals and valuations sit.
3. Gold & USD: Conventional wisdom says a stronger dollar would be a headwind to gold, we dig into this conventional wisdom to see if it is actually wise and also review the outlook for the US dollar.
4. Gold Miners: Reviewing the outlook for gold miners given valuations, positioning, market breadth, technicals, and intermarkets.
5. Silver: We also review the suite of indicators for silver and lay out the near term outlook and parameters for the next steps.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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