Research & News
Weekly Energy Update (April 1, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After peaking in early March, prices have pulled back to pivot around $60 per barrel. Although recent builds in crude oil are bearish, expectations for stronger economic growth should be supportive for prices. Crude oil inventories fell 0.9 mb compared to the 1.7 mb… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part III (March 29, 2021)
by Bill O’Grady | PDF (Due to the Easter holiday, the next report will be published on April 12.) This week, we continue our series with an examination of the geopolitics of CBDC. The Geopolitics As we noted in Part I, there has been strong interest among the central banks to introduce digital currencies. We… Read More »
Asset Allocation Weekly (March 26, 2021)
by Asset Allocation Committee | PDF (Note: Due to the upcoming Good Friday holiday, the next report will be published on April 9.) Since peaking in August, gold prices have been under pressure. Technically, prices broke support around 1750 in early March and have been attempting to consolidate. We have been holding gold in our… Read More »
Weekly Energy Update (March 25, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices have declined over $10 per barrel since peaking on March 8. Worries about slowing European growth and a slower than expected recovery in refinery operations after the Texas freeze have weighed on prices. Crude oil… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part II (March 22, 2021)
by Bill O’Grady | PDF In Part I, we discussed the metaphysics of money. This week, we will examine the current structure of money and the potentially complicated impact of CBDC. The Current Structure Here is a Venn diagram of the current structure of money in most developed markets. First, there are two forms of… Read More »
Asset Allocation Weekly (March 19, 2021)
by Asset Allocation Committee | PDF When discussing the fiscal deficit in a meeting with then-President Bill Clinton and his Council of Economic Advisors, Chief Strategist James Carville was quoted as saying, “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a… Read More »