Research & News
Asset Allocation Bi-Weekly – Gold: An Update of Current Conditions (February 7, 2022)
by the Asset Allocation Committee | PDF Gold moved steadily higher from the late summer of 2018 into August 2020. Prices then declined toward $1,700 and have since traced out a trading range between $1,700 and $1,900. In this report, we will update our views on the metal. (Source: Barchart.com) We have been holding gold… Read More »
Weekly Energy Update (February 3, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Since troughing in early December, oil prices have been steadily rising due to tightening supplies. We are approaching the highs set in November. Crude oil inventories unexpectedly fell 1.0 mb compared to a 1.8 mb build forecast. The SPR declined 1.9 mb, meaning the… Read More »
Bi-Weekly Geopolitical Report – Two Power Plays in Kazakhstan (January 31, 2022)
by Patrick Fearon-Hernandez, CFA, and Bill O’Grady | PDF Don’t miss the accompanying Geopolitical Podcast, now available on our website and most podcast platforms: Apple | Spotify | Google Over the past month, unrest has developed in Kazakhstan. The unrest began as protests against rising fuel prices, but it soon blossomed into broader, more widespread,… Read More »
Weekly Energy Update (January 27, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Since troughing in early December, oil prices have been steadily rising due to tightening supplies. We are approaching the highs set in November. (Source: Barchart.com) Crude oil inventories unexpectedly rose 2.4 mb compared to a 1.0 mb build forecast. The SPR declined 1.3 mb,… Read More »
Keller Quarterly (January 2022)
Letter to Investors | PDF As I write this letter, stock markets around the world have spent much of the last three weeks selling off sharply. After peaking on January 4, the S&P 500 has fallen over 12% from that high. This, after it returned over 28% last year (including dividends). In fact, most indices… Read More »
Asset Allocation Bi-Weekly – Real Income versus the Wealth Effect; What is Driving Consumption? (January 24, 2022)
by the Asset Allocation Committee | PDF One of the debates within economics is whether consumption is driven by income or wealth. The outcome of this debate is important for policymakers; if the goal of policy is lifting or constraining growth, knowing which factor is more important to consumption is critical. For example, if the… Read More »
Weekly Energy Update (January 21, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Since troughing in early December, oil prices have been steadily rising due to tightening supplies. We are approaching the highs set in November. (Source: Barchart.com) Crude oil inventories unexpectedly rose 0.5 mb compared to a 2.0 mb draw forecast. The SPR declined 1.3 mb,… Read More »