Macro Observations

While gold has been getting most of the attention, its precious metal counterpart, silver, has done even better! It fits in the “precious metals” category because of its uses in things, such as jewelry and silverware, but it’s the versatility in industrial applications that makes it perhaps even more precious. That can make silver both a defensive and offensive play. But is that a warning or a green light?

With the presidential election in the U.S. just a few weeks away, there’s one topic on the economic front that may deserve a little more attention - tariffs. It’s tough to get an accurate picture of how they could impact consumers because it usually gets a political spin whenever it’s mentioned. Regardless of which side of the political aisle you sit on, it’s important to recognize the economic consequences of tariffs should they become a reality.

There are a number of things happening as we speak that would indicate that inflation could become a big problem yet again. The biggest problem for the economy currently is that planned global liquidity additions from both the Fed and the PBoC support higher inflation, not lower inflation. Several asset classes are also giving signals that they’re worried about the same thing.