Housekeeping: Good afternoon. Hartnett’s Weekly report is presented 3 ways: 1) Video walk-through [starts 9:33 mark] with analytical comments transcribed, 2) Hartnett’s main points broken out below, 3) and original format at bottom. Enjoy. 1
Topics covered: Commodities, Bull/Bear macro debate, Election Soft Landing, inflation reacceleration
Main Flow Show Points:
Bullion, Bonds, Breadth are the Play in increasingly likely soft landing
Gold best play against inflation acceleration
Gen Z/ Millennial voters in majority
Oil best contrarian bet (it discounts a hard landing)
Sweep by either party less likely = spending unchanged
Comment: Gold Buy Season Preview? as noted in MUFG says the quiet Part Outloud yesterday.
Gold heading to $3000/oz as neither Harris/Trump gamechangers for trajectory of US government debt
—Michael Hartnett
