Housekeeping: Good afternoon. Hartnett’s Weekly report is presented 3 ways: 1) Video walk-through with commentary 2) Hartnett’s main points broken out below, 3) and original format at bottom. Enjoy.
**NOTE. Audio only today. Follow along with the post below or PDF at bottom**
Demography is Destiny. -Auguste Comte
Key Time stamps
15:31- Hartnett Main Discussion- Sell stocks, Buy Bonds, Buy Gold
26:22- Gold/ Title Topic
Long story short: Inflation due to demographics and deglobalization trends will be with us a very longtime if Hartnett is correct. Only gold (and crypto he says) are going to hedge those. His comments are taken by us to argue the 10 Year Hold for Gold and a comfort level that peace does not bring a return to the neo-keynesianism any time in the next 10 years.
Summary/Overview:
Hartnett’s audience this week is definitely Equity Long only Fund managers. As such, his focus is on what to do if/when Trump 2.0 euphoria subsides in light of less Fed rate cuts coming than most think.
However, he recommends Gold in a secular fashion with some new data that is very intriguing. Essentially, he re-affirms our own Anti-Goldilocks theory stemming from secular inflationary headwinds that began asserting themselves in 2022 post Covid and supply chain issues.
Hartnett: Sell Hubris, Buy Humiliation
Scores on the Doors: crypto 62.8%, gold 26.3%, stocks 20.8%, HY bonds 8.1%, cash 4.6%, US$ 4.2%, IG bonds 2.9%, commodities 1.9%, govt bonds -2.4%, oil -5.0% YTD.
