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“I have no views as to where it will be, but the one thing I can tell you is it won’t do anything between now and then except look at you.” – Warren Buffett (discussing gold)

Morning stock market summary

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In case you missed it last Friday while you were out holiday shopping or stuck in an airport.  We also emailed out our annual Bespoke Report which covers everything you need to know about the setup for financial markets and the economy heading into 2023.  You can read it here.

Bespoke Report 2023 

In a year when all the news tended to push stocks lower, it’s nice to see a day with little in the way of news.  Equity futures are higher, bond yields are lower, and WTI crude oil is trading just below $80 per barrel after failing to get back above its 50-day moving average yesterday.  The only economic data on the calendar today is Pending Home Sales and the Richmond Fed report, and both of those releases are at 10 AM.  A lot of people take the last week of the year off, and one group we’re more than happy to see take a break are Fed officials.

Just like any other investment ‘rule’ there are always exceptions, and when it comes to Warren Buffett’s thoughts on gold, most of the time, he would be exactly right.  Who would want to own an asset that has little industrial utility and provides no upside in terms if capital appreciation or income?  If you want something that just sits there, get a dog.

Every once in a while though, something that just sits there doing nothing may be the best option, and that’s been the case in 2022.  With just three trading days left in 2022, the S&P 500 is down close to 20% on the year and long-term US Treasuries are also down by close to a third.  Gold hasn’t escaped 2022 unscathed, but with a decline of just over 1%, it’s been the least of all evils in what has been a nasty year for asset classes of all types.

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