This week, HAI wishes a happy 4th of July to all readers and a very happy birthday to the land of the free and the home of the brave! While this year’s Independence Day revelry comes amid great challenges for the nation, always remember that serious times bring forth serious people, and serious people can solve serious problems. There’s real hope in that. It is a proud American tradition to triumph in the face of peril, so this year, amid hot dogs and fireworks, let’s all endeavor to keep that tradition alive and well.
As George Washington said, “No people can be bound to acknowledge the invisible hand which conducts the affairs of men more than the people of the United States. Every step by which they have advanced to the character of an independent nation seems to have been distinguished by some token of providential agency.”
This 4th, while celebrating the birth of this nation, HaAI will remember to keep faith in the invisible hand. Happy 4th all!
Weekly performance: The S&P 500 was up 1.72%. Gold was up 1.77%, silver was up 2.42%, platinum was up 2.71%, and palladium was up 2.59%. The HUI gold miners index was up 4.91%. The IFRA iShares US Infrastructure ETF was higher by 2.85%. Energy commodities were volatile and mixed on the week. WTI crude oil gained 2.00%, while natural gas was down 7.84%. The CRB Commodity Index was nearly flat, up 0.06%. Copper was up 0.55%. The Dow Jones US Specialty Real Estate Investment Trust Index was up 1.54%. The Vanguard Utilities ETF was up 0.63%. The dollar index was down 0.42% to close the week at 96.99. The yield on the 10-yr U.S. Treasury was up 7 bps to close at 4.35%.
Have a wonderful weekend!
Best Regards,
Morgan Lewis
Investment Strategist & Co-Portfolio Manager
MWM LLC
