Weekly Portfolio Update, February 18 2024
Rising inflation and slowing growth... Is this stagflation?
Last week was definitely not boring. First, inflation jumped, leading investors to revise their interest rate outlook from “multiple cuts” to “higher for longer.” Then retail sales plunged, pointing to weaker-than-expected year-ahead growth. Combine those two trends and the result might be 1970s-style stagflation. So do your stacking while you still can.
Macro News
January wholesale prices rise more than expected, another sign of persistent inflation
US retail sales plunged in January, the worst YoY growth since COVID crackdown
Paramount Global lays off about 800 employees a day after announcing record Super Bowl ratings
Another ‘Great Retirement’ wave hits the US after stocks rally
Sector News
Gold fell below $2000/oz for a few hours last week but quickly recovered. So the jury is still out on the “$2000 is now support” thesis:
Other headlines:
Uranium prices could rally past 16-year highs as the world’s largest producer runs short
2023 was a record year for gold demand
Major oil companies make moves in megamerger frenzy
US homebuilders weigh incentives as mortgage rates rise
Mortgage rates shoot to 2-month high after new report shows inflation is still hot
Barrick Gold’s Q4 earnings rise sequentially and y-o-y
In latest oil megadeal, Diamondback buys Endeavor for $26BN creating Permian giant
Mexico’s president calls for ban on open-pit mining
Kinross Gold Q4 earnings conference call
Agnico Eagle reported record production, cash flow
Portfolio Company News
Strong earnings and the usual stellar drill results: