Dear WIMM Reader,
Welcome back to a June Macroeconomics update. Basically, a selection of things that have happened and which I consider important
Let’s do this!
Sorin
Oil price
We are basically where we were one year ago:
…but, inflation will be felt everywhere:
As a result, interests rates will increase:
…and in the US:
Concluding:
Where to invest? Probably, you know by now that my 3rd portfolio opened on 26th of March 2026 was last week at +80%. I am going to add 1-2 more companies to it (more about this in the coming weeks). However, this is Bloomberg:
The AI boom will continue. Apple announces that will raise prices due to memory shortages. As I’m writing this, Apple’s share price is $295 and most large Armecian banks have raised their future position to 320-360:
Moving on…to gold.
As recently as February, Bank of America’s fund manager survey showed gold as one of the most overcrowded trades in the market. That positioning eventually became a problem. Once too many investors were on the same side of the boat, gold became vulnerable to a sharp unwind.
After spending roughly three years above its 200-day moving average, gold has now broken below that level. That does not automatically mean the long-term thesis is dead. But it does mean the easy momentum phase is probably over, at least for now.
In other words, gold is no longer trading only on fear, inflation, and central-bank demand. It is now also trading on positioning. And when a “safe haven” becomes a consensus trade, the first correction is usually not very safe.
Finally, stay away from bonds:
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Thanks for your support & have a wonderful day!
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