Sideways trading today, top analysts worry about inflation, stagflation

LATE REPORT

Gold finished the day pretty much where it started at $1345.50 and down $5 on the day. Silver managed to keep its head above water finishing up 5¢ on the day at $17.27.

Two noteworthy bits of analysis came public today – one from San Francisco’s Weeden & Co. and the other from Deutschebank’s chief international economist. Weeden’s Michael Purves says that the tariff and sanctions “dust-ups” along with tight oil supplies are not only pushed commodities higher, they could send “Treasuries and equities on the run.” Deutsche Bank’s Torsten Slok took inflation concerns to a another level today by calling it “the mother of all risks.” Those comments came on a day when 10-year Treasury yields pushed toward the 3% mark.

“This is a key risk,” Purves said. “Higher rates and inflation without higher economic growth raises the discount rate for equity cash flows (lower P/E) but also raises stagflation risks for the economy and the stock market.” [Emphasis added.]

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last posted 4-9-2018

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