Boomberg/Alexandra Semenova/5-23-2023

“A team of JPMorgan strategists led by [Marko] Kolanovic trimmed its allocation to stocks and corporate bonds while boosting its stake in cash by 2%. Within the commodities portfolio, the firm also rotated out of energy and into gold on haven demand and as a debt-ceiling hedge — another move intended to strengthen the JPMorgan’s defensive posture.”

USAGOLD note: At one time, Kolanovic was considered Wall Street’s most vocal bull.