Charts & Chat - June 9, 2024
Eric Boyce • June 9, 2024
This week, CEO Eric Boyce, CFA discusses:
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Gold performance relative to bonds and size of government budget; increase of gold in use as reserve asset
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Labor force participation and debt levels, and increased treasury issuance
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yield curve dynamics and lack of breadth evident in equities; equity risk premium very low relative to bonds
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diversification benefits from other asset classes, foreign markets
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residential home price declines, office vacancy and the looming debt cliff for commercial real estate
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job market in good shape but softening; consumer spending rising but so are delinquencies
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small banks responding to balance sheet issues
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disinflation tendencies in place - need patience

By Eric Boyce
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June 22, 2026
This week, CEO Eric Boyce, CFA discusses: 1. Investment markets witnessing increasing concentration within tech and especially semiconductor companies; significant retail buying power and liquidity helping to sustain elevated valuations 2. S&P excluding energy and technology is down for the year; individual stock volatility picking up, and low quality small stocks are outperforming higher quality 3. energy markets depend on amicable solution to Iran conflict; stocks at low levels, and could lead to unwanted inflation in September if no resolution on the war 4. cattle, copper prices higher; gold off its bubble price 5. Deal activity within private markets picking up for areas other than software 6. Fed chair Warsh signals changes in level of disclosure, forecasting; Fed in touch spot due to persistent inflation and tepid labor markets. More likely to see a rate hike before more easing 7. Retail sales ahead of expectations; pending home sales up while home starts and permits remain weak 8. Current estimate for 2nd quarter economic growth (GDP) is 3.0%, driven by consumption, inventory build and business investment, offset by negative trade







