Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

while you enjoy equity markets rising, I don't want to spoil your mood, but do keep an eye on commercial real estate. Spreads are continuing to rise as vacancy rates continue to rise. chart shows a BBG index investment grade commercial real estate spread. 2018 through present,… twitter.com/i/web/status/1…

We are contemplating to start offering direct sales of gold coins and bars to individuals, leveraging our access to institutional pricing with low and transparent markups. If this is something you might be interested in, please DM me with your email address. Our rollout will be… twitter.com/i/web/status/1…

Take the non-farm payroll report with a grain of salt. Why? It's survey based with a declining response rate. The chart shows response rates for each May report over they years. Source: Bloomberg (Terminal subscription needed to access link) blinks.bloomberg.com/news/stories/R…

"The number of homeless people in California grew about 50% between 2014 and 2022. The state, which accounts for 12% of the U.S. population, has about half of the nation’s unsheltered homeless, an estimated 115,000 people" wsj.com/articles/calif…

That's right - big oil is getting into the Lithium business, and it's close to their home turf. wsj.com/articles/the-s…

The word of the day at @bsurveillance: a discussion of (the elusiveness of) "immaculate disinflation"

One of the less important jobs reports coming up. Why less important? Because it will take a great deal for the Fed to change its mind in the near term, no matter how much up and down we will jump if we get a "miss" one way or the other.