In periods of heightened market and geopolitical turbulence, investors are often tempted to over-analyze every headline and react to each intraday swing. At SANDSTONE, we take the opposite approach.
The global energy transition is no longer driven solely by climate policy. In a multipolar world where nations prioritize protectionism and decentralization of critical infrastructure, energy resilience has become a strategic imperative, even a matter of “national security” if you will.
The past week may go down as one of the most critically important weeks in recent history, yet equity markets didn’t seem to notice. While the futures market was wildly oscillating, if you were only looking at the energy market indices, you might have missed out on the excitement entirely.
For the first time in over three decades, foreign central banks own more gold than U.S. Treasury bonds as a percentage of their reserves. What does this mean for the U.S. dollar’s privileged position as global reserve currency?
Equity markets are riding a rollercoaster of volatility, but what stood out even more this week (other than the unpredictable behaviour of Trump) was the interesting reaction of the U.S. Treasury market and dollar. Long-term Treasury prices declined, pushing yields higher, even in the face of instability that would traditionally send investors rushing into U.S. government debt. More instructive was the weakened greenback.
As we hurtle towards the familiar holiday hullabaloo and year-end tax planning, looming changes to the AMT means that, come January 1st, you may no longer receive full deductions and tax credits for your charitable contributions. But perhaps there is yet another way...