Diwali, Dollars and Gold

Frank Holmes - U.S. Global Investors | November 8, 2010 | 12:26 pm Precious Metals Gold 

Today marks the beginning of Diwali festival in India and the next stage in gold’s seasonal patterns. The five day “Festival of Lights” is a major Hindu holiday and involves the lighting of small clay lamps (diyas) filled with oil to signify the triumph of good over evil. During Diwali, lights illuminate every corner of India and fireworks light up the skies.

Activities during these five days include worship, many feasts, spending time with families and exchanging gifts. The latter is a big driver of gold demand.

Seasonality Chart

Traditionally, Indians are very sensitive to fluctuating gold prices but it appears they are adjusting to the concept of higher gold prices. Last year, China surged ahead of India in terms of jewelry demand until Diwali reignited retail demand in India.

It also didn’t hurt that India’s central bank bought 200 tons of gold around $1,000 an ounce. This put a floor under gold and changed the mentality of retail buyers who had been waiting for a pullback below $1,000. In fact as of June 2010, Indian jewelry demand was only off 2 percent on a year-over-year basis despite gold reaching new record highs. A report from the Bombay Bullion Association says that Indian gold imports rose to 43 tons, an 18 percent increase from the same time last year.

India isn’t the only place that jewelry demand is picking up. According to the World Gold Council’s most recent Gold Demand Trends report, jewelry demand experienced its smallest decline since early 2008 during the second quarter of this year.

Queen Elizabet 2 Sets SailGold as an investment has been grabbing headlines and is certainly a key factor in overall demand. However, demand for gold jewelry is still the king. In 2009, retail investment and ETFs totaled 1,348 tons of gold—39 percent of total demand. However, jewelry demand, which was at its lowest level in 10 years, totaled 1,759 tons—51 percent of total demand.

This is important because as retail buyers of gold grow more accustomed to gold’s current price levels, demand should increase and provide a tailwind for higher prices.

With the Federal Reserve’s announcement of its second quantitative easing (QE2) initiative this week, it’s a good time to update you on some data I’ve shared with you several times. This chart shows gold’s appreciation in major currencies since 1999. As you can see, currency devaluation has a dramatic effect on gold’s performance in that particular currency.
Gold in Various Currencies (Relative Performance)

The past few months have been very rough for the dollar.

Since June 1 through earlier today, gold prices have jumped 1.2 percent in Japanese yen terms and 2.6 percent in British pound terms. Gold prices in euro terms have actually dropped 1 percent during that time period.

In dollar terms, it’s a much different story. Gold prices in U.S. dollars have jumped 13.4 percent since June 1. Most of this appreciation came after the Federal Reserve announced its intention for a second round of quantitative easing. The Federal Reserve’s announcement this week was both larger ($600 billion) and longer (until June 2011) than many had anticipated.

The long-term depreciation effect this plan will have on the dollar could be a catalyst for higher gold prices all the way into next summer.

Another upside is a weaker dollar makes high-quality American products more attractive to export. We can expect rising exports over the next six months to help our unemployment numbers and boost our economy.

I wish all a Happy Diwali and the blessings of fortune, luck, riches and generosity.

P.S. If you didn’t get a chance to listen to Ian McAvity’s webcast presentation this week you missed a great one but don’t worry, a replay will be available on demand early next week.
Index Summary

  • The major market indices were higher this week. The Dow Jones Industrial Index gained 2.93 percent. The S&P 500 Stock Index advanced 3.60 percent, while the Nasdaq Composite finished 2.85 percent higher.
  • Barra Growth underperformed Barra Value as Barra Value finished 3.77 percent higher while Barra Growth rose 3.43 percent. The Russell 2000 closed the week with a gain of 4.73 percent.
  • The Hang Seng Composite finished higher by 6.87 percent; Taiwan was up 1.96 percent, and the Kospi rose 2.97 percent.
  • The 10-year Treasury bond yield closed at 2.54 percent, down 8 basis points for the week.
    • All American Equity Fund – GBTFX • Holmes Growth Fund – ACBGX • Global MegaTrends Fund – MEGAX

    Domestic Equity Market

    The figure shows the performance of each sector in the S&P 500 Index for the week. All ten sectors were up but the best-performing sector was financials, up 6.9 percent. Energy and materials were other top-performers. The three worst-performing sectors were healthcare, utilities and consumer staples.
    Janus Capital Group was the best-performing stock within the financials sector, rising 16 percent. Rounding out the top five were Legg Mason Inc., Bank of New York Mellon, Wells Fargo and Principal Financial Group.

    S&P 500 Economic Sectors

  • The consumer electronics group, represented by Harman International Industries, was the best-performing group for the week. The audio products maker rose 19 percent after reporting quarterly earnings and revenue above the consensus estimate.
  • The construction materials group, represented by Vulcan Materials, was the second-best performer. Vulcan rose 16 percent despite reporting quarterly earnings below the consensus estimate. However, the CEO’s remarks in the earnings report about contract awards for highway construction in Vulcan-served states continuing to outpace other states may have encouraged some investors.
  • The automobile manufacturer group, represented by Ford, rose 15 percent. Ford was energized by October cars and light truck sales which were up 16 percent from a year ago and up 19 percent when adjusted for the sale of Volvo.

    • Weaknesses

  • The agricultural products group, represented by Archer Daniels Midland, was the worst performer, down 6 percent. Archer Daniels reported quarterly earnings below the analyst consensus estimate.
  • The Apollo Group led the education services group to underperform, losing 3 percent. The University of Phoenix, Apollo’s main segment, reported that the Department of Education is launching a review of how the University administers federal financial aid.
  • Discovery Communications led the broadcasting group to underperform, down 3 percent. Discovery reported quarterly earnings below the consensus estimate and a brokerage firm downgraded the stock based on valuation.

    • Opportunities

    The Economy and Bond Market

    The Federal Reserve implemented phase two of its quantitative easing program this week, announcing an additional $600 billion of Treasury bond purchases. The surprise to the market is what the Federal Reserve will be buying. The Fed is focusing its purchases primarily in the 2 to 10-year Treasury range and less on the long end of the market. The bond market reacted accordingly with 5 to 10-year Treasuries rallying as yields fell as much as 12 basis points. Meanwhile the 30-year bond sold off, pushing yields up by 14 basis points.
    30 Year Treasury Yields

    Strengths

  • The Federal Reserve followed through on the much anticipated quantitative easing program, more or less meeting investor’s expectations.
  • The October employment report was much better than expected. The economy created 151,000 jobs and the prior two months were revised higher as well.
  • The ISM Manufacturing Index unexpectedly rose to its highest level since May.

    • Weaknesses

  • Retailer’s same store sales for October were generally disappointing, rising a modest 1.5 percent.
  • The housing crisis continues as Standard & Poor’s estimated that the total cost for the bailout of Fannie Mae and Freddie Mac could be $685 billion. Standard & Poor’s also reported that large U.S. banks could experience losses of up to $31 billion if forced to buy back mortgage securities.
  • Central bankers around the world are taking a different approach than the Federal Reserve as the Bank of England and the European Central Bank both kept monetary policy unchanged. In addition, Australia raised interest rates this week.

    • Opportunities

  • Inflation is unlikely to be a problem for some time and this gives central bankers and other policy makers around the world room for expansive policies.

    • Threats

  • Inflation expectations as measured by Treasury Inflation-Protected Securities (TIPS) spreads have risen sharply this month. Inflation expectations will be key data points to drive Fed policy changes going forward.

    • World Precious Minerals Fund – UNWPX • Gold and Precious Metals Fund – USERX

    For the week, spot gold closed at $1,393.65 per ounce, up $34.25, or 2.52 percent for the week. Gold equities, as measured by the Philadelphia Gold & Silver Index, rose 5.19 percent. The U.S. Trade-Weighted Dollar Index fell 0.86 percent for the week.

    Strengths

  • Gold rallied to close at a new all-time high of $1,393.65 per ounce on Friday as the Fed’s QE2 decision and continued weakness in the U.S. dollar powered bullion higher.
  • The gold-to-silver ratio has fallen to its lowest level in two years as silver hit a 30-year high, continuing to bounce from an underperforming status in years past. Silver is also benefiting from its double role as an investment and industrial commodity.
  • Peru’s Ministry of Mines and Energy said that the country’s September gold production dropped 23 percent from the same month last year. For the first nine months of this year, gold production was reported at a 10.9 percent decline compared to gold production during the same period of 2009. Peru is roughly the world’s fifth largest gold producer.

    • Weaknesses

  • A poll conducted by Barron’s showed that 62 percent of portfolio managers see equities as the top-performing asset over the next 6-12 months. Only 15 percent felt precious metals would be the top performer, 6 percent for cash and 3 percent for bonds.
  • Iran became the latest nation to increase its gold holdings as the nation announced that it has converted approximately 15 percent of its foreign exchange reserves into gold and now does not need to import the metal for the next 10 years.
  • “The global financial crisis has weakened mining and metals companies’ defenses against fraud,” an Ernst & Young reports says. “That provides increased exposure to corruption as mining and metal companies must expand their operations to territories.”

    • Opportunities

  • Shayne McGuire, manager of the $330 million gold portfolio pension fund at the Teacher Retirement System of Texas, predicted the price of gold could soar to $10,000 an ounce. McGuire predicts gold will surge due to a series of fiscal crises that hit around the world, China’s view on gold as a savings vehicle and the ascendance of ETFs.
  • U.S. Representative Ron Paul, who is likely to chair the House subcommittee overseeing monetary policy, says he will urge an audit of U.S. gold reserves and has called for the dollar to be backed by gold and silver.
  • Julian Phillips, founder of the Goldforecaster, recently stated his opinion of where the financial globe will be in the next 12-18 months. Phillips stated, “I see it very much as a going concern, I don’t see a collapse but I do see an increase in uncertainty, in tensions, in confrontations and in fears. We are looking for confirmation of the Comex traders spreading views of potentially vastly higher prices but I don’t see lower prices and therefore I see a very positive market for gold ahead.”

    • Threats

  • The South African mining ministry has imposed a six-month halt on new prospecting bids in order to overhaul mining laws, iron out irregularities in the way rights are awarded and audit existing exploration and drilling contracts.
  • A senior South African official said the country’s mining sector is filled with problems including illegal drilling, rights sold without permission and companies having competing claims to the same plot.
  • German Chancellor Angela Merkel and Mark Rutte, the Dutch Prime Minister, raised the theme of “burden sharing.” This envisions that private investors would be tapped to sponsor any future bailouts. Luxembourg’s Prime Minister noted this issue is very sensitive and could lead to confusion in markets. It is not clear if government leaders are contemplating a system where those who made money or avoided serious losses would be called upon to make losers whole.

    • Global Resources Fund – PSPFX • Global MegaTrends Fund – MEGAX

    Energy and Natural Resources Market
    This chart shows a sharp rise in the supertanker rate for oil shipments in the Persian Gulf. A report from Bloomberg this week said that the Persian Gulf, which is the world’s largest crude-oil loading region, doesn’t have enough of the supertankers to meet demand. Just a week ago there was a 20 percent surplus of these ships, but Bloomberg’s survey this week showed a 1 percent shortage. This region feeds 20 percent of the world’s crude oil demand, so a shortage of ships means that global demand for oil is picking up.
    Persian Gulf Tanker Rates Have Moved Upward

  • Crude oil futures closed at a 24-month high of $87.11 per barrel this week.
  • Russia’s oil production rose 4 percent to a new record 10.26 million barrels per day in October. This beats the high of 10.16 million barrels per day set in September.
  • Turkey’s gold imports rose to 9.07 tons in October, compared with 2.45 tons the previous month.
  • A report from the Bombay Bullion Association says that Indian gold imports rose to 43 tons, an 18 percent increase from the same time last year.

    • Weaknesses

  • Despite price gains for most commodities this week, natural gas remains below $4 per million British thermal units (Mmbtu) and is down 2.7 percent over the prior five days.
  • The Baltic Dry Freight Index, typically an indicator of global commodity demand, declined by 7 percent to 2,510 over the past five days through Thursday.

    • Opportunities

  • China’s real consumption for copper may rise to 8.5 million tons by 2015. This would be a 25 percent rise from 2010 demand forecasts.
  • China Steel Corp is in talks with five groups to buy stakes in iron ore and coal mines to reduce its reliance on raw material suppliers as it increases production. Australia is the main target for these investments, while Brazil and Africa are among prospective locations. The company aims to raise the portion of iron ore and coal it receives from its mines to 30 percent from 2 percent through investments over the next five years.
  • China’s gold market may double in the next decade as retail investment and jewelry demand gain, the World Gold Council’s China General Manager said. Consumption may rise to 900 tons over the next ten years. China’s jewelry and investment gold demand was 428 tons in 2009, according to the council.

    • Threats

  • Canada blocked BHP Billiton’s $40 billion hostile bid for Potash Corp. of Saskatchewan, saying a sale wouldn’t provide a net benefit to the country. BHP has 30 days to appeal, at which point the government will make a final decision.

    • China Region Opportunity Fund – USCOX •  Eastern European Fund – EUROX
    Global Emerging Markets Fund – GEMFX

    Emerging Markets

    Strengths

    Turkey's Strong Domestic Growth

  • Shanghai’s World Expo came to a close on October 31. The expo attracted 73.1 million visitors in six months, surpassing the 1970 record of 64 million for the expo held in Osaka, Japan. It’s believed the expo generated $12 billion in tourism spending for Shanghai and neighboring regions. In addition, a $44 billion infrastructure renovation has helped Shanghai become China’s most prosperous city over the last eight years.
  • China’s official Purchasing Managers’ Index (PMI) rose to a higher-than-expected 54.7 in October from 53.8 in September, and the HSBC PMI jumped to 54.8 from 52.9. Both reflected greater industrial activity, thanks to construction of affordable homes and accelerated work on stimulus projects.
  • South Korea’s exports in October surprised to the upside, registering 29.9 percent year-over-year growth and accelerating from 16.5 percent in September. The jump was driven by resilient demand from China and other emerging markets for machinery, automobiles and semiconductors.
  • The global macro backdrop is more supportive of Turkey than other emerging economies, according to BCA Research. There is no froth in the property market or in consumer spending. In addition, construction and car sales are picking up from low levels.

    • Weaknesses

  • Malaysia’s growth in exports slowed to 6.8 percent year-over-year in September from 10.6 percent in August. This is the sixth consecutive month of deceleration, due to declining electronics shipments.
  • Indonesia’s GDP expanded by a less-than-expected 5.8 percent during the third quarter compared with a year ago. The soft rise was due to weaker exports and disrupted agricultural and mining activities because of heavy rains.
  • South Korea’s consumer price index rose to a 20-month high of 4.1 percent in October from a year earlier. This higher-than-expected rise was led by higher food and fuel prices.
  • The speed of recovery disappoints in Russia. Unusually hot weather hit agricultural production during the third quarter, forcing a decline of 18.6 percent on a year-over-year basis. This also adversely affected export revenues. Citi research suggests that Russia’s growth is unlikely to exceed 4 to 4.5 percent in the long run due to falling oil production, withdrawal of the fiscal stimulus and falling labor supply.

    • Opportunities

  • Hong Kong Stocks Exhibit Cheaper Valuation than Bonds and Physical Property Given a pegged local currency to the U.S. dollar, minimal controls on foreign capital and proximity to the mainland Chinese economy, Hong Kong may continue to adopt the same monetary policy as the U.S. Additionally, Hong Kong could turn out to be a major destination for excess foreign liquidity induced by quantitative easing in developed countries around the world. Relative to bonds and physical property, Hong Kong stock valuations currently appear closer to the most attractive levels in the past decade, aside from late 2008 through early 2009.
  • A number of regional analysts voiced their concern over recent Turkish lira appreciation. However, BCA research points out that the currency has cheapened relative to other emerging market currencies and Turkey’s export sector is under less pressure from currency appreciation than other parts of the developing world.

    • Low Value of the Turkish Lira Helping Exports

    Threats

  • Rising prices for industrial metals and reaccelerating local currency appreciation in recent months may squeeze profit margins for export-oriented Chinese manufacturers going forward.

    • Leaders and Laggards

    The tables show the performance of major equity and commodity market benchmarks of our family of funds.

    Weekly Performance
    Index Close Weekly
    Change($)    		 Weekly
    Change(%)
    S&P Basic Materials 224.81 +9.31 +4.32%
    S&P Energy 465.12 +22.53 +5.09%
    Hang Seng Composite Index 3,497.47 +224.80 +6.87%
    Gold Futures 1,392.80 +35.20 +2.59%
    XAU 214.91 +10.61 +5.19%
    Russell 2000 736.59 +33.24 +4.73%
    S&P BARRA Value 571.13 +20.76 +3.77%
    S&P 500 1,225.85 +42.59 +3.60%
    DJIA 11,444.08 +325.59 +2.93%
    Oil Futures 87.09 +5.66 +6.95%
    S&P BARRA Growth 646.97 +21.48 +3.43%
    Nasdaq 2,578.98 +71.57 +2.85%
    Korean KOSPI Index 1,938.96 +56.01 +2.97%
    S&P/TSX Canadian Gold Index 413.80 +9.76 +2.42%
    Natural Gas Futures 3.94 -0.10 -2.35%
    10-Yr Treasury Bond 2.54 -0.08 -2.91%
    Monthly Performance
    Index Close Monthly
    Change($)    		 Monthly
    Change(%)
    Oil Futures 87.09 +3.86 +4.64%
    XAU 214.91 +8.12 +3.93%
    Russell 2000 736.59 +51.26 +7.48%
    S&P Energy 465.12 +31.81 +7.34%
    Nasdaq 2,578.98 +198.32 +8.33%
    Gold Futures 1,392.80 +45.10 +3.35%
    S&P Basic Materials 224.81 +15.87 +7.60%
    S&P BARRA Growth 646.97 +43.14 +7.14%
    Korean KOSPI Index 1,938.96 +35.01 +1.84%
    S&P 500 1,225.85 +65.88 +5.68%
    DJIA 11,444.08 +476.43 +4.34%
    S&P BARRA Value 571.13 +23.08 +4.21%
    S&P/TSX Canadian Gold Index 413.80 +4.31 +1.05%
    Natural Gas Futures 3.94 +0.08 +2.02%
    10-Yr Treasury Bond 2.54 +0.18 +7.46%
    Hang Seng Composite Index 3,497.47 -332.01 -14.83%
    Quarterly Performance
    Index Close Quarterly
    Change($)    		 Quarterly
    Change(%)
    XAU 214.91 +41.11 +23.65%
    S&P Basic Materials 224.81 +27.31 +13.83%
    Hang Seng Composite Index 3,497.47 +477.62 +15.82%
    S&P/TSX Canadian Gold Index 413.80 +58.97 +16.62%
    Gold Futures 1,392.80 +193.50 +16.13%
    Russell 2000 736.59 +81.52 +12.44%
    Korean KOSPI Index 1,938.96 +155.10 +8.69%
    S&P Energy 465.12 +44.31 +10.53%
    Nasdaq 2,578.98 +285.92 +12.47%
    Oil Futures 87.09 +5.08 +6.19%
    S&P BARRA Growth 646.97 +65.31 +11.23%
    S&P 500 1,225.85 +100.04 +8.89%
    DJIA 11,444.08 +769.10 +7.20%
    S&P BARRA Value 571.13 +35.23 +6.57%
    Natural Gas Futures 3.94 -0.66 -14.25%
    10-Yr Treasury Bond 2.54 -0.36 -12.46%

    Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

    An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

    All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

    Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio.

    The Eastern European Fund invests more than 25 percent of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile.

    Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

    Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5 percent to 10 percent of your portfolio in these sectors. Investing in real estate securities involves risks including the potential loss of principal resulting from changes in property value, interest rates, taxes and changes in regulatory requirements.

    Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. Each tax free fund may invest up to 20 percent of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. Bond funds are subject to interest-rate risk; their value declines as interest rates rise. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer.

    Past performance does not guarantee future results.

    These market comments were compiled using Bloomberg and Reuters financial news.

    Holdings as a percentage of net assets as of 9/30/10:
    Janus Capital Group Inc: 0.00%
    Legg Mason Inc: 0.00%
    Bank of New York Mellon Corp: 0.00%
    Wells Fargo & Co: 0.00%
    Principal Financial Group: 0.00%
    Harman International Industries Inc: 0.00%
    Vulcan Materials Co: 0.00%
    Ford Motor Co: 0.00%
    Volvo: 0.00%
    Archer Daniels Midland: 0.00%
    Apollo Group Inc: 0.00%
    Discovery Communications Inc: 0.00%
    China Steel Corp: 0.00%
    BHP Billiton Ltd: Global Resources Fund (2.30%)
    Potash Corp: 0.00%
    Federal National Mortgage Association: 0.00%
    Federal Home Loan Mortgage Corporation: 0.00%

    *The above-mentioned indices are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

    The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry.
    The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.
    The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq National Market and SmallCap stocks.
    The S&P BARRA Growth Index is a capitalization-weighted index of all stocks in the S&P 500 that have high price-to-book ratios.
    The S&P BARRA Value Index is a capitalization-weighted index of all stocks in the S&P 500 that have low price-to-book ratios.
    The Russell 2000 Index® is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000®, a widely recognized small-cap index.
    The Hang Seng Composite Index is a market capitalization-weighted index that comprises the top 200 companies listed on Stock Exchange of Hong Kong, based on average market cap for the 12 months.
    The Taiwan Stock Exchange Index is a capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange.
    The Korea Stock Price Index is a capitalization-weighted index of all common shares and preferred shares on the Korean Stock Exchanges.
    The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver.
    The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.
    The MSCI Russia Index is a free-float weighted equity index developed in 1994 to track major equities traded in the Russian market.
    The S&P/TSX Canadian Gold Capped Sector Index is a modified capitalization-weighted index, whose equity weights are capped 25 percent and index constituents are derived from a subset stock pool of S&P/TSX Composite Index stocks.
    The S&P 500 Energy Index is a capitalization-weighted index that tracks the companies in the energy sector as a subset of the S&P 500.
    The S&P 500 Materials Index is a capitalization-weighted index that tracks the companies in the material sector as a subset of the S&P 500.
    The S&P 500 Financials Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period.
    The S&P 500 Industrials Index is a Materials Index is a capitalization-weighted index that tracks the companies in the industrial sector as a subset of the S&P 500.
    The S&P 500 Consumer Discretionary Index is a capitalization-weighted index that tracks the companies in the consumer discretionary sector as a subset of the S&P 500.
    The S&P 500 Information Technology Index is a capitalization-weighted index that tracks the companies in the information technology sector as a subset of the S&P 500.
    The S&P 500 Consumer Staples Index is a Materials Index is a capitalization-weighted index that tracks the companies in the consumer staples sector as a subset of the S&P 500.
    The S&P 500 Utilities Index is a capitalization-weighted index that tracks the companies in the utilities sector as a subset of the S&P 500.
    The S&P 500 Healthcare Index is a capitalization-weighted index that tracks the companies in the healthcare sector as a subset of the S&P 500.
    The S&P 500 Telecom Index is a Materials Index is a capitalization-weighted index that tracks the companies in the telecom sector as a subset of the S&P 500.
    The ISM manufacturing composite index is a diffusion index calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms from 21 industries in all 50 states.
    The Baltic Dry Freight Index is an economic indicator that portrays an assessed price of moving major raw materials by sea as compiled by the London-based Baltic Exchange.
    The China Purchasing Managers’ Index, a gauge of nationwide manufacturing activity, is issued by the China Federation of Logistics & Purchasing and co-compiled by the National Bureau of Statistics.
    The HSBC Purchasing Managers’ Index (PMI) measures the level of private consumption in China.

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