Inflation

Over the last two days, we’ve outlined how the bond market is predicting a surge in inflation.

By quick way of review:

1. Real rates, as measured by the difference between yields on Inflation Treasury Inflation-Protected Securities or TIPS and regular Treasuries have been surging higher (see the chart below).

• This means that TIPS are dramatically outperforming Treasuries right now. Since TIPs trade based on inflation expectations, this suggests that the bond market is predicting much higher inflation.

What would cause this?

Another round of massive money printing.

We’ve already noted that the Biden administration hopes to sign a $2-$4 trillion infrastructure program into law in the next few weeks. And after that there is talk of a $1.7 trillion climate change program.

Today, I’d like to tackle the Fed’s role in all of this.

The Fed is currently engaged in a $120 billion per month Quantitative Easing (QE) program. This comes to over $1.4 trillion in month printing per year.

Recently the Fed has been hinting that it intends to taper this program, and possibly start raising rates sometime in 2022/ early 2023. But by the look of things, that will no longer be the case.

Why?

Because the Biden administration recently leaked that it intends to give Jerome Powell as second term as Fed Chair starting in 2022.

The story was leaked via Bloomberg, which has a close relationship with the Biden administration. And it suggests that Jerome Powell has “cut a deal” with Joe Biden to stay on as Fed chair. After all, the only way that Joe Biden would give Jerome Powell a second term would be if the latter “got onboard” with Biden’s agenda.

That agenda?

Keep the economy as strong as possible going into the 2022 mid-terms.

This means NO tapering, NO rate hikes, and NO tightening of monetary conditions for the foreseeable future. Sure, the Fed might jawbone things or stage verbal interventions here and there to provide political cover, but there is no way on earth Jerome Powell can tighten monetary conditions in the near future if he wants to stay on as Fed Chair.

Which means…

Inflation is going to ROAR in the coming months.

On that note, if you’re concerned about inflation, we have published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Yesterday I outlined how real rates suggest gold will be moving MUCH higher in the coming months.

By quick way of review:

1. Because we are in a fiat-based monetary regime, gold trades like any other asset.

• Specifically, gold typically tracks “real rates” or the actual cost of money as illustrated by the difference between yields on Inflation Treasury Inflation-Protected Securities or TIPS and regular Treasuries).

• Real rates typically lead gold at major turns. We saw this at the bottom in March 2020 and more recently in June 2021.

Recently a massive divergence has developed between real rates and gold with real rates rising and gold lagging (see the chart below).

This would suggest gold will be going MUCH higher in the coming months.

What would trigger this?

 Inflation.

Remember, real rates represent the difference between the yields on Treasury Inflation-Protected Securities (TIPS) and regular Treasuries. So, when TIPs outperform regular Treasuries, this line rises, and when regular Treasuries outperform TIPs, this line falls.

So, the fact real rates are rising so aggressively means that TIPS which focus on inflation are dramatically outperforming Treasuries right now. This means the bond market is predicting greater inflation is coming.

What would trigger this?

Two things:

1. The $2-$4 trillion infrastructure program the Biden Administration is hoping to sign into law in the near future.

• Jerome Powell’s continued tenure as Fed Chair in 2022.

Regarding #1, policymakers have already made it clear from their response to the 2020 shutdowns that their entire blueprint for dealing with crises, boils down to just two words.

PRINT MONEY.

Shutting down the economy triggers a depression?

Print money.

Stock market experiences fastest 30% crash in history?

Print money.

Municipal bonds collapse because the bond markets don’t believe cities and states will be able to meet their debt obligations?

Print money.

The economy still hasn’t come back because state officials continue to keep their economies on partial or complete lock downs?

Print money.

The economy isn’t coming back fast enough despite vaccines and states reopening?

Print money.

Indeed, policymakers printed so much money to combat the impact of the COVID-189 lockdowns that if you add up all of the money the U.S. has ever printed… over 40% of it was printed in 2020.

And the Biden administration doesn’t intend to stop anytime soon. It has already implemented a $1.9 trillion stimulus. It’s now attempting to get a $2-$4 trillion infrastructure program signed into law. And after that it hopes to implement a $1.7 trillion climate change program.

Inflation is already roaring. What do you think another $2-$4 trillion in money printing will unleash?

And bear in mind, that’s just the Federal Government. We’re not even accounting for the Fed here.

I’ll dive into that tomorrow.

In the meantime, if you’re concerned about inflation, we have published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

On Friday we outlined the strange price action in gold.

As a quick recap:

1. Because we are in a fiat-based monetary regime, gold trades like any other asset.

• Specifically, gold typically tracks “real rates” or the actual cost of money as illustrated by the difference between yields on Inflation Treasury Inflation-Protected Securities or TIPS and regular Treasuries).

• Recently a massive divergence has developed between real rates and gold.

Regarding #3 in the list above, the divergence between the two items is quite large, which means either real rates need to come down, or gold needs to catch up.

I believe we will see gold begin it next leg up relatively shortly.

Why?

Because real rates usually lead gold on turns.

Let’s go back to the COVID-19 meltdown. Note that real rates (top box) bottomed a few days before gold did (bottom box). Real rates bottomed on March 12^th, while gold bottomed on March 20^th.

We saw this same dynamic play out again more recently in June of 2021 when real rates bottomed on the 17^th of June (red circle) while gold didn’t bottom until the 29^th (blue circle).

This would suggest that real rates will in fact lead gold higher going forward. Again, real rates have been soaring while gold is struggling to ignite higher. The below chart suggests gold will eventually be running to $2,000 per ounce in the coming months.

What would trigger a run like this?

Inflation.

I’ll outline how and why in tomorrow’s article until then.

In the meantime, if you’re concerned about inflation, we have published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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Yesterday I outlined how the Fed is extremely late to curb inflation. 

As a brief recap, it only took CPI clearing 5%, multiple signals that inflation is running hot, housing entering a bubble, stocks roaring to new all-time highs, and signs of frothiness including: someone sold a Non-Fungible Token (NFT) of a fart, crypto-currencies including ones that were designed as a joke exploding higher, etc.

Put simply, it only took an extreme level of frothiness as well as some of the worst inflation prints in decades for the Fed to decide it needed to do something. 

We’ve already assessed how the markets initially reacted to the Fed’s move. But now it’s time to digest what the Fed actually did.

Did it actually hike rates?

No. 

Did it actually taper QE?

No.

Did it do anything besides change inflation expectations?

No again.

The Fed has clearly decided it is willing to stomach higher inflation in the near-term to sustain the bubble in stocks/ recovering economy. However, with inflation expectations rising (within 10 minutes they recovered over two years’ worth of declines)…

 and Treasury yields getting dangerously close to breaking their long-term downtrend (see the chart below)…

… the Fed was forced to temper these expectations.

So, the Fed did what it does best… it made a verbal intervention.

But was the Fed really serious?

I can’t claim to be psychic in the sense that I can read Fed officials’ minds. What I can tell you is that I don’t think it’s coincidence that within 48 hours of stocks selling off:

1)    The Biden White House convened a meeting with the President’s Working Group (the so-called Plunge Protection Team).

2)    There will be SIXTEEN (16) Fed official appearances this week, the vast majority of which have been to issue dovish statements about how the market overreacted to the Fed and that the Fed is nowhere near thinking about tightening monetary policy. 

Since that time, Fed Chair Jerome Powell has appeared before Congress during which he stated:

• Fed Will Wait for Actual Inflation as Trigger for Rate Rise
• Fed Won’t Raise Rate Preemptively
• 5% Inflation Is Not Acceptable (We’re old enough to recall the 2% threshold)
• Inflation Effects from Reopening Larger Than Expected
• High Inflation Temporary, Will Abate
• Factors Weighing on Labor Supply Should Abate 
• May Take Some Patience to See What Is Really Happening
• Hard to Say When Supply Bottlenecks Will Disappear
• Enhanced Unemployment Benefits May Be Factor
• Expects to See Strong Job Creation in the Fall
• ‘Very, Very Unlikely’ U.S. Will Suffer 1970s Inflation Experience

So… Powell is basically telling us the Fed is NOT going to act preemptively concerning inflation… that the Fed still believes inflation will disappear by itself… and that the Fed is in “watch and wait” mode.

Put another way, the Fed spooked bond yields into dropping, and until they start rising again, the Fed is happy to let things bubble up in the markets.

In this sense, what the Fed has done is move to curb future inflation expectations without actually doing anything. This in turn has pushed long-term bond yields back down again… which has opened the door to stocks roaring to even higher levels before crashing down in a spectacular crisis.

I’ll explain why in tomorrow’s article… until then.

In the meantime, we have published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research​

So the Fed finally moved… but what precisely did it do?

After a full year of the most extreme monetary policy in history, including…

1. Over 12 months of ZERO interest rate policy despite the economy growing.
2. Over $3 trillion in money printing.
3. Buying corporate bonds, muni bonds, corporate bond ETFs, Treasuries, Mortgage-Backed Securities Student Loans, Certificates of Deposit, etc.

…the Fed finally announced it is thinking about tightening monetary conditions.

It only took CPI clearing 5%, multiple signals that inflation is running hot, housing entering a bubble, stocks roaring to new all-time highs, and signs of frothiness including: someone sold a Non-Fungible Token (NFT) of a fart, crypto-currencies including ones that were designed as a joke exploding higher, etc.

Put simply, it only took an extreme level of frothiness as well as some of the worst inflation prints in decades for the Fed to decide it needed to do something. That something?

The Fed announced that intended to start tapering QE in late 2021/early 2022 while also potentially raising rates late in 2022/ early 2023.

Regardless of whether or not the Fed will actually do any of this (more on that in a moment), what matters for us today is how the market reacted to the Fed announcement.

Treasuries, particularly long-term Treasuries (20+ years) caught a major bid on the news.

The long-term Treasury ETF (TLT) jumped 4% in the span of a few days. This forced widespread liquidations at hedge funds in their short bond positions. And when hedge funds start liquidating losses, they often will liquidate winners as well to free up capital.

You can see this in the stock market when compared to TLT: they are a mirror image of one another (blue rectangle in the chart below) with stocks falling in near perfect synchronization as TLT rallied.

This suggests that the sell-off in stocks was collateral damage from the move in bonds, NOT necessarily a bearish development outright for stocks.

With all of this in mind, we need to take a look at what the bond market is currently doing for signs of where things are headed. Remember, it was Treasuries, that forced the Fed to act. And it was Treasuries that forced the sell-off in stocks last week.

So, what precisely did the Fed do?

We’ll address that in tomorrow’s article.

In the meantime, we have published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research​

Stocks continue to churn.

The S&P 500 has been in a consolidation phase since mid-April. Yes, we’ve had a few runs to new all-time highs, but as the below chart shows, most of the action has been sideways (see the blue box in the chart below).

Whenever markets enter a consolidation phase, the eventual breakout tends to be violent. And the longer the consolidation, the more violent the breakout.

Considered the last market consolation which took place from February through late March 2021. Stocks chopped back and forth in a significant box pattern before finally breaking out to the upside. They then ripped higher by 5% in the span of a little over a week.

Indeed, this has been the hallmark of this bull market since the March 2020 lows: stocks rip higher, then enter a six to eight week consolidation phase before breaking out to the upside again. I’ve identified the consolidation phases in blue boxes in the chart below. All of them resulted in breakouts to the upside.

With this in mind, I see no reason to overthink the current consolidation. Until the Fed begins to tighten monetary policy, it’s difficult to see a reason why stocks should collapse. It is clear the Fed has decided to let inflation run hot, and as I’ve outlined multiple times in the past, stocks initially LOVE inflation.

On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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Yesterday I noted that gold is telling us that the Fed is indeed going to let inflation run hot.

Remember, the Fed can stop inflation at any point by tightening monetary policy. If the Fed were to announce tomorrow that it is hiking rates 3% while ending its QE program, inflation would be DEAD.

With that in mind, the multi-trillion-dollar question over the last few months has been…

WILL the Fed act to stop inflation before it gets out of control?

I believe gold has finally given us the answer. It’s NOPE.

Gold has just broken out of a nine-month consolidation with conviction.

This is an extremely bullish development, particularly when you consider that gold had to break through both its 50-day moving average (DMA) and its 200-DMA to do this.

So, this begs the question… has gold finally bottomed? Because if it has… the upside target for that bull flag is north of $2,400 per ounce.

During major bull runs in gold, gold miners typically outperform the precious metal by a significant margin. The below chart shows the ratio between the VanEck Vectors Gold Miners ETF (GDX) and the price of gold bullion (GDX: $GOLD) 

When GDX outperforms gold, this line rises. And when GDX underperforms gold, this line falls. As you can see, since March of 2021, this line has been rising, which indicates GDX is outperforming gold by a significant margin.

Moreover, we have a clear rounded bottom (blue line in the chart above) forming here. 

That is a VERY bullish sign for this ratio. If it can break above resistance (red line in the chart above) then we have confirmation that THE bottom is in for gold.

When that happens, gold will begin its ascent higher to new all-time highs, eventually hitting north of $2,400 per ounce.

On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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Well, it’s confirmed, inflation is no longer just running hot… it is ROARING.

The Markit’s US Manufacturing PMI is a monthly survey that interviews managers in the private sector to see what they are experiencing in terms of business.

It’s widely considered to be one of the best gauges for the real state of the economy.

With that in mind the Markit’s US Manufacturing PMI for the month of May 2021 just revealed that the cost for input prices as well as new business at service providers have hit their highest levels since 2009. 

As one well known economist put it, “average selling prices for goods and services are both rising at unprecedented rates, which will feed through to higher consumer inflation in coming months.”                                                                                                         

Remember, inflation doesn’t just appear overnight. Instead, it slowly works its way into the financial system in phases.

1)    Phase 1: Raw material price spikes

2)    Phase 2: Factory gate prices spikes

3)    Phase 3: Retail prices

The first stage occurs in the manufacturing/ production segment of the economy when you see producers suddenly paying more for the raw goods and commodities they use to manufacture/ produce finished goods.

We first hit this stage several months ago as the below chart illustrates. The price of raw materials such as copper, lumber and even gasoline are all up triple digits in the last 12 months.

Now, one or two months of higher commodities or raw goods is no big deal, but once you’re talking 6-8 months of steadily rising prices it’s significant. At that point manufacturers/ producers are forced to start raising the prices of finished goods or face shrinking profit margins.

The Markit’s US Manufacturing PMI has confirmed that we are now officially at this point, revealing that the prices managers are paying for goods are rising at unprecedented rates.

Put another way, managers at real businesses in the U.S. are seeing the prices they must pay to obtain commodities/ raw goods and services, rise faster than ever before!

Again, NEVER before in the history of this data set have prices exploded this rapidly.

This means inflation is now ROARING.

It also explains why gold has suddenly caught a bid,  exploding out of a nine-month downtrend.

The above chart is telling us that gold was confused as to whether or not the Fed to stop inflation for most of the last year.

No longer.

Gold is now telling us that the Fed is not going to stop inflation. It is telling us that inflation is here and only going to get worse.

On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Yesterday, I outlined how the rise in inflation has slammed Tech stocks lower.

By way of a quick review, Tech, as represented by the NASDAQ is highly sensitive to inflation on an inverse relationship: when inflation rises, Tech stocks collapse and when inflation falls, Tech stocks erupt higher.

The reason for this is that much of Tech investing is based on growth rates. And if bond yields rise as a result of inflation, bonds become more attractive as an investment, taking away from the appeal of Tech.

As I noted yesterday. as inflation entered the financial system in 2020 and began to accelerate in 2021, Tech stocks have struggled. You can see this in the chart below (red rectangle).

So, we know that Tech is going to struggle going forward as inflation heats up. But what about the broader market like the S&P 500? Will it collapse too?

To figure that out, let’s take a look at the last two inflationary scares in the U.S.

The most recent scare occurred in 2010-2011. At that time, the Fed was pretty quick on the uptake and decided to allow its QE 2 program (the cause of the inflationary spike) to end.

The Fed then waited several months before introducing any new monetary programs. And when it did introduce one, it didn’t involve money printing (instead the Fed used the proceeds from Treasury sales to buy long-date Treasuries through a process called Operation Twist). This was a kind of stealth tightening.

Stocks didn’t like this, collapsing nearly 20%.

 Bear in mind, that was a relatively minor inflationary scare. During the last legitimate inflationary storm in the 1970s-1980s.

During that mess, the Fed was forced to be MUCH more aggressive with its tightening, embarking on two aggressive tightening schedules. It’s worth noting that this triggered two SEVERE recessions (shaded areas).

This IMPLODED the stock market, resulting in a roughly 50% decline over the course of 18 months.

So, what will it be this time? Will the Fed engage in a stealth taper as was the case in 2011… or will it tighten monetary policy aggressively as it did in the 1970s and 1980s?

We’ll address that in our next article.

in the meantime, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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The Tech Boom appears to be over.

From the March 2020 lows, Tech was a major leader in the markets. This makes a lot of sense as Tech was one of the few areas of the economy that continued to operate on a relatively normal basis during the COVID-19 shutdowns.

From the March 23, 2020 bottom until August, Tech, as represented by the NASDAQ index outperformed the broader S&P 500 by a wide margin.

However, since that time, Tech has struggled, moving roughly in line with the S&P 500 with the occasional bout of underperformance. This situation has worsened in 2021 with the S&P 500 taking the lead, leaving the NASDAQ in the dust.

What’s going on? 

What’s going on is that Tech is HIGHLY sensitive to inflation. And starting in August/ September 2020, inflation began to appear in the financial system courtesy of the Fed printing over $3 trillion while the U.S. government spent over $3 trillion in stimulus.

You can see this in the below chart. As soon as inflation began to accelerate in 2021, the yield on the 30-Year Treasury began to spike higher. And that’s when Tech started to tumble (red rectangle).

I wish that was the worst news, but it’s not. Yields continue to rise on Treasuries as inflation gets stronger in the financial system. By the look of things, the yield on the 30-year Treasury is about to break out to new highs in the next few weeks.

This is going to put a LOT of pressure on Tech, particularly high-beta momentum stocks like Tesla (TSLA), Shopify (SHOP), Square (SQ), and the like.

But what about the broader market? Will it collapse too? I’ll answer that in tomorrow’s article.

In the meantime, we

On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Yesterday I pointed out how inflation has become deeply embedded in our financial system.

As a quick recap, inflation arrives in stages. It’s not as though it appears overnight and suddenly the cost of everything rises.

Instead, inflation slowly works its way into the financial system in price hikes in the following prices.

1. Phase 1: The price of raw materials (what producers/ manufactures pay for supplies)
2. Phase 2: Factory gate prices (what producers charge distributors/retailers).
3. Phase 3: Retail prices (what consumers pay).

As I noted yesterday, we now have all three of these in place. This tells us that inflation is now deeply embedded in our financial system.

Historically, the only thing that has stopped inflation is for the Fed to tighten monetary policy by either hiking interest rates or tapering its Quantitative Easing (QE) programs.

During the last inflationary scare in 2010-2011, the Fed allowed its QE 2 program to end. It then waited several months before introducing any new monetary programs. And when it did introduce one, it didn’t involve money printing (instead the Fed used the proceeds from Treasury sales to buy long-date Treasuries through a process called Operation Twist). This was a kind of stealth tightening.

Bear in mind, that was a relatively minor inflationary scare. During the last legitimate inflationary storm in the 1970s-1980s, the Fed was forced to be MUCH more aggressive with its tightening, raising interest rates from 4.5% to over 19%! It’s worth noting that this triggered two SEVERE recessions (shaded areas).

So, which will it be this time? A kind of stealth tapering like we saw in 2011… or aggressive tightening like we saw in the late 1970s?

The answer may surprise you… it’s NEITHER.

That’s correct. The Fed doesn’t believe the U.S. is experiencing real inflation yet. According to Fed Chair Jerome Powell the inflation we’re experiencing is “transitory” meaning it won’t last so the Fed doesn’t have to do anything.

Powell is not alone. Fed officials across the board have referred to inflation as “transitory” stating that even if inflation rises above the Fed’s target of 2% (say to 2.75% or even 3%), it’s not a big deal.

Bear in mind, inflation is already well over 3% now.

So, what does this mean?

The Fed will continue to keep interest rates at zero, while printing $125 billion per month all while ignoring the countless signals that inflation is already spiraling out of control. Yes, the Fed will eventually be forced to act once inflation becomes a political issue, but until then the Fed will have its “blinders” on.

Which means… inflation is going to rage and rage.

On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.

The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.

We are making just 100 copies available to the public.

To pick up yours, swing by:

https://phoenixcapitalmarketing.com/inflationstorm.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research