Gold and Deflation

By US Global Investors
Published: Yesterday by GoldSpeculator

By Frank Holmes
CEO and Chief Investment Officer

I have been speaking and writing about gold’s appeal in a deflationary environment – this is a concept that opposes the conventional opinion that the gold price will not rise without inflation.

Those who cling to that singular gold-inflation relationship have not examined the history of gold as money. Whenever there is substantial inflation or deflation, governments tend to either be too slow to react or they overreact with policies, and this is typically good for gold.

Interest earned on 90-day Treasury bills below the inflation rate is a signal for governments to try to stop deflation and reflate the economy. When this happens, gold becomes attractive. We are in such an environment now.

During these periods, governments usually need to increase their deficits by escalating their borrowings to support the economy. This also supports gold as safe money in addition to its beauty as jewelry.



The twin engines of negative real interest rates and government deficits tend to make gold a very attractive investment. Recent research supports our historical findings on what drives gold.

This chart from Deutsche Bank shows that for the past four decades gold (and silver) have performed well in a country’s currency when that country has low or negative real interest rates.

The Federal Reserve’s main interest rate is near zero and inflation is a little over 1 percent, so we now find ourselves in a negative real interest rate situation. The Fed has made it clear that it has no plans to tighten money by raising that key rate any time soon because of the sluggish economy and soft housing market (mortgages are now at a 21-year low), so this condition is likely to endure.

“The decline in core inflation from 2.5 percent two years ago to under 1 percent today will sustain market fears of deflation and hence a more rapid depreciation of the U.S. dollar to arrest any deflationary pressures,” Deutsche Bank’s analysts wrote. “We believe that the road map to resolve deflation is therefore bearish for the U.S. dollar and another factor which will propel gold prices to new highs.”

The Fed this week plotted part of that road map – it said it will pump more money into the system to try to kick up economic activity. As the 2010 midterm election draws closer, there is also a growing call for another round of stimulus spending to try to pull down the 9.5 percent unemployment rate.

Such a move would widen the federal budget deficit, which is already estimated at nearly $1.5 trillion for this year and will roughly be the same in 2011. The U.S. dollar is not only our currency, it is also the world’s reserve currency. Deficit spending puts downward pressure on the dollar, and when the dollar falls, investors tend to turn to gold.

When you add the interest rate and deficit scenarios to the gold seasonality trend – September is historically the best month of the year for both bullion and gold equities – the conditions now appear promising for gold.

We discuss What’s Driving Gold in an interactive presentation – click on the chart to learn more about these critical drivers.



Browse Our What’s Driving Gold Matrix


Ready, Set, Redux

My commentary from last week (Ready, Set, Gold) detailing the seasonal patterns for gold and gold stocks seemed to strike a chord with gold investors so we wanted to share it with you another time in case you missed it last week or on my Frank Talk blog. Here’s another chance to read what September means for gold.

Click to Read “Ready, Set, Gold”


Index Summary

• The major market indices were lower this week. The Dow Jones Industrial Index fell 3.29 percent. The S&P 500 Stock Index declined 3.78 percent, while the Nasdaq Composite finished 5.02 percent lower.
• Barra Growth underperformed Barra Value as Barra Value finished 3.67 percent lower while Barra Growth fell 3.89 percent. The Russell 2000 closed the week with a loss of 6.33 percent.
• The Hang Seng Composite finished lower by 2.40 percent; Taiwan was lower by 0.90 percent and the Kospi declined 2.11 percent.
• The 10-year Treasury bond yield closed at 2.68 percent, down 14 basis points for the week.

August 13, 2010 Being Contrarian on China	August 12, 2010 Ancient Gold, Modern Value	August 11, 2010 Chart of the Week - Is Indonesia Overheating?

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. Telecom services was the only sector which gained, up 0.6 percent. Other better-performing sectors included consumer staples and utilities. The three worst-performing sectors were technology, industrials and financials.

Within the telecom services sector the best-performing stock was Verizon Communications Inc, up 1.6 percent. The other top three outperformers were AT&T Inc and Sprint Nextel Corp.



Strengths

• The integrated telecom services group was the best-performing group rising 1 percent, led by Verizon Communications Inc. Three weeks ago the firm reported quarterly earnings above the consensus and the stock has been in a rising trend since that time.
• The agricultural products group outperformed for the second consecutive week, declining less than one percent. The group’s only member, Archer Daniels Midland Co., reported fiscal fourth quarter earnings above the consensus estimates during the prior week. Some analysts believe that Archer Daniels Midland is positioned to benefit from disruptions in global wheat supplies because of a damaged Russian wheat crop.
• In addition to integrated telecom services, several other less economically-sensitive groups were among the top-ten performers. Down less than one percent were the brewers, household products, multi-utilities, tobacco and packaged foods groups.

Weaknesses

• The electronic manufacturing services group underperformed, losing 11 percent. A disappointing sales forecast from Cisco Systems Inc put pressure on the shares of the contract manufacturers such as Jabil Circuit Inc that make parts for Cisco.
• The tires & rubber group (Goodyear Tire & Rubber Co.) underperformed, losing 11 percent. The firm sold a $900 million bond issue this week, largely to refinance existing debt. The issue received non-investment grade ratings of B1 from Moodys and B+ from Standard & Poor’s.
• The education services group underperformed, losing 9 percent for the second consecutive week. A Congressional hearing in the prior week focused on a report by the Government Accountability Office that found misleading recruiting practices at 15 different schools. Some privately held companies also allegedly committed fraud related to falsified financial aid applications.

Opportunities

• There may be an opportunity for gain in M&A (merger & acquisition) transactions in 2010. Corporate liquidity is high, thereby providing the means to pursue acquisitions.

Threats

• Should investors’ expectations for an improving economy not come to fruition on a reasonable time frame, it could be a threat to stock prices.
• As governments around the world begin to wind-down the monetary and fiscal stimulus programs put in place during the economic crisis, it will likely present a headwind for stocks.

U.S. Government Securities Savings Fund - UGSXX • U.S. Treasury Securities Cash Fund - USTXX
Near-Term Tax Free Fund - NEARX • Tax Free Fund - USUTX

The Economy and Bond Market



Treasury bonds rallied again this week as the market refocused on the negative aspects of the global growth story. This week’s economic data points didn’t flash new threatening signals, it is basically the same story that people have been worried about for months but the market ran with it this week.

The chart shows the 10-year Treasury bond which is now at the lowest levels in more than a year and is sending an ominous message about the prospects for growth and inflation over the next 6-12 months.

The Fed also announced their intentions to maintain their quantitative easing bias by using the proceeds of maturing mortgages and Treasuries to finance additional purchases of Treasury securities and committed to keeping interest rates near zero for an extended period.

Strengths

• Mortgage rates hit a fresh new low of 4.44 percent, the lowest level since records began 39 years ago.
• Inflation remains muted with consumer prices (CPI) rising just 1.2 percent from a year ago.
• Retail sales in July bounced 0.4 percent after two consecutive monthly declines.

Weaknesses

• Initial jobless claims hit the highest levels in six months as the economy struggles to generate employment growth.
• Concerns surrounding China’s economic growth increased as industrial production fell to 13.4 percent on a year-over-year basis, slowing from 18.1 percent just four months ago.
• The trade deficit widened to almost $50 billion in June and likely slashed second quarter GDP growth to 2 percent.

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

• The risk of austerity measures going too far and significantly diminishing economic growth is a real risk.

Gold Market

For the week, spot gold closed at $1215 per ounce, up $10, or less than 1 percent for the week. Gold equities, as measured by the Philadelphia Gold & Silver Index, declined 1.76 percent. The U.S. Trade-Weighted Dollar Index gained 3.15 percent on the week.

Strengths

• "The U.S. is in an untenable position – between a rock and a hard place – in an inescapable debt trap – where the options are, at best, dire – either hyperinflation or a deflationary depression. It would seem all that we can do is ride out the storm in a boat laden with gold," Jeff Nielson from Bullion Bulls Canada recently said.
• Following China’s move last week, India’s central bank is mulling a proposal to allow banks to trade in gold. If cleared, the move will only strengthen the bullish case for gold.
• Don Coxe noted "the gold story has been around for millennia, but is now attracting investment for thoroughly modern reasons. This month, we advance that none of the three major tradeable currencies will regain its role as a prized store of value. Gold is moving from the shadows, where economists and politicians had consigned it, to center stage."

Weaknesses

• China’s largest gold producing city halted output after a mine fire killed 16 workers. The fire is the latest in a series of Chinese mining accidents that left 61 people dead this month.
• The investment attractiveness of mining jurisdictions in Australia has suffered a large fall in rankings due to government regulation an annual survey from Fraser Institutes shows.
• Gold output in South Africa fell 5.3 percent in volume terms and total mineral production dropped 4.9 percent in June compared with the same month last year.

Opportunities

• Analysts forecast that the takeover deal announced by a major mining company could nudge other big miners looking to replace reserves back into the market. This means they could be more involved in merger and acquisitions.
• Jeff Nichols, MD of American Precious Metals Advisors, said fundamentals pushing gold higher are going to be operating for several years but the market will remain volatile. He told MineWeb "the market will remain volatile with big corrections like we’ve seen the past weeks and periods of consolidation. So how fast we move up remains a question but the directions and the magnitude are assured."
• The annual rate of growth of gold spending in China has been 23 percent this decade and the nation's gold purchases could see an additional 200 tonnes of consumption in the next decade.

Threats

• Numbers from seven of the world’s largest gold diggers show that gold miners are in the money but face headwinds in rising costs and scarce pure gold opportunities.
• The San Francisco Fed, who correctly talked about deflation risks last April and was the first Fed bank to discuss recession risks back in 2007, published a report experimenting with the components of the Conference Board’s Leading Economic Indicator Index and concluded that the odds of a recession at some point in the next two years are slightly below 50-50 that the economy slips into recession.

Global Resources Fund - PSPFX • Global MegaTrends Fund - MEGAX

Energy and Natural Resources Market




Strengths

• The Baltic Dry Index of freight rates jumped 20 percent this week on improving charter activity.
• China’s copper imports climbed for the first time in four months as arbitrage traders sought profits by buying the metal in London and selling it in Shanghai. Shipments of copper and products gained 4.5 percent month-over-month in July, the customs office said. Buyers have reduced shipments since April as they drained domestic inventories. Stockpiles dropped to the lowest level in six months as of July 30, according to warehouses monitored by the Shanghai Futures Exchange.
• The Brazilian automotive sector continued to grow in July with auto sales increasing by 15.1 percent (up 302,300 units) over last month and up 5.9 percent versus a year ago. Analysts estimate that auto sales in Brazil will approach 3.4 million units in 2010.
• China's power output rose to a record 377.6 billion kilowatt-hours in July, up 11.5 percent from a year ago, the National Bureau of Statistics said.

Weaknesses

• Latest U.S. trade data show that coking coal exports fell 10 percent from the previous month in June. This reflects weakness in European demand which is down 23 percent, ahead of scheduled blast furnace closures.
• Unofficial port data from India shows a collapse in iron ore exports in July, according to Analysts at Macquarie Securities. This could partly explain the recent sharp rally in iron ore prices. Indian exports were just under 4.5 million tonnes in July, the lowest July figure in over six years, reflecting the impact of the Indian monsoon season and a temporary ban on exports of iron ore from 10 ports.

Opportunities

• The Organization of Petroleum Exporting Countries (OPEC) raised its global oil demand outlook for 2010 and 2011 by 140,000 barrels per day in its monthly report despite growing concerns of an economic slowdown. The organization highlights that oil demand growth will remain moderate due to uncertainties regarding the recovery.
• The U.S. Energy Information Administration (EIA) trimmed its estimates for domestic natural gas output growth to 1.9 percent year-over-year in 2010 but raised the year-over-year demand forecast to 3.8 percent.
• China Railway Construction and Tongling Nonferrous Metals Group Holdings have indicated that they will invest $3 billion in a copper project in Ecuador. Initial production of 30,000 metric tons is expected to begin in 2013 and is eventually expected to approach 250,000 metric tons. A company official indicated that the ore from the mine will be shipped back to China.

Threats

• Anti-government protests are negatively impacting several zinc, silver, tin and lead mines in Bolivia. Production from San Cristobal, which accounts for nearly 3 percent of global zinc supply, has come to a halt. San Cristobal was the sixth-ranked zinc and fifth-ranked lead mine in the world output league in 2009.

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

Emerging Markets

Strengths

• China’s exports rose 38.1 percent from a year ago to a record of $145.5 billion in July as economic fears in Europe and the U.S. failed to reach China. The higher-than-expected rise contributed to the $28.7 billion trade surplus.
• China’s Ministry of Finance announced that total healthcare budget will grow 14 percent from the previous year in 2010 to $65.3 billion. The figure rose 9 percent in 2009.
• Thailand’s consumer confidence increased for a third consecutive month to 71.4 in July.
• Hong Kong’s GDP expanded by a higher-than-expected 6.5 percent during the second quarter from a year earlier, driven by robust re-exports of Chinese goods, strong business investment and rising Chinese tourists.
• Brazilian toll road operator CCR (Companhia de Concessoes Rodoviarias) reported strong results with EBITDA (earnings before interest, taxes, depreciation and amortization) rising 19 percent year-over-year. Traffic grew 12 percent with the rebound of economy.
• The mending of relations between Colombia and Venezuela should be well received by market participants. The two countries are closely linked economically despite differences in political paradigms.
• Chilean airline LAN posted a 15 percent increase in traffic in June.
• Industrial Production in Mexico grew by 8.4 percent in June, led by a pick-up in manufacturing (up 15.2 percent) and mining (up 4.9 percent). Auto exports to the U.S. were the main driver of the pick up in manufacturing activity. Economists expect a 4 percent growth in GDP this year.
• Isbank’s net profit in the first half grew by 31 percent as Turkish consumers took advantage of low borrowing rates. Despite the increase, we expect a reduction in net interest margins for Isbank and all Turkish banks this year due to repricing of assets and liabilities. However, higher volume of lending should still lead to a growth in net interest income.
• Traffic on Turkish airlines grew by 20 percent during the first half of the year. More importantly, the load factor—a measure of how much of an airline’s passenger carrying capacity is used—rose to 73.4 percent.

Weaknesses

• China’s imports rose by a much lower-than-expected 22.7 percent in July from a year earlier, as both processing imports and commodity imports decelerated. Weaker demand is also reflected in lower than estimated year-over- year growth in industrial production at 13.4 percent and retail sales at 17.9 percent. The RMB 533 billion new bank lending and 17.6 percent growth in M2 money supply also trailed expectations.
• South Korea’s unemployment rate rose for a third-straight month to 3.7 percent in July, as the government withdrew some of the countercyclical policies to support job creation after the global recession started.
• Malaysia’s industrial production expanded by a slower-than-expected 9.4 percent in June, the fourth-straight drop in year-over-year growth. This is consistent with decelerating exports driven by European debt crisis and a slowing U.S. recovery.
• Singapore’s retail sales declined 4.9 percent year-over-year in June as car sales continued to contract and growth of spending on small ticket items slowed as well.
• The uncertainty for the three Mexican airport groups intensified with the bankruptcy of Mexicana, the largest airline in Mexico. In addition, Macquarie’s sale of its 16 percent stake in ASUR put the stock under pressure the last few days. This was exacerbated by ASUR’s weight reduction in Mexico’s Bolsa Index.

Opportunities

• According to Credit Suisse, Chinese households’ grey income (income unreported to the state) added up to 9.3 trillion yuan ($1.4 trillion) as of 2008, or around 30 percent of GDP. Around 81.3 percent of this unreported pool belonging to the top 20 percent of earning households.
• 
• With harsh domestic policies on real estate and substantial uncertainties in the stock market, Macau’s gaming sector could continue to benefit from mainland Chinese liquidity as a result of growing income, both reported and unreported.
• While it is still unclear if the proposed transaction between Vimpelcom and Orascom Telecom will take place, the combined company would be one of the largest in the European emerging markets universe. However, various regulatory bodies and minorities’ interests would have to be resolved before benefits of consolidation would kick in.
• Banco do Brasil, Bradesco and Banco Espirito Santo (Portugal) signed a non-binding memorandum of understanding to create a holding company to operate in Africa. The proposed entity would be a vehicle for future acquisition in Africa.

Threats

• Hong Kong’s newly announced property tightening measures, such as increasing land supply, raising the minimum down payment to 40 percent from 30 percent for higher-end and investment properties, and asking banks to conduct stress tests, may weigh on Hong Kong real estate companies.
• Although the presidential election in Mexico is still two years away, controversial left-wing candidate Mr. Lopez Obrador, who narrowly lost the last election, has already launched his campaign.

Leaders and Laggards

The tables show the performance of major equity and commodity market benchmarks of our family of funds.
Weekly Performance IndexCloseWeekly
Change($)Weekly
Change(%)

S&P/TSX Canadian Gold Index	364.59	+2.09	+0.58%
XAU	172.40	-3.09	-1.76%
S&P Energy	399.46	-16.49	-3.96%
Hang Seng Composite Index	2,956.58	-72.71	-2.40%
Oil Futures	75.55	-5.15	-6.38%
S&P BARRA Growth	557.15	-22.53	-3.89%
S&P 500	1,079.25	-42.39	-3.78%
Gold Futures	1,216.80	+11.50	+0.95%
DJIA	10,303.15	-350.41	-3.29%
S&P Basic Materials	189.39	-7.48	-3.80%
S&P BARRA Value	514.14	-19.61	-3.67%
Nasdaq	2,173.48	-114.99	-5.02%
Korean KOSPI Index	1,746.24	-37.59	-2.11%
Russell 2000	609.49	-41.19	-6.33%
10-Yr Treasury Bond	2.68	-0.14	-5.00%
Natural Gas Futures	4.33	-0.14	-3.11%

Monthly Performance IndexCloseMonthly
Change($)Monthly
Change(%)

S&P Basic Materials	189.39	+2.75	+1.47%
Oil Futures	75.55	-1.49	-1.93%
S&P Energy	399.46	+2.33	+0.59%
Korean KOSPI Index	1,746.24	-11.77	-0.67%
Russell 2000	609.49	-30.67	-4.79%
DJIA	10,303.15	-63.57	-0.61%
Nasdaq	2,173.48	-76.36	-3.39%
S&P BARRA Growth	557.15	-8.23	-1.46%
S&P 500	1,079.25	-15.92	-1.45%
S&P BARRA Value	514.14	-7.58	-1.45%
XAU	172.40	-1.39	-0.80%
Gold Futures	1,216.80	+5.80	+0.48%
S&P/TSX Canadian Gold Index	364.59	+5.16	+1.44%
Natural Gas Futures	4.33	+0.02	+0.51%
10-Yr Treasury Bond	2.68	-0.42	-13.61%
Hang Seng Composite Index	2,956.58	-332.01	-14.83%

Quarterly Performance IndexCloseQuarterly
Change($)Quarterly
Change(%)

Natural Gas Futures	4.33	-0.01	-0.25%
Hang Seng Composite Index	2,956.58	+88.03	+3.07%
Korean KOSPI Index	1,746.24	+51.66	+3.05%
Oil Futures	75.55	+1.15	+1.55%
S&P Basic Materials	189.39	-6.59	-3.36%
DJIA	10,303.15	-479.80	-4.45%
XAU	172.40	-10.36	-5.67%
Gold Futures	1,216.80	-17.40	-1.41%
S&P BARRA Growth	557.15	-36.38	-6.13%
S&P/TSX Canadian Gold Index	364.59	-7.99	-2.14%
S&P 500	1,079.25	-78.19	-6.76%
S&P Energy	399.46	-29.63	-6.91%
S&P BARRA Value	514.14	-40.89	-7.37%
Nasdaq	2,173.48	-220.88	-9.23%
Russell 2000	609.49	-100.36	-14.14%
10-Yr Treasury Bond	2.68	-0.88	-24.77%

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting Home - U.S. Global Investors 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.
M2 Money Supply is a broad measure of money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
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 06/30/10:
Verizon Communications Inc.: All American Equity Fund 1.01%
AT&T Inc.: All American Equity Fund 1.03%
Sprint Nextel Corp.: 0.0%
Archer Daniels Midland Co.: 0.0%
Cisco Systems Inc.: 0.0%
Jabil Circuit Inc.: 0.0%
Goodyear Tire & Rubber Co.: 0.0%
China Railway and Tongling Nonferrous Group: 0.0%
Cia de Concessoes Rodoviarias: Global MegaTrends Fund 3.80%
Lan Airlines S.A.: 0.0%
Turkiye Is Bankasi: Eastern European Fund 2.26%, Global Emerging Markets Fund 1.15%
Grupo Aeroportuario del Sureste SAB de CV: Global MegaTrends Fund 4.65%
VimpelCom Ltd: Eastern European Fund 1.28%
Orascom Telecom: 0.0%
Banco do Brasil S.A.: Global Emerging Markets Fund 0.87%
Banco Bradesco S.A.: 0.0%
Banco Espirito Santo S.A.: 0.0%
*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 Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns.
The Conference Board index of leading economic indicators is an index published monthly by the Conference Board used to predict the direction of the economy's movements in the months to come. The index is made up of 10 economic components, whose changes tend to precede changes in the overall economy.
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 Mexican Bolsa Index (MEXBOL), or the IPC (Indice de Precios y Cotizaciones), is a capitalization-weighted index of the leading stocks traded on the Mexican Stock Exchange.

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