Hartnett’s Big Change and Precious Metals Analysis for 2023

Meant to be perused and contemplated, Hartnett’s End of Year “Biggest Picture” report just came out.

Our 6th edition of BofA’s Longest Pictures illustrates trends in the economy, interest rates and financial markets in recent decades and centuries.

It is a Summary and 150 charts, in what is by far the most comprehensive bigger picture timeline account of the secular changes over the past centuries  They are nicely compartmentalized as well.. This will also be good for Sunday discussions. For now, here are the Precious Metals and big picture slides broken out. You will also find a fraction of his choice quotes and chronological observations.  Enjoy.


2020s: an era of higher inflation and rates (periodically interrupted by recession/credit events), US debt and dollar debasement, booms and busts in wide equity trading range, driven by new trends in society (inequality to inclusion), policy (monetary to fiscal), Wall St (leveraging to deleveraging), trade (globalization to isolationism), geopolitics (peace to war), tech (AI), environment (netzero, energy/food security) & demographics (aging).



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