EM debt made its move

Weak USD, strong EM debt… logical and expected

From the December 14th NFTRH Trade Log…

tei, emerging market income fund

Here’s the daily chart, which includes dividends. A chart without divies also shows a notable move.

emerging markets income fund, tei daily chart

NFTRH is far from a gold stock obsessive. While I am as bullish as anybody on the gold stock sector (but for the right reasons, unlike perma-bulls out there) this is not a newsletter trying to herd or brainwash anyone. Hence, the above, which adds nice portfolio diversity for now.

It took a pullback today but on balance the day saw my shorts mostly green (covered a partial gold stock hedge for a quick loss) and my longs mostly green too, since the majority are gold stocks (and bullion). I was psyched to see Energy (XOP, down over 5%) and solar (FSLR), two of my shorts, get whacked today while the Goldies went up and EM equities (EEM, in which I have a position) did too.

Okay 2023, one down and a crap load more to go. It’s going to be interesting.

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Gary

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