Monthly Summary

May 2022

Metals dipped in April except for palladium, but outperformed equites which had one of their worst months in recent history. Gold declined 2% as treasury yields continued to rise throughout April due to rising interest rates and silver performed much worse, falling 7.8%. Platinum fell 5% and palladium rose 2.3%.

The same problems the plagued markets in March continued into April—primarily inflation and the ongoing Russian invasion of Ukraine. The Fed made statements insinuating a more hawkish approach to tackling rising prices than previously anticipated leading to a jump in treasury yields. Additionally, the US dollar hit a 20-year high in April, as the yuan plunged amid new lockdowns in China. Rising yields coupled with a soaring US dollar were too much for gold to overcome, however, the ongoing war in Europe and a new surge of COVID cases across China helped pare losses for the metal, leading to a relatively small decrease compared to equities. Stocks had their worst month in years. The Dow was the best performing index, only falling 4.9% in April and the S&P 500 had its worst month since March 2020, when the pandemic began, falling 8.8%. The Nasdaq got hit hard as tech stocks plunged on rising rates and an increasingly hawkish tone coming from the Fed. For the month, the Nasdaq declined over 13%– its worst monthly performance since 2008.

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