IN THIS ISSUE

• Macro Strategy — A Balancing Act:  Gold is likely to remain a relative bright spot for the foreseeable future.
  
• Global Market View — Some Contrarian Thoughts About Reshoring: There are many pitfalls and potential unintended consequences to reshoring that could ultimately impair U.S. earnings and undermine corporate competitiveness.
  
• Thought of the Week — Jobs Data Show Fed Has More Work To Do: The Federal Reserve likely wants to see wage growth drop below inflation to stop the wage-price inflation spiral.