Commodities have never been this cheap relative to Stocks

The US Strategic Petroleum Reserve is now at its lowest level since December 1982. Over the past 5 years, we've seen a drawdown of 327 million barrels, a 53% decline

Rising long-end yields are a global phenomenon, too

Nearly 40% cumulative inflation in a decade

Private Client Cash Level has plunged to just 9%, the lowest level in history