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[music] >> Hello, I'm Greg Bonnell. Welcome to MoneyTalk Live, brought to you by TD Direct Investing. Every day, I'll be joined by guests from across TD, many of whom you'll only see here. We're going to take you through what's moving the markets and answer your questions about investing. Coming up on today show, we are going to discuss what's weighing on the price of oil with TD Securities's Bart Melek. MoneyTalk Susan Prince is going to have a look at a new report from TD Economics on what impact shifting global production may have on inflation. And in today's WebBroker education segment, Nugwa Haruna is going to show us how you can find information about preferred shares on the platform. So here's how you can get in touch with us. Just email moneytalklive@td.com or fill out the viewer response box under the video player on WebBroker. Before we get to our guest of the day, let's get you an update on the markets. We will start your own Bay Street with the TSX Composite Index. A very modest gain of 18 points, a little shy of 1/10 of a percent. Let's take a look at some of the most actively traded names on the TSX right now, including blackberry out with its latest earnings. Thethe street is receiving their latest earnings well, blackberry shares up almost 11%. Barrick Gold under a bit of modest pressure today amongst other minors. It's a bit off the lows of the session. At 2186, it's only down about half a percent. South of the border, let's check in on a broader read of the American market, the S&P 500. Of course, a lot of tough talk this week from Jerome Powell about the need for further rate hikes to tame inflation. Tomorrow morning, you're going to get some pressure PCE numbers, that supposed to be the feds preferred gauge of inflation, personal consumption and it is. Europe about 15 points on the S&P 500 added that. Tech stocks have had a bit of a ride lately and today they are hanging on some gains. Very modest. The NASDAQ is up 10 points, but 1/10 of a percent. Yesterday we got the results of the feds a stress test when it comes to the big US banks. They pass. Using somebody move in that direction. At 2870, you got Bank of America up at 2 1/2%. And that's your market update. Crude prices have been on a downward path in recent months despite supply concerns and geopolitical instability. It does appear the global economic outlook is weighing on oil, but are traders being too pessimistic? Joining us now, Bart Melek, global head of commodity strategy at TD Securities. It was great to have you. >> Great to be here. Thank you for inviting me again. >> On my screen, looking at crude, American benchmark, shy of 70 bucks. It is down so far this year and down for the quarter as well. What is going on? >> I think the big concern that traders have is that China has been underperforming expectations. One a few months ago we thought that China was going to reopen, there was going to be a huge surge in demand and that was going to tighten up markets, we saw it that may be a slowdown isn't going to materialize to the extent we think now. And we thought that cuts from OPEC that were proposed were going to tighten that market. So we were looking at very strong demand, limited supply, tight markets and higher prices. Well, that didn't materialize so far. And traders who are long have decided maybe to take profits or get out of their positions. The concern is of course that we are headed for a recession in the Western world and that implies somewhat slower growth and of course there continues to be a problem in Chinese growth. Now taking that all aside, we still believe that with previous OPEC cuts that were announced back in April and the more recent ones that we will see in million barrels of production cuts from Saudi Arabia and probably continued spotty performance from Iran which recently had a bit of an increase in exports, we still think we are going to get deficits in the latter part of the year because of the cuts. And yes, Chinese growth probably is a little weaker than we would've hoped. But in the final analysis, as we rebound from COVID, everything from air travel to other fuels and even in industrial demand and that part of the world will contribute to a pretty robust increase. And indeed, when we look at demand growth for 2023, we are still looking north of 2 million barrels per day and we continue to expect OPEC+ to be fairly well disciplined on the supply side. >> At this point, OPEC's done enough to cut the supply side? >> I think they probably have. I'm not sure they're convincing all the traders at this stage, but some of them might have gone a little too bearish on oil and we do expect crew to rebound in the second half of the year. We think approaching $90, probably not unreasonable in the next six months or so as the worst of the fears about a recession moderate and as the Federal Reserve pivots towards the devilish side. Of course, that is not what's happening right now. If anything, the pivot seems to be towards an even more hawkish policy by the Federal Reserve. We continue to hear Jerome Powell pound on those hawkish drums. And the market is starting to re-consider its position it had a few months ago, that perhaps FMC is not kidding when they say that to more hikes are quite possible by the end of the year. And when we look at data, today is a case in point with see revisions to GDP with a bit of a reversal in unemployment claims in the high-frequency weekly data. And the conclusion is that it is quite possible that the Federal Reserve could lift rates higher and certainly there is a distinct possibility that higher levels could be around for longer than I think many had hoped and hence a lot of risk assets on the commodity side had been trading lower. > I feel like over a large part of my career tracking all this kind of stuff, talking to very smart people, if there was a big deal political event, the first and I would like to is oil or gold to try to figure out what is the market reaction. We had pretty dramatic events over the course of a span of a weekend in Russia and by the time we came back to work on Monday morning, it was like nothing happened almost, at least from the oil markets point of view. >> Certainly, we had that interesting March on Moscow from a mercenary group in Russia. Of course, Russia is a key global producer. Typically, you would expect some sort of volatility, some sort of angst in the market. You tend to may be position in gold. You would worry may be about oil markets not supplying enough material or conversely the reverse. But either way, you would expect some sort of risk and at the end within a day, it was all over and the market looked at it with a big yawn and no one cared. But even with geopolitical events, for gold, for example, it really doesn't matter for a long term. What really, really matters is if these geopolitical events will have a long lasting impacton the global economy or the core performance of economies around the world. And if that's not the case, then it's probably unlikely the policy will change. And these markets, and gold is particular, tend to respond policy. And the underlying supply demand trends. And if a political event doesn't change that, then there's really no need to react for the longer term. And that holds true for oil as well. So the market decided that this wasa nonevent in terms of impact on the global economy broadly and oil supplies, and therefore they look at it, saw it and didn't worry about it. >> That's an important perspective. Over the longer term whether it matters. When comes to oil, I've been reading conflicting headlines. The International energy agency feeling that you reach peak oil at some point before demand starts dropping off but OPEC+ seems to be singing a different tune, no, there will be growing demand for oil for years and years to come. If we pull back the lens realistically, what do we think in the near, medium and far term about oil? And its place in the economy? >> Well, look, it's always tough to put a pin in it and be accurate. we have a view over the next two years. We think oil moves up for the next two or three years, north of a million barrels increase. That's a net increase. Medium-term, those rates of growth moderate as the world continues to move to EVs and they take an increasing share of the transportation sector. But we have some pretty significant limits on the grid, on the power generation side, on the critical mineral side, so perhaps a transformation or the transition towards EVs and carbon free sources of energy may not be as quick as people had hoped and if that is the case, if we don't have enough copper, zinc, lithium, cobalt, nickel, all the minerals that go into EVs, silver for that matter as well, if the investment they are isn't as robust as it needs to be to achieve those pairs accord targets, then maybe oil sticks around for a lot longer on a positive group Than people think. The very long term, yes, I think it is very true, we probably will start seeing oil drop lower. We will transition into primarily electrically driven vehicles and the need for hydrocarbons is going to diminish. But is that five years away? 20 years away? I think it's a tough call and I think we are going to have to follow critical minerals and where investment is going from governments and private industry to facilitate these changes. But I think it's murky at this point. >> Fascinating stuff with Bart Melek. He threw a few things out there that I bet you have questions on. We are talking about commodities on the show, so we are going to get those questions for Bart in just a moment time. A reminder that you can contact us at any time. Just email moneytalklive@td.com or fill out the viewer response box under the video player on WebBroker. Now, let's get you updated on the top stories in the world of business and take a look at how the markets are trading. shares of BlackBerry are on the move today. The Waterloo, Ontario-based tech company posted a surprise adjusted profit in its most recent quarter. The company, of course once known for its smart phones, I watched a movie about that on Friday night, says it seeing higher spending and it cybersecurity business. It's also toting gains in enterprise software for the auto sector. The shares are about 11 1/2%. We've got Micron saying it demand for its chips driven by the AI boom helped beat revenue estimates in its third quarter. And the chip maker says customers in the more traditional smart phone and PC segments continue to work down there semiconductor inventories. Micron sales forecast for the current quarter came in roughly in line with estimates. You can see the stock after action being up in the after-hours trading based on the first blush reaction to the report and down now to the tune of about 3 1/3%. well, the Bed Bath & Beyond name is getting another lease on life. This time in the online world. Overstock.com says it's going to change its website name to Bed Bath & Beyond. They're going to start first in Canada. That is after bike the intellectual-property and digital assets of the bankrupt retailer. the CEO of overstock says Bed Bath & Beyond is an iconic consumer brand that will drive growth for the company once they take its name. The market seems to be interested in the news. At 2974, you got overstock up to the tune of 16 1/2%. A quick check in on the markets, we will start your own Bay Street with the TSX Composite Index. Green on the screen. Pretty modest. We will be generous and call the 25 point toward a little more than 1/10 of a percent. South of the border, the S&P 500, we got a 15 point gain there, it's modest, to the tune of 1/3 of a percent. We are back now with Bart Melek, taking your questions about commodities. Always a popular guest, plenty coming in. That's hard to get through them. What's happening to the price of gold? >> It wasn't a very good day today. We reached the $1900 mark. We rebounded since. But this is the situation. Ultimately, but we are seeing is the Federal Reserve being quite hawkish. US economic data in particular is coming in stronger than most expected. Case in point this morning, one worth mentioning as I did earlier is unemployment claims were a little bit better than people flawed and the reaction from the market was to sell off along the treasury curve, so we've seen yields two years of move higher and along the broad curve as well, the curve is more inverted. What does that mean? Well, the opportunity cost of holding gold just got higher. Traders who might have been in the money may be thought well, if rates are going up, it's expensive to hold inventory. I might go into fixed income instruments and get my 450 basis points or so on the short end of the curve and look at that market later and as derivative traders and prop traders get out of that market, something called the lease rate, in which you can swap gold for cash, typically rises and that tends to increasethe amount of bullying and into the market. And those are all negative forces. I'm probably not a big surprise that gold dropped below $1900 and recovered sense. If we continue to see strong data next week, excuse me, we get… >> Regarding the PCE tomorrow. >> So the next day, not next week. We get the favoured fed inflation measure. If that comes in above expectations, I think that the rate will come… In the end, just as quickly as the Federal Reserve pivoted towards hawkish policy, recalled the policy was supposed to be… >> I rubber some of those comments way back in the day. >> That might not happen. >> So we ultimately think that the moment that the Fed is convinced that the economy is headed towards a recession and inflationary pressures become much less of a problem for the lower end of income distribution in the US and unemployment becomes a problem, they're going to pivot the other way and ultimately that's probably going to happen significantly before we had the 2% target and that will be a very good period for gold. So at year end, we see a gold around 2000 or so, probably moving higher in early 2024, so we are quite optimistic but I think the short run could be tricky. >> Okay, let's talk now about sometimes what is referred to as poor man's gold, what is your outlook for silver? >> I've recently gave a speech on silver in Scottsdale at the international precious metals Institute conference and a very similar story to gold in the short run except the difference is silver is a much more industrial metalwhere some 60% of it is used for industrial uses, everything from electronics to catalysts to chemicals. In the situation there is as we move into a slower economic growth environment, industrial demand will probably moderate. Physical demand, that was extremely strong in 2022, will likely moderate as well. And on the interest-rate front, very much like with gold, it is also a monetary metal so it gets hit on both sides here. So in spite of the fact that we are looking at another very large deficit in primary supply, meaning when you consume versus mining and recycling, we think prices might not do particularly well for the next few months because of the factors that I've mentioned. Mainly because there is still some 1.2 billion ounces of gold, maybe 70% of it unallocated, that could make its way to the market from bullion banks and investors with lease rates and interest rates are favourable. Usually they keep rising. But after that, we project pretty significant deficits and once monetary conditions become more accommodating and we are over the fear of a nasty recession and start bouncing back, I think Silver does pretty well it probably outperforms gold over the next 6 to 12 months or so. Mainly because we do expect deficits in the silver market and we do think that there will be more investment demand and industrial demand that will push it. But again, next three months, brought commodities is very tricky. We are looking at elevated rates and we are looking at a possible recession in the United States. >> Interesting stuff. Another question here. We've got the big metals off the top. Any guidance for copper? It supposed to be the metal of the future, right? >> Well, our team recently put a sell in our model portfolio on copper. Sadly for copper, we were right so far. very similar story here. Copper received a pretty significant premium from the optimism immediately after the reopening of China post-COVID and that's not playing out as well as many had thought and as I already said, there are concerns about Western world recessions as well. Well, we think copper migrates lower. It won't collapse but the prices that we've seen are more associated with a lot of scarcitythen a balanced market. And as we move deeper into the third quarter, the market is likely going to be more balanced here and a lot of the supply that was being constrained by the pandemic, logistics and all the things we've been hearing about on the supply side that restricted outputare being rectified. So we are in a curious situation where demand is sliding justice supplies moving higher and that usually means downward pressure. Now, we think there will be a bit of a recovery as we move into 24, but there are quite a few mining projects that will probably deliver a lot of copper, so no huge scarcity for the next year or so. However, the long term here, if it is true that we are going to be spending trillions of dollars to decarbonized the economy, were usually that means electrification, that means copper because copper is used in absolutely everything. I'm getting excited here. [laughing] That has to do with electric vehicles, motors, many parts of the grid, transformers, whatever you can think of, copper is used in using electricity to propel things and to generate electricity using low carbon, using these interruptible. We're going to have to have smart grids and that means a lot of electronics, transformers, a lot of switch gears. That is important and of course you also will have the standard demand from construction and other industries as well. And on the mining side, when we look, it's not us, it's people like McKenzie and International energy agency, when you look at the amount of these critical metals like copper that will be required, the amounts to achieve reductions in CO2 as per the Paris Accords and other government targets, we are woefully under invested. And with that ultimately means is that there will be a lot more demand than the industry's ability to provide the supply. And of course, these are physical markets. You can't consume copper that hasn't been created. It's not a printing press where you can create copper credits and then put them in a wire. You actually need physical wire. So that means that, and that's tough to tell, 26 and 27 when that's going to happen. But ultimately, we project a pretty significant difference between what will be needed and what the market can supply, and that means the copper market, and in fact, very true for silver long-term as well, will function beyond the possibility frontier. I promise not to use weird language like that but ultimately it means that you're in an auction price environment where the way you balance this market is by demand destruction and drifting. And that basically means that for a while, prices can go way, way above what the cost structure is or the cost curve. So that's, I think, very much on the cards for some of the key metals for electrification in the long run. But you know, that does not mean that that happens in a year or two. We don't think so. And it's difficult for traders to keep these positions alive for long periods because it costs money. If you have $1 billion in an asset that yields zero, well, you are losing a yield of four or 5% somewhere else. So it's tough to take these positions for the very long run and for most people, they have to show a quarterly profit or some of the annual one. They can't be losing towards financing this for a prolonged period, so it becomes hard for them, even if they have a positive view like us. >> Always loved the depth of Bart's insights into how these markets work. As always, make sure you do your own research before making any investment decisions. we are going to get back your questions for Bart Melek on commodities in just a moment's time. And a reminder that you can get in touch with us any time. Just email moneytalklive@td.com. Now, let's get to our educational segment of the day. If you are looking for potential income investments, preferred shares may be an option worth considering. Joining us now to swing how they work and how you can find information about them on the platform, Nugwa Haruna, Senior client education instructor with TD Direct Investing. So Nugwa, walk us through preferred shares. How do they work? >> Hi, Greg. Yes. So when it comes to preferred shares, investors who are essentially looking for the best of both worlds may consider them and that's because preferred shares give you some features of a common share because you are considered an owner of the company if you have a preferred share. At the same time, if you are looking for some kind of fixed income, you could also utilize the dividend payments that are made with preferred shares. Preferred shareholders actually get preference when it comes to dividend payments over common shareholders. So let's take a look at some of the benefits as well as some of the potential risks of preferred shareswithin WebBroker. So once in WebBroker, I am going to click research and I'm going to click on stocks. Once here, I'm just going to pull up a company here. Once I do that, how you would know if a company actually has preferred shares is once I type in the name, the symbol, you're able to see, I have the regular common shares of Enbridge here, but I also shares that are pf.a, so these are some of Enbridge's preferred shares. I'm going to pull up the first one that we have in the list here. I'm going to scroll down to highlight where you can find that information on these dividend payments. So for the specific preferred share of Enbridge, it's a 6.78% dividend yield, and this share receives over one dollar annually when it comes to dividends. But let's highlight the risk of preferred shares. You are going to notice that right now, there have only been 2600 shares sold today select something else investors want to consider when it comes to volume. If I own a thousand or 2000 of a share, will I be able to move it without significantly changing the price on the market? That's something else I want to consider. And you also might notice that when it comes to the spread between the bid and the ask, there is a higher spread than you would find with common shares. These are considerations investors want to take into account if they do decide they want to move into preferred shares. >> So we were looking at the example of Enbridge. We started with the company, look at what I had to offer, and what if you want to see a list of preferred shares that companies have? How do you do that on WebBroker? >> Right, we have a lot of people who say, how can I see if the company actually offers preferred shares? There are couple of ways you can do it with in WebBroker. One of the ways would be to simply go under the research tab in WebBroker and once there, click on indices. Under indices, when I scroll down, you can actually find the sector indices and here you would find the TSX preferred shares stock index. Now if you click on that and scroll down, you can actually view the members here. Keep in mind, this isn't a representation of all of preferred shares that trade on the TSX, but you can get a high-level idea of what companies do have preferred shares. Now, there's another we can do this as well and that using the screeners tool. That's one of our favourite tools because of how powerful it is. If I click on research and I go under tools, online screeners, the screeners tool allows me to filter for criteria that matters to me just to show me information that I want. So once here, I can go under screening, because I'm screening for stocks. I'm going to start fresh and clear everything that's on the screen. I'm going to look at US and Canadian markets I'm going to add some criteria. I'm going to go to more criteria. I will start offunder company basics by filtering for share type. So once I do that, I have this drop down here and I will see that there is the option for preferred shares. A few more things I could add here because right now I have 891, that's a lot of stocks to filter through, so maybe I'm going to go more criteria and I'm going to stick to a specific sector or industry so I'm going to click on their, I'm going to clear all and I'm just going to stick with the energy sector. Right now I have 75 matches. I'm going to add a couple of more things to my list here. I'm going to go more criteria and I will go dividend yield because more than likely that's why may be considering preferred shares, so maybe I want to look at shares that pay a minimum of 3% dividend yield and make a maximum of 10% dividend yield. I write now have 65 matches. One last criteria. I want to consider volume. We've talked about how important volume is. And when you click on volume and in this case we know that preferred shares typically will sell lower volume than common shares so maybe I'm satisfied with an average of 5000 shares sold per day in the last 90 days on average and now I have 39 matches. I filter through these. These are ranked in order from 1st to 39th based on the criteria I used and I save my screener. I won't forget I saved this and always come back here in a few weeks. >> Great stuff as always, Nugwa, particularly saving the screener. I forget to do that sometimes. Thanks for that. >> Thank you for having me. >> Nugwa Haruna, Senior client education instructor at TD Direct Investing. And make sure to check out the learning centre in WebBroker for more educational videos, live, interactive master classes and upcoming webinars. Now before you get back your questions about commodities for Bart Melek, a reminder of how you can get in touch with us. Do you have a question about investing or what's driving the markets? Our guests are eager to hear what's on your mind, so send us your questions. There are two ways you can get in touch with us. You can send us an email anytime at moneytalklive@td.com or you can use the question box right below the screen here on WebBroker. Just write in your question and hit send. We'll see if one of our guests can get you the answer right here at MoneyTalk Live. We are back with Bart Melek, take your questions about commodities. This one is interesting. Can we get your view on platinum and palladium? >> Well, that is a PGM is that we've been looking at closely lately. PGM's are very much industrial metals, they are the quintessential industrial precious metals. They are used in catalyst applications in the chemical industry and in refining, in pharmaceuticals and a big part of their demand is for auto catalysts. So we've had a little bit over rally a few months ago and that was once again on expectations that China's demand would be strong and on Russia's sanctions. So Russia is the biggest producer of palladium and a big producer of platinum. And there were issues with Ascom, Ascom is the power utility in South Africa and South Africa is the biggest platinum producer in the world. And that rallied both of those models. As we look forward and recently we have seen those prices come off quite sharply, when we look ahead to the next three, four months, very much like copper, very much like silver. We are not particularly optimistic, there is a distinct risk that… Platinum can go even lower. Certainly, palladium may very well go towards the 1000 level. Keep in mind, a few years ago, it was over 3000. And this is why. With China slowing down, for palladium, it means that the demand from the auto catalyst sector for passenger cars is stumbling a little bit. And China has also pursued a very aggressive EV subsidization policy, meaning that if you bought a new car, there is a higher probability that is going to be in EV and EVs don't use auto catalysts. So when we look six months ahead, probably downside pressure for the PGA group. As we move into the recovery phase and the Federal Reserve starts cutting, both of those metals will do a little bit better and I think it will be quite dramatic with both platinum and palladium benefiting quite a lot from the recovery. Why? Because the supply side will continue to be tight. Sanctions on Russia will stay in place. It's very unlikely that South Africa is going to fix the electricity problems anytime soon. They are getting better, but a total fix is unlikely and therefore that risk premium is going to be added. That's not going to occur until the demand-side start looking better, until the auto vehicle demand starts turning and that's probably not for another six, nine months. Is still actually relatively decent because there was a lot of pent-up demand from, as we have all heard, a massive amount of declines in production because of COVID primarily and logistical issues. But once that pent-up is down, massively higher release rates that people are paying to get cars and much higher financing costs will ultimately bite into demand to end China not performing as well will mean that these markets that are expected to be in deficits may be a little loose for a few months and that is what we are responding to. So possibly still more downside, unfortunately, before it's a better world for them. >> Interesting stuff. We are going to get back to your questions for Bart Melek on commodities in just a moment's time. As always, make sure you do your own research before making any investment decisions. and a reminder that you can get in touch with us at any time. Do you have a question about investing or what's driving the markets? Our guests are eager to hear what's on your mind, so send us your questions. There are two ways you can get in touch with us. You can send us an email anytime at moneytalklive@td.com or you can use the question box right below the screen here on WebBroker. Just write in your question and hit send. We'll see if one of our guests can get you the answer right here at MoneyTalk Live. TD Economics has a new report out about how bringing production closer to home may impact consumer prices. Joining us now with a breakdown of the report is MoneyTalk's Susan Prince. This is interesting stuff. We are talking about onshoring. What could it mean? >> It's an interesting story because when you're looking at howglobal trade in the past 20 years has meant that the cost of goods for Canadians have gone down and that's, when you think about things like buying shoes is less expensive, clothing is less expensive. And the way that works is by sourcing goods from around the world. We can say, okay, Canadians make shoes, Brazilians make shoes, but the shoes from Brazil might have lower labour costs, they might have lower energy costs and they might have lower material costs. So what happens is with the trade agreements is… Tasha Susan's microphone is trying to get away from her so we are going to show my face for a little bit and Susan is going to get the microphone. This happens. We are live. We are just going for it. You got the microphone back, because the audience wants to hear what you're saying. >> Should we start from the beginning? We are looking at is how global trade agreements make things cost lower for Canadians. And an example of that is if you are looking, Canadians and Brazilians might make shoes but you're looking at labour, materials, energy, it might be lower in Brazil, so we buy our shoes in Brazil and then we sell something we can sell at a higher price like hardwood lumber and that's worked for about the past 20 years and so we have basically a generation that hasn't seen inflation. They seem prices remain stable for goods or drop a little bit. >> Thinking about the joke and back to the future which is like, you have more than one TV in your house? He was joking. No one can have more than one TV. We all have several TVs. So what changed? This is the world we understood. >> That's right. For about 20 years, up until about 2020, what you're seeing was trade agreements making things non-inflationary for people. what changed was things like, you can call it onshoring, re-shoring, and that was government saying, wow, we really don't want to be vulnerable to supply chain disruptions or political disruptions and so we want to bring business back to the nation that we are in, and in this case, Canada. And what that means is you're starting to see costs be a little higher. Again, those input costs that we look at where might be cheaper in one country than another, bring it back on shore can make it more expensive and that's the kind of thing that our lenders are looking at and this starts pushing inflation back up because we don't get those efficiencies of trade. >> Susan, what I love about your analysis and your reports is that you always bring it back to what it means for investors. What does it mean for investors? >> It's interesting. We have a generation of investors who have not seen inflation. To what you are looking at now is how does that impact the investments are looking at because you want to think about where this is advantageous or disadvantageous for the companies you might be looking at, looking at the cost of borrowing over the future because of inflation stays higher and it might not be rampantly high but higher than what people have seen, and I'm just going to throw to hypothetical number, say inflation stays at 4%. How does that impact borrowing costs for companies? What kind of innovation can they do if they are concerned about borrowing? What does that mean about real estate? All of those things, this gives you an opportunity to rethink and possibly reframe the kinds of goals and objectives you have when you are investing. >> Fascinating stuff as always. Thanks, Susan. Susan Prince from MoneyTalk. Now let's get an update on the markets. [music] We are taking a look at TD's Advanced Dashboard, platform designed for active traders available through TD Direct Investing. This is the heat map function. We are getting a view of the market movers. Right now we are screening the TSX 60 by price and volume. You can see the bright screen on the screen would be CCO and that is Cameco, a uranium play in the energy basket. We are talking about oil prices today and you can see some modest gains among names like Enbridge or CN key new, nothing too dramatic right now. Up in the corner you got Shopify under a bit of pressure today. You can find more information about TD Advanced Dashboard by visiting TD.com/Advanced Dashboard. We are back now with Bart Melek from TD Securities. The time has gone away from us but if someone is looking at the commodity space over the next little while, whether it's the second half of this year heading into 2024, what did they need to be mindful of? >> I think were monetary policy is going and how China is doing. We think that policy ultimately will pivoted. We are expecting, I think, rates to start going lower early next year, but the market should respond well ahead of that and we are probably going to be looking at stimulus from China, perhaps some fiscal stimulus, perhaps more monetary stimulus and those should be good precursors signalling to us that commodities are ready to do better. >> It's always fascinating having you, I always love the conversation. Look forward to next time. >> It was my pleasure. Thank you. >> Our thanks to Bart Melek from TD Securities. Always do your own research before you make any investment decisions. We will be back tomorrow with an update on the markets and highlights from our best interviews of the week. And a reminder for next week shows, or any show, if you've got a question on your mind, send it to us. Email moneytalklive@td.com. That's all the time we have for the show today. Thanks for watching. We will see you tomorrow. [music]