Current AA

In the paper today tales of war and waste
But you turn right over to the TV page
--Crowded House

After peeling off crude exposure yesterday, I wound up adding some back today, along with significantly adding to my preciothus metal exposure. Am always reluctant to add after big price increases, but my sense is there's a decent chance of a step higher in commodities here.

Current asset allocation (liquid financial asset basis) is as follows:

cash 62%
fixed income 15%
commodities 10%
short equity 9%
stocks 4%

positions in GLD, SLV, DBO