OAT_RI_Ep19 WeighingTheRisks_Apr24_TheYellowMetal.pptx

How will interest rates and commodity prices, coupled with geopolitical instability, affect the market?

1. Prepare for the Future by Stress Testing Scenarios April 2024 The Yellow Metal Weighing the Risks by Chief Investment Officer, Rusty Vanneman, CMT, CFA, BFA™ and Sr. Portfolio Manager Nick Codola, CFA, CAIA Featuring State Street’s Chief Gold Strategist George Milling-Stanley

2. The Yellow Metal S+P 500 5460 +10% Gold 1920 -20% 10-Year Treasury 3.90 -75bps S+P 500 4965 Flat Gold 2640 +10% 10-Year Treasury 4.65 Flat S+P 500 3970 -20% Gold 2880 +20% 10-Year Treasury 4.15 -50bps Banks Stabilize / Recession Avoided GOOD BASELINE BAD Geopolitical Tension Tensions Escalate Decreased inflation Central banks decrease gold purchases Fed cuts rates 1-3 times Inflation remains sticky Oil prices increase Mild Recession and Fed rate cuts

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