Gold – A Victory Lap

A remarkable precious metals rally ended in early September. Gold reached almost into a long-term resistance cluster before the advance stopped. The subsequent correction has been unfolding for two months. Its character is choppy, shallow, and time-consuming. Those who are familiar with our work remember that we turned bullish on metals in November 2018 and …

Bracing The Bond Bubble

Our last article covering 10-year U.S. Treasuries discussed an investment idea that was motivated by lower yield expectations. The assessment proved correct as the 10-year bond gained more than 10% since February. This write-up shows that an outlook for long-dated bonds became tricky from here on. Therefore, we cashed in our positions that were motivated …