- The U.S. economy has clearly hit stall speed
- The labour market is still in horrible shape and the fiscal cupboard is now bare
- This is not a textbook recovery and that is because we came off a balance sheet recession, not a plain-vanilla manufacturing inventory cycle
- Looking underneath the hood, we see that cyclical stocks have underperformed defensive stocks
- High-yield bonds are looking less junky over time
- So long as monetary officials are going to keep real short-term interest rates on the floor or in some cases (like the U.S.A.) in negative territory, the uptrend in gold will continue unabated
Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich