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The Real Show (I’m Feeling Invincible Right Now’)
"The real show is in Chinese equities, US technology stocks and then gold", Saxo Bank said Thursday.
That pretty much sums it up. The action is muted everywhere else you look.
Gold is the beneficiary of debasement concerns tied to monetary and fiscal largesse and with real rates negative, there's no opportunity cost. Of course, it can stop rising (or it can fall), but there's more than a little excitement about the prospects for a run at $1,900. You can see it in the ETF flows, that's for sure
Here is an earth shattering observation—-retail has gone global and its not going to end well. Of course most rational observers agree with that but are equally frightened of momentum for the obvious reason we know that Keynes is right—markets can stay irrational for longer than you can remain solvent.