This year has not quite gone to plan. The Year of the Horse was supposed to be the 12 months in which confidence in the future finally started to fan out from the US into the rest of the developed markets.
Instead, gold and T-bonds seem to have had a cracking start, while just about everything else withers on the tapering vine. A bad start to the year is usually a harbinger of even worse to come. My sense...
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Case opened on 13 November
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