Rinse and Repeat

‘Not-QE, QE’ And ‘Not-YCC, YCC’

We are entering a tricky period for investors, even without the US Elections. Put another way, the balance between risk and return in markets has changed. Nonetheless, looking ahead, in terms of investment strategy we continue to favor monetary inflation hedges, like gold and Bitcoin, and we remain wary of bonds. There should be plenty more mileage, for example, left in the GLD/ TLT trade. However, it is worth carefully watching the GLD/SPX relationship, because at some stage gold is will outperform stocks, as well.