Gold Miners Update

Gold Miners Update

On 12/4/12 we suggested it was time to be short gold miners in this post. Since then, the index has decline by ~370 bps. ┬áDecent, but not stellar, return on the short in a single month. In our view, given…...

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Central Banks Have Done an Excellent Job of Back-Stopping Global Risk Appetite

Central Banks Have Done an Excellent Job of Back-Stopping Global Risk Appetite

The chart below plots the average path that U.S. secular bear markets (1901-1921; 1929-1942; 1966-1982) have taken through history and compares it to the path the current (presumed) secular bear of 2000-2012. The path of the current had plotted nearly…