![Gold Miners Update](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2013/01/2013-01-09-gold-miners-monthly.png?resize=150%2C150)
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. Decent, but not stellar, return on the short in a single month. In our view, given…...
![Central Banks Have Done an Excellent Job of Back-Stopping Global Risk Appetite](https://i0.wp.com/www.onlypricesmatter.com/wp-content/uploads/2013/01/2013-01-09-average-path-of-historical-secular-bear-markets-monthly3.png?resize=150%2C150)
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…