Last week, I wrote: “A reader reminded me that in 1912, J.P. Morgan said: ‘Gold is money, everything else is credit.’ This is a good reason to hedge portfolios with solid gold stocks. My concern is why the dollar has been acting badly of late. If it were just for cyclical reasons like the coming change in monetary stance, fiscal policy and growth differentials between the US and the rest of the world, there would be much to worry about…”
A Macro Market View by Hubert Marleau
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