New to 2020 - we will begin to weave in content from Zermatt Credit Research, which is a sister company to Chaganomics.
From Goldman:
In the last two weeks investor sentiment has turned materially more positive, driving a pro-cyclical rotation - where gold holdings have been sold down and rates have rallied. Our strategists highlight that this change in sentiment which started last week was heavily influenced by growth optimism leading to an unwind of defensive positioning. In this period, yields on the US 10-year have rallied, moving close to 1.9% from September lows of c.1.5%. This puts our bullish gold view in flux; meanwhile, PGMs, particularly palladium and rhodium, have continued to perform as their structural drivers of industrial demand remain supportive.
