I had the privilege of joining TD Ameritrade’s Ben
Lichtenstein, who I enjoy talking with. People who trade futures often look across the capital markets. By contrast, banks are so regimented and fragmented that often it seems that few follow developments in other markets that do not impact theirs in obvious or direct ways.
I sometimes tease that there is a correlation between the number of churches and the number of mortuaries in a city. They are correlated to population size. Similarly, I suggest here that gold, equities, and the dollar being driven by the same force. Low-interest rates now and for as far as the eye can see. The US interest rate advantage has been diminished, and its growth outperformance over Europe appears to have ended.
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