Pick Your Fighter: Precious Metals vs. Copper
When Positioning & Sentiment Becomes 90% of the Game
I have been asked by several readers for my thoughts on gold, precious metals, and copper. I hinted at some inclinations Ramblings & Ruminations Mid-Year Review where I discussed my concerns around the USD topping out/rolling over given extended USD positioning and my fundamental view around another Triple Yasu (USD down, bonds down, equities down/violent chop/Risk Off), but the idea here is to lay out my preference in detail. My thoughts here will lean on the macro in that note (particularly the third section on the USD), so if you missed it, I might read that first.