Japanese Yen: Fiat Gold

The Japanese yen remains far and away the most attractive currency in the developed market space owing to its relatively high and rising real yields. USDJPY is likely to trade well below 100 and potentially below 90 over the coming months as the yen acts as a store of value amid widespread global currency debasement.…

SPX: Sell And Hold

Compared to the previous market peak back in February, U.S. stocks are more overvalued, market internals are even weaker, and the economic outlook is far worse. The most historically reliable valuation metrics such as market capitalization to GDP, P/S, and EV/EBITDA, show the SPX is at its most overvalued on record. Despite the SPX hitting…