Silver: A Repeat Of The 2008 Bottom

We are long SLV and repeat our call for a doubling of prices over the next 12 months as outlined previously in “The Coming Stagflation And The Case For Silver”. An extreme discount to gold prices, stability in the broad commodity complex, outperformance in silver miners, and large premiums in the physical market are reminiscent of…

The Clock Is Ticking On U.S. Outperformance

The valuation gap between international and U.S. stocks is at levels not seen since 2000; a period which resulted in 20+% annual international equity outperformance. The correlation between valuations and subsequent returns becomes incredibly tight over a multi-year horizon, with the R-squared rising to 0.97 over a 10-year period. Currency performance should turn from a…

U.S. Bonds Are A Tactical Short

We published a tectically bearish view on US bonds today on Seeking Alpha. Below are some excerpts: With the short-term downtrend giving way in recent trading, 10-year yields look set to once again recouple with their fundamental drivers and head higher. The rise in Swiss and Japanese yields to multi-month highs could be a canary…