⛏ Long Haul Gold

Long Haul Gold
Today, we return to a key question: If we buy gold at today’s prices, aren’t we risking another Death Valley…a 45-year period in which we gain nothing? ‘Yes’ is the answer. The risk is there. And if you will need your money in the next couple of years, you might want to think twice. Read on »

JPMorgan: Bitcoin is significantly undervalued relative to gold
The bitcoin-to-gold volatility ratio has fallen below 2.0, meaning bitcoin now consumes about 1.85 times more risk capital than gold, the JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a Wednesday report. Based on that ratio, bitcoin's current $2.3 trillion market cap would need to rise by roughly 42% — "implying a theoretical bitcoin price of $165,000" — to match the roughly $6 trillion of private investment in gold via ETFs, bars, and coins. Read on »

Beyond the 60/40 mix
We continue to roll through the Fed-cutting playbook: 1) embrace carry in fixed income; 2) position for risk-asset outperformance; 3) diversify internationally; 4) use alternatives to add durable return. Today, we focus on alternatives. With stocks near record highs and bond yields still elevated by recent standards, why consider alternatives to a traditional 60/40 portfolio as the Fed cuts rates? We can think of three reasons. Read on »

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