Gold Can Regain Its Luster

During the first half of 2021, garnering impressive investment results was only slightly more challenging than shooting fish in a barrel. Global equities and commodities enjoyed their fifth-best six-month rolling returns in a century, with oil as the top performer (up 51.4%). By contrast, 10-Year U.S. Treasuries fell 24% in Q1, marking their worst quarter on record. “Reflation” trades were rewarded, but traditional inflation hedges were not. Gold fell by 6.5% in H1 as investors, particularly in


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