Loading ...Otavio (Tavi) Costa
@TaviCosta
·
15h
Some argue that gold’s recent outperformance relative to the S&P 500 was a temporary anomaly.
I disagree.
This dynamic follows very long-term cycles, and I believe we’re likely only in the early stages of this one.
A key reminder:
Unlike past cycles, however, we now face a trifecta of macro imbalances:
▪️The Debt Problem of the 1940s
▪️Inflation Issues of the 1970s
▪️Asset Valuation Imbalance of the Late 1920s and 1990s
