Beware the new wave of euphoria. Return of volatility in May. Liquidity driving the stock market recovery. Reduce risk after best month since 1987. Buy gold and silver.
Key Points
New wave of euphoria after wave of panic
Beware the return of volatility in May
Stock market recovery mainly driven by massive liquidity injections
Low rate of participation on the upside is worrying
Covid-19 creates new, lasting paradigm
The monetisation of debt is an inevitable outcome with likely inflationary effects
Gold and silver, an essential insurance policy
Sharp contractions of GDPs in Q2
Reduce risk in anticipation of the next reality check