I have 4 views that I have a particularly strong conviction on, and in this order:

  1. US markets are overvalued
  2. USD is overbought
  3. Gold is undervalued
  4. Russian Equities are cheap

Now, rather than say anything, maybe I’ll let some charts speak for me.

  1.  Earnings are declining
  2.  USD is up 8 months in a row, something that has never happened since 2002 (2010 had 6 months)
  3.  Silver is the top YTD performer of traditional US asset classes
  4.  Russia is the top equity market YTD
Are the winds changing direction? It is too early to say for sure, but there are definitely signs that we cannot just ignore.

Paranoia or resignation to fate? You decide…