“The economics of interest-rate cycles are fuzzy. And financial history offers little guidance, except to suggest that when the market finally turns most investors are caught wrong-footed. How could it be otherwise?”
USAGOLD note: Chancellor believes that the “bond bull market is well past its sell date.” At this juncture, gold has not reacted favorably to the bond market sell-off. At the same time, if we are now moving into a period like the 2007-2008 financial crisis, as some are suggesting, it would be productive to recall that gold suffered in the early stages along with everything else, only to emerge later as a repository of wealth.
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