Five important macro themes on my mind today

The news flow is eliciting five themes for me right now. And I will dive into them briefly below. They are gold, the US dollar and rates, Europe, Covid-19 in the US and US fiscal stimulus. I am not going to take a hard view here. I simply want to outline the framing in each case.

Gold

Let's start with precious metals because gold hit an all-time high this…

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