The bear market experienced by the US since February has been a relatively rare species, namely it has been an “everything” bear market.

By this I mean that in real terms there was almost no asset in which to hide. The US bond market, fearing inflation, fell hard through to the end of June. At the same time the gold market (which should hedge against both inflation and chaos) peaked strongly in March, only to follow through with a disastrous fall until the end of June, contradicting the bond market...

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