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My two unabashed bullish calls – gold and bonds – have been doing just fine. I think precious metals are going to ease back for a while, but bonds seem well positioned to make another push higher.

My general theme is that not only are interest rates going to fall, but they’re also going to keep falling to the point where it becomes clear that we may be in a severe deflationary environment. All this celebration about interest rate cuts is likely going to lead up to a rude awakening.

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