The Resurgence of the Golden Anchor from Tavi Costa

Historical cycles suggest gold is in an early phase of outperformance relative to global stocks.

Record global debt and structurally unsustainable fiscal deficits make neutral assets appear increasingly attractive.

Previous peaks coincided with major upheavals: WWI, WWII, and the inflationary 1970s.

Not a prediction - An acknowledgement of the inconvenient truths of financial history that many investment professionals choose to ignore.