Alex Borer

“Seasonality is back – risk asset markets started very strongly into the new year. We believe, that unlike 2009, where only the first couple of trading days were promising, this time is different. We indicated last month that there are signs investors are somewhat crisis-fatigued and markets do exhibit positive news sensitivity. Monetary stimulus is even increasing and forcing investors out of cash. While the US Fed has been in print mode for a long time already, the ECB might be forced to move further in this direction. We increase our exposure to goldmines to 5 per cent.”