In the spirit of not suffering from confirmation bias, in today’s Notes we will try to make the bearish case against gold. So before you storm Notes HQ in Buenos Aires craving blood, hear us out. Many of our staff here love gold and have long term holdings.

I love hard assets… like energy, agriculture and metals.   Why?  Because there is a good chance that inflation is going to devalue paper currency around the globe.

Naturally, most investors are hoping that the current stock market rally will hold and we’ll embark on another bull run. But what if it doesn’t?