01
May
Sell in May, reduce risk in anticipation of reality check
Beware the new wave of euphoria. Return of volatility in May. Liquidity driving the stock market recovery. Reduce risk after best month since 1987. Buy gold and silver.
Key points
- New wave of euphoria after wave of panic
- Beware the return of volatility in May
- Stock market recovery mainly driven by massive liquidity injections
- Low rate of participation on the upside is worrying
- Covid-19 creates new, lasting paradigm
- The monetisation of debt is an inevitable outcome with likely inflationary effects
- Gold and silver, an essential insurance policy
- Sharp contractions of GDPs in Q2
- Reduce risk in anticipation of the next reality check
