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Gold and Real Yields Track Closely

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Historical Trend Suggests Upturn in Gold Cycle

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Commodity Price Inflation Moves in Long Term Cycle

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Active and Passive Management Each Tend to Work Well in Cycles

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The US Dollar Moves in Huge Cycles

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Emerging Market Currency are Cheaper Now than in the Crises of 2002/2009

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Emerging Markets remain Cheap compared to historical average, whereas Developed Markets trends more Expensive

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Widespread Unemployment Continues to Put Pressure on European Economies

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Staying the Course through Ups and Downs Shows Benefits in the Long Term

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Central Banks Worldwide Continue Unprecedented Negative Rates Trend

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