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The Dollar, Emerging Markets, China and Gold

Financial markets are facing deep disruptions that have emerged since mid-April 2018. These developments have the potential to unsettle many asset classes. Therefore, we would like to take the opportunity to connect a few dots that we hope will help our readers to orientate themselves in this very fast changing environment. Part of the content is not new to the informed reader, but nevertheless we hope to add some aspects, in particular also in relation to metals and miners. Gold has not really been a part of the conversation in the recent market turmoil, other than it has been caught in the cross fire between dollar strength, trade war tensions and emerging markets disruptions. Hence the focus in this market comment will be mostly non-gold related. We will give the metals and miners center stage in further market comments that will be available shortly.

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