I've been thinking a lot about this recently as well. I was just listening to Lior Gantz interview Ronald Stoferle, he's a fund manager at Incrementum of Liechstein. They publish a yearly 90 page Gold report, and he points out the high level of investor complacency in the market.
Almost no one believes in an imminent U.S. recession, which is a contrarian indicator if I've ever seen one!
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