Multiple expansion is back. The S&P 500 Price to 12-month Forward Earnings multiple is back to almost pre-crisis levels.

The case for gold remains. In this video we explain:

• Emerging Market rising demand as local currencies collapse.
• Central banks buying gold to build reserves.
• Gold as a de-correlated asset that works as a positive hedge to equities and bonds.

If you like gold, silver and palladium should be seen as attractive too.

Cryptocurrencies are slowly reaching money status but remain as start-uo currencies.

The crisis caused by the forced shutdown of the economy has given us some important lessons. Number one, shutting down the economy entirely is a dangerous experiment with important long-term implications. Number two, there is no such thing as “lives or the economy”.

Many countries have implemented support systems to address the pandemic while preserving the business and productive factory. South Korea, with less than 300 dead in a 51 million population, published an unemployment rate of 3.8% and its economy, closer to China than many, is estimated to fall less than 1% in 2020. South Korea is also a country with lower government spending to GDP and lower healthcare spending per capita than the average of leading nations and the OECD. They are just better at managing.

A snippet of my webinar with Jeff Deist at Mises Institute.

You may find the complete webinar here.