"Gold has overtaken the euro as the world’s second most important reserve asset for central banks"
"The lack of re-risking suggests that professional investors remain structurally concerned"
Despite the recent buying, hedge fund net exposure is still very low relative to the last 5 years (8th percentile)
"There is less momentum in the labor market than initially reported"
"Small-cap stocks have outpaced their bigger counterparts 60% of the time in June since 1990"
"S&P 500 back on a 'no-recession' path"
