sentix ASR Essentials 47-2016
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27 November 2016
Posted in
sentix Weekly
Bias on Bonds and Gold increasingly negative
The latest sentix survey indicates that investors have become a little less pessimistic on the near-term outlook for bonds, while the substantial negative gap between investors’ medium-term strategic bias on Eurozone (EZ) bonds versus equities has also narrowed in the last couple of weeks. However, survey participants remain deeply downbeat on the medium-term prospects for bonds on both sides of the Atlantic, with monthly questions on investor positioning also pointing to below average levels of net over-investment in EZ bonds. In short, investors remain negative on bonds in the medium-term. This chimes with their increasingly negative strategic bias on Gold. Bonds remain unloved while Gold appears to be quickly losing its lustre for investors in a medium-term context (Charts 2-4, p2).
