A crude way to double down

We are shifting currency investments because of the collapse in the oil price which, coming on top of Covid-19, is another nail in the US dollar’s coffin. Our long gold position is being increased. Our short Aussie dollar position is being increased and the long side is being switched from US dollar to Japanese yen. We have taken off our Indian rupee short. We are also putting on a new short US dollar position versus the yen. We are selling our Russian debt. All other calls remain the same: negative equities, corporate debt (particularly poor-quality bonds) and long US Treasuries etc.

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