Just as the Federal Reserve finally initiated its rate cutting cycle, on the other side of the world Chinese authorities launched a multi-faceted stimulus program, sparking equity rallies in both markets as well as spurring gold and other commodities upwards. U.S. stocks and gold moved to yet new highs (until gold fell back on the last two days of the quarter), while Chinese and Hong Kong stocks, reversed from an almost four-year slump which had seen prices cut in half; the CSI 300 index jumped 18% in one week moving into the green for the year to date. The medium- and longer-term direction of these markets may diverge, but the clear winner over the next year or so is likely to be gold.

Finish reading here: Portfolio Review 3Q 2024