....progressively US Treasuries out of favour and Gold the golden poster child.
Chart of "short LT UST futures, long gold" since global Central Banks stopped growing holdings of USTs in favor of buying gold; USTs down 80%. A new "Big Short", with a very attractive Sharpe ratio, over a 10y time horizon... & virtually no one in the west has had it on.
2/ Chart of "long gold, short CNY" since global Central Banks stopped growing holdings of USTs, in favor of buying gold. Another big winner, with an attractive Sharpe ratio, over a 10y time horizon that virtually no one in the west has had on (although I know of a few.)
