I agree - i think the issue in Europe is demand for credit....there isn't any except from over leveraged governments.
Also, bank loans are almost exclusively floating rate, as opposed to corporate bonds that are often fixed rate. Given that Europe is a far more bank lending driven market than the US, the boost to company profits in Europe via re-financings will be necessarily less than in the US.
Apart from that, bond yields are negative and mv is non existent already. Market is set up for disappointment IMO
If the Euro puts in a reversal and starts going up, whats that do to Gold in $ ? personally , not sure yet
