The point is that in this current trading range it is telling us that there is almost no conviction in "this recovery". The Central Banks have pumped trillions ... and this is what we get ? Anaemic markets. It is more exciting to watch paint dry.

But out on the deep horizon we continue to be cautious of this "recovery". It is a recovery predicated on easy money from the government "money printers". They are desperate for inflation... in a deflationary environment.

We continue to be interested in precious metals, agriculture and some technology companies. Government Bonds anywhere look like a joke. Germany might be the best of them.