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We’re off to a wild start in the financials markets again in 2015; an initial sell-off across global markets followed by more ‘rescue operations’ from central bankers in Europe, China and even Canada. A shocker from the Swiss Central Bank which lifted the ceiling on the Swiss Franc. A ‘left wing’ win in Greek elections for a party that wants to roll back austerity measures that could result in a renegotiation of all the ‘rescue funds’ lent by their European neighbours. Now we’re into the heart of ‘earnings season’ and there have been many surprises, mostly to the downside due to weak overseas sales. But investors have continued to ‘whistle past the graveyard’ and push stocks close to new highs, emboldened by the belief that central bankers will keep buying debt to keep interest rates at all-time lows. Our outlook continues to be extremely cautious but the volatility of financial markets is constantly creating new opportunities; just look at the performance of gold stocks over the past two months! Our full views are contained in the attached file and summarized below: (more…)