What If The Risk-On Cycle Has Topped?

Consensus remains bullish on inflation expectations across precious metals, equities and oil. Falling prices are forcing leveraged participants to sell across asset classes to pay down margin debt, increasing downside risk and potential cross‑asset volatility (no magnitudes provided).

Analysis

Consensus remains bullish on inflation expectations across precious metals, equities and oil. Falling prices are forcing leveraged participants to sell across asset classes to pay down margin debt, increasing downside risk and potential cross‑asset volatility (no magnitudes provided).