The End of Money as We Know It, and What to Expect in 2024

Commentary Markets closed 2023 with the strongest rally in years for equities, bonds, gold, and cryptocurrencies. The level of complacency was obvious, registering an “extreme greed” level in the Greed and Fear Index. The year 2023 was also an unbelievably bad year for commodities, particularly oil and natural gas, something that very few would have predicted in the middle of two wars with relevant geopolitical impact and significant OPEC+ supply cuts. It was also a poor year for Chinese equities, despite slower-than-expected but strong economic growth and robust earnings in the large components of the Hang Seng Index. Markets rallied due to a combination of optimistic expectations for inflation and aggressive rate cuts from central banks. The question now is, what can investors expect in 2024?...