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The current down in risk assets has been relatively tamed for now. We expect it to reach lows into late August, when a low point could be found. Provided Gold in USD doesn’t break out significantly above 1’300 USD/oz, Gold in Euros still seems to be in a downtrend signalling that medium term, a risk-on positioned remains the more likely scenario, Jean-Francois Owczarczak, Director, Management Joint Trust and






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