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If you have a big allocation to anything that closed up on the day today, smile. That's called alpha. Gold continues to act well on days when US equities swoon. The best part about it is that it's no one's liability.

Attached is the chart of GLD. It's up over +7% since the mid May US bear market rally high in US stocks.

*Full Disclosure: I own GLD in my fund.
KM