2024 made a couple of things clear to me. First of all the “pro labour” trade of GLD/TLT remains broadly correct. Even with the virtual corporate takeover of the White House, GLD/TLT continued to perform well. The simple reason is that even with Trump back in the White House, the idea of US politicians enacting any austerity, let alone tax rises remains vanishingly low, at least until the bond market convinces them of the need.
