14 November 2022
2022 has been a highly unpleasant year for bonds so far. Over the course of the year, 30-year US Treasuries, for example, fell by around 45%, 10-year US Treasuries by around 18% and German Bunds by around 19%. One of our central theses of the In Gold We Trust reports of the past years is now likely to come true: (government) bonds are no longer the antifragile portfolio foundation they have been over the past 40 years.