It’s a bit early to be getting enthusiastic regarding the short-term, however it shouldn’t be too long before the specter of negative rates hitting US shores rears it’s ugly head…and all of a sudden PM’s and tangibles will be the only show in town.
So da boyz might be able to keep things contained for another few weeks, but I wouldn’t be surprised to see a little lead back in the PM pencil by month end.
Cheers