Russia, Spain, Precious Metals Among Best Performers In Q2

Silver was the best performing asset in June, and the only one with double digit returns, followed by gold and the Micex (Moscow exchange). Some of this is just a correction from previous underperformance, but gold has outperformed all year, as you might expect considering how unattractively priced most traditional asset classes are right now (h/t Zero Hedge).

As precious metal become the best performing asset people are willing to invest in Russia again

The Micex is actually still negative for the year, so last month’s outperformance is a sign that some people are returning to the Russian stock market. While the tension in Ukraine is...