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– Analysts at Societe Generale say “positive signs from ETFs flows and moneymanagers’ point to higher prices at year-end”.
On the negative side, SocGen says the reflation theme must include gold, which is the one factor leading to maintain a positive 2021 outlook.
Longer-term the bank also is sounding a negative alarm and noted they are more convinced about 2022 though, where they see the unwinding of monetary easing and a possible new rate hike cycle potentially triggering sizeable ETF outflows.