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Tempting to call an end to a rally

And there is no stagflation in site

Global political picture still not easy

US pulling out of Afghanistan created a pressure for Russia

Russia integration with Belarus is also gaining speed and will be a source of all sorts of negative pressures on Russia

US and UK navy increased presence in Black Sea is another source of worry

As well as Russia perennial standoff with Ukraine and the west re later Nato ambitions

And the Caucasia changing its face with Turkey increased influence on Azerbaijan

July and August are likely to be nervous months in geopolitics

Fed is unlikely to raise rates in the near future

But Fed is likely to start tapering its support for bond markets

Fed taper could take its negative toll on the markets

But at the same time inflation is unlikely to go away given the amount of dollars that has been printed

And deeply negative real rates put additional pressure on prices

And interest to Gold is likely to return soon

All sorts of inflation protection will be in demand

Yet the travel is gradually unlocked and

Quarantines are receding

Economic recovery is gaining speed