As a rule, periods of lower risk/volatility tend to lead to periods of greater risk/volatility. That is reflected in our aggregate market volatility gauge (see below), and markets are pricing in volatility to remain low next year too.
As a related rule, people adapt to the circumstances they have experienced and are then surprised when the future is different than the past.
QQQ is a few bps from a new closing high with less than half of its components trading above their 50-dmas:
Add up all the gold exchange-traded products (ETPs) around the world and you’ll find that the first half of the year has been a knockout. Global ETPs (which includes ETFs like GLD) saw inflows of $245 billion in the first six months of 2017, a new and lofty record.
This is a LOT more than the first half of last year. Or most years. Look how it compares to the average level of demand over the past decade.
Silver prices have increased for 90 years and will continue to increase.