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At the beginning of January, I started to draft an article about my one-way bet for the year ahead. You know, that typical new year's post that ends up completely wrong by the end of it. Basically, the idea was to bet against the high-yield corporate credit market. The COVID-19 events made me even more convict on that bet. However, it also increased my conviction on the gold trade.
Actually, because I'm very conservative regarding short positions, I ended up devoting most of my attention to the gold trade and neglected the HY short. It