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CHART VIEW

When pairs diverge, a silver lining emerges

Gold and silver appear to have undergone a divorce, and we can no longer trade silver as a proxy for gold

FOR first-time European tourists, Singapore is seen as a Chinese city. As tourists travel more widely, they change their opinion and see Hong Kong as a Chinese city.

When they travel more, they discover Hong Kong is not Beijing nor Shanghai. Mainland China is different.

Tourists...

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