With ever larger factors of uncertainty caused by the Eurozone crisis and China’s partly hidden economic slow down the volatility of all asset markets might increase significantly in the upcoming weeks. Especially the European and Asian stock markets have to deal with a negative outlook even if single news contents might lift the exchange performances here and there.

This expectation is part of an overall trend reflecting a period of systemic uncertainty. The debt situation in the US that will require surely another extension of the debt limit again and the critical future of the Eurozone define a grim background that cannot be changed by short-term wins or temporarily better perspectives.

The main question is still if this setting will change over time or if the RESET button might become unavoidable to press.

In the mid term it is likely that commodities will benefit from this situation as well as gold and other precious metals.