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Still in the credit spread?
I didn't enter that trade. :) Of late, I am looking at lot of things but hardly do anything.

The current drama in DC is not giving me any confidence to enter into any position. Hence sitting on sidelines with cash.

I still think I should have 3 to 5% exposure to gold/ silver and perhaps I should just go long and not worry about anything because most of these stuff I don't understand anyways. :)

I have no idea on the timing, but I suspect the catalyst event might be some sort of total debt monetization once we reach the acceptance phase that the overall sovereign debt levels are not payable.

I am a novice on this subject, but I thought "debt monetization" happens whenever treasury issues debt right? The acceptance happens whenever the congress raises "debt ceiling" or passes spending bills right?

I think the notion that soverign debt should be paid in full is a fancy and unrealistic. I think soverign debt unlike individual or corportations, should be tied to GDP and thus revenue receipts aka taxes. In democracy, the incentives are tilted towards taking more debt to please the voters rather than paying down the debt.
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