### Comment:
The problem is that market expectations never really fully price things in for currencies/metals, not to the extent that stocks price things in: 
  
 Yes, everybody expects 2-3 Fed cuts along with a bunch of QE from ECB/BoJ.  
  
 The problem is that currencies/metals take a while to adjust to market pricing on rates.  You typically see multi-month runs for those as they get overbought continuously due to panic buying.

### REPLY:
Interesting.  Thanks for the insight.

### END.