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Interestingly, the global bond market’s value also reached a record high at over $66 trillion, meaning that $14 trillion in global liquidity added since the March crash lows has lifted global bond and stock markets by a stunning $50 trillion ($40 trillion or so in stock and $10 trillion or so in bonds).
And judging by the smorgasbord of strategist forecasts for 2021, there is no stopping this surge (until of course, it all goes full Thelma-and-Louise and confidence in global fiat collapses).
JPMorgan sees the S&P 500 at 4,500 by the end of 2021, which, if 2020 is anything to go by, means an additional $10 trillion in global liquidity will be required to inflate the index’s value…