In coming weeks, we believe U.S risk-assets could move back toward March lows while Gold could breakout to all-time highs. The 2Q economic bounce (aided by +$3T fiscal relief) is running out of steam and, without additional fiscal support, may falter in 3Q. Regardless of short-term market/policy moves, we maintain our “2001 Analog” & 2020 Key Themes (pg-3).