Goldman: This Market "Feels Like Hotel California"

According to Goldman trader Edoardo Greco (who claims he is not much into either music nor metaphors) Hotel California’s punch line "you can check out any time you like, but you can never leave" has felt like the best way to describe the current equity-gold chase by the investor community: as he explains, "There are no decent alternatives to equity & gold when the bulk of the fixed world barely returns 2% in real terms… and, yes, gold is outperforming but not yet at the levels of the 70s." 

Below we excerpt from his full note (available to pro subs in the usual place):