Over the last five weeks markets have had a lot to worry about, not least one of the largest bank failures in US history and a rapid bailout of depositors by authorities. Throughout this period markets have initially panicked and then recovered, seemingly comforted by the reassurances that have been given by various figures in authority and the majority of market commentators. This entire period brings back many memories from fifteen years ago, and whilst history never repeats itself, as Mark Twain is supposed to have said, it does rhyme. Or, paraphrasing the legendary baseball player and manager Yogi Berra, is it Déjà vu all over again? This month’s Strategy Thoughts explores some of those echoes, or rhymes from fifteen years ago.

Also, this month I look into the apparently growing attraction of gold to central banks and question whether it implies that a continued rise in the price of gold is as assured as so many now seemingly believe.