China’s Economy is Hitting the Brakes
This year, it is quite possible that China sees annual growth of less than 10%. While this is by no means a recession, if their economy slows down 4-6% it will have a global impact. Based on their holdings and consumption patterns we could see declines, in order of magnitude, precious metals, oil, mid level luxury brands and global interest rates. The continued development of the Chinese middle class will continue to support food and agricultural prices as well as textiles.