He believes that the price of oil peaked two years ago and the price of gold has been very speculative. The recent commodity sell-off therefore does not surprise him.
Driving the commodity weakness is that the growth in China which a couple of years ago was 10% per year is now settling into a more stable growth rate of 7%. That is impacting the commodity bull market.
He also suspects that the Japanese policy moves are going to make a big difference and he is quite bullish on Japan and Japanese equities.