Excerpted from Euro Pacific Capital’s Summer Newsletter With the first half of 2014 now in the books, many investors are happy with the performance thus far, especially given the economic headwinds that few saw coming. The 26% rally in U.S. stocks in 2013 gave way to a more modest 7% gain in the first half of 2014. Most see this as a positive development in a maturing market. But beneath the surface, important trends are emerging that should give investors reasons to re-evaluate their assumptions. During the second quarter of 2014 the S&P 500 continued to post new all-time highs … Continue reading The Fangs of the Fed