Perspectives on 2014: Axel Merk, Merk Investments

Axel Merk, Merk Investments

For many currency managers, the latter half of 2013 has degenerated into a case of keeping up appearances. Low volatility in foreign exchange has produced varying returns for the industry, with one major currency manager, FX Concepts, going to the wall in October after, by its own admission, failing to adapt to changing market conditions.

If currency managers can't generate the same returns from FX as they could from other asset classes, can they continue to justify their existence? It's a

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