The year 2020 will certainly be one to remember. The Corona crisis affected all areas of life, not least the financial markets. Equities suffered a rapid decline in the spring, but subsequently managed to regain a lot of ground. Tech stocks in particular gave a strong showing, the NASDAQ even hit a new record high on July 1. Still the MSCI World Index suffered a decline of almost 9% during the first half. Between February 20 and March 23, the index lost 35% of its value. In order to combat the crisis, governments and central banks worldwide pumped 18 trillion dollars into the system. Virtually all industrialized countries have cut their interest rates to 0, and massive bond buying programs by central banks resulted in corporate bonds posting an 8% return during the second quarter. Investors seem convinced that inflation will not be a problem and that rates will remain at zero for a long time to come. Unsurprisingly, gold was one of the winners of the crisis. It ended the second quarter at prices around 1.800 dollars, the highest level since September 2011.