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more expensive when the likelihood of a global financial collapse and a move toward negative interest rates is accounted for, says Global Macro Investor founder Raoul Pal, who now sees a U.S. recession within 12 months. Recent losses for gold may have dented investor confidence. Gold GCZ6, +0.02% is up 18% this year, but the first full week of October marked its worst seven-day performance in over three years; it also posted a three-month loss of nearly 6% on a continuous basis. U...