Commodities Analysis by Gary Tanashian covering: XAU/USD, XAG/USD, US Dollar Index Futures, Gold Futures. Read Gary Tanashian's latest article on Investing.com
price has failed to do the normal thing in the face of high ‘real’ yields .Why the gold price has held up despite muted High Yield spreads , despite the intact Goldilocks phase that has benefited theAssuming that war input is limited since gold was in a normal and healthy correction before the disaster in Israel and Gaza erupted, we might simply assign the golden anomalies in play now to the fact that it’s a new macro with new rules.
It has to do with the differences in inflation/deflation dynamics before something broke and today, in the aftermath and birth of the new macro.But the main point is that something changed profoundly and if you’re following the playbook of 2000-2022, that is akin to following Bill Belichick and his obsoleted coaching style vs. today’s NFL.into gear in 2001 and ended the day Tom Brady walked out the door, soon to be followed by the old macro door closing and a new one opening.
When gold rises vs. risk assets like stocks and mining costs like oil and materials, the fundamental picture will improve and the miners will do what they have not done over the last 20 years; leverage the gold price in a positive manner. See last week’sThe deflationary view is the favored dominant view for the new steepener.
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