What is #gold's resilience telling us? In the last month, bullion trades up 7% while the dollar has gained 1.8%, 10-yr yields 45 bps and three rate cuts by Dec 2025 has been removed. Conclusion: buyers don't care about funding cost, but worry about geopolitics, an out of control rising US govn debt pile and now also reaccelerating #inflation
@Ole_S_Hansen And yet equities are booming, which somewhat discredits the thesis that's it's risk-aversion.
@Ole_S_Hansen Resilience vs SPX is just beginning
@Ole_S_Hansen Yes, compared to United States Treasury bond yields. What if that comparison is irrelevant (apart from the western world) going forward? x.com/CJUNilsson/sta…
@Ole_S_Hansen Yes, compared to United States Treasury bond yields. What if that comparison is irrelevant (apart from the western world) going forward? x.com/CJUNilsson/sta… https://t.co/3tTm0qLx4Z
@Ole_S_Hansen It feels like something have changed, but it could be a mere war premium over the tensions between Israel and Iran.
@Ole_S_Hansen @GoldMiningInc Or certain central banks panic buying bc they know something unpleasant about the future.
@Ole_S_Hansen What if Yuan is an ultimate source of funding for Gold trades ? Since they trying to solve the impossible trinity - maybe Gold for them is temporary solution until Fed will start cutting rates ?