When Real Rates Have Been This High, the Winner Is Gold
The risk facing gold is marginal compared to the risk facing US equities, and it is hard to see a scenario where gold doesn’t...
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Buy the Gold Miners?
We know there’s still a bubble in many parts of the stockmarket, and inflation may cool, but it won’t disappear. Whenever the economy starts to...
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Gold Is 13% Overvalued - Why That'll Soon Look Cheap
Investors are overly fixated on the rise in real rates as the driver of the gold price. They forget the tailwind of inflation and the option value...
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Why Is Gold Ownership so Low?
The chart below shows the performance of gold against the S&P500 and NASDAQ since 2000. Gold has demolished both. It’s a striking picture...
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The Best Inflation Hedge of All
By definition, a liquid inflation hedge must be somewhat detached from the financial system and is unlikely to pass ESG screening with flying...
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