GOLD: Rocks Or Stocks! Why Gold Continues to Outperform the S&P?

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904 Views26 Aug 2024 07:20

SUMMARY

Gold's price advance is idiosyncratic moving against historical norms of estimated inflation and real rates.
Demand from large central banks is not currently a factor in price discovery as the PBOC has stopped buying. Gold's safe-haven status has also declined since GFC in 2008/09.
Easier monetary policy from the Fed and higher actual inflation continue to fuel lower real rates and provide substantial support for Gold's price.

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