Have metals bottomed, and have yields peaked? Monetary and fiscal policies will determine both – CME’s Norland

By Ernest Hoffman – Kitco News

Investors attempting to discern whether gold and silver prices have set their cyclical lows, and whether bond yields have already seen their medium-term highs, should look to monetary policy in the near term while watching fiscal policies over the longer term, according to Erik Norland, Managing Director and Chief Economist at CME Group.

In a recent analysis, Norland wrote that 2026 began with two very different narratives around inflation.