RSS SubscribeRising Rates and Robust Gold Demand?
From Goehring & Rozencwajg
Over the last three years, this relationship broke down. Real interest rates bottomed at -2.3% in the summer of 2021 and surged to +2.9% by late 2023 – the highest rate in twenty-five years. Given the record surge in real rates, gold should have suffered a punishing bear market. Instead, gold is only 2% below its 2020 peak despite a 400 bps rise in real rates.
What does this divergence signal?
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