Real Kryptonite Cameo Triggered Largest Gold ETF Outflow Since March Panic

Real Kryptonite Cameo Triggered Largest Gold ETF Outflow Since March Panic

Late last week, US real yields rose the most since June, snapping an eight-day decline. As discussed at length over the weekend in "The Bond Market Just Sent Out A Warning. Was Anyone Listening?", the move contributed to a reversal in a variety of other recent trends. Just as falling real yields are a powerful fundamental driver behind a variety of cross-asset trades, higher reals too have "consequences", as it were. One such consequence was a lurch higher in the beleaguered dollar and a rare
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