Gold’s Trying To Tell Us Something

Gold's trying to tell us something. As you might've noticed, bullion hit records above $2,500 this month, as expectations for Fed easing fanned a rally that already had the yellow metal up nearly 20% in 2024. Gold is, of course, just an inverse real yields play. It has no internal rate of return, so the higher (or lower) inflation-adjusted yields are on riskless USD cash are, the less (more) attractive gold is. That relationship, while intuitive and generally tight, doesn't always hold. Or pe