Gold Note No. 37
When other forms of money have high real yields, gold struggles except to the extent it is held as a precautionary or safe haven asset. But when other forms of money have deeply negative real yields (as is the case today), gold is more attractive to investors. And gold can perform even better when the safe-haven aspect is contemporaneous with a high-inflation period that results in negative real yields. As we wait for the Fed decision today on rate hikes, Jim discusses a scenario in his latest gold note where gold prices can shine in this volatile environment.
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