ZeroHedge/ Simon White-Bloomberg Markets/4-12-2023

“Real yields should provide an even greater tailwind for gold through the rest of 2023, supported by a weaker dollar and by buying from reserve managers.… Gold is often simplistically taken as an inflation hedge. However, the correlation between gold returns and CPI is very close to zero over the long term. Instead, the interplay between inflation and interest rates — i.e. real rates — is more meaningful for gold.”

USAGOLD note: White explores the relationship between real yields and gold price expectations, and comes away with a bullish view on gold.