central-banks
2 articles
- Gold Is Pricing Fiscal Repression, Not Real Yields
Gold's rally reflects a fiscal-sustainability and currency-debasement premium. Treasury buybacks, regulatory support for Treasury demand, and rising term premiums matter more than the traditional real-yield model.
- The Gold Reallocation: A Structural Floor, Not a Price Driver
Central-bank diversification and geological supply constraints support gold over long horizons, but real yields, Fed expectations, and the dollar drive near-term prices.