Deutsche Bank with a brief note on gold:investors are pricing in larger rate cuts for 2024 has increased the relative appeal of something that does not pay any interestchart shows the real price of Gold back to 1790, i.e. adjusting for inflationAlthough we have hit all time highs in nominal terms, we are over 20% below the inflation-adjusted peak seen in 1980. Although gold might seem like it’s a good inflation hedge, it only keeps pace with inflation if you buy it at the correct time. In reality, it trails traditional assets over almost all medium to long-term time periods.So you can be a long-run inflationist but still be a bit underwhelmed by Gold as an investment. Maybe Bitcoin has dilut
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