Fundamental OverviewGold had a bad start of the week after the nomination of Scott Bessent for Treasury secretary over the weekend. Bessent is seen as a fiscal hawk, and the market views him as a great pick for the job. One of the main reasons why the magnitude of the correlation between gold and real yields weakened in the past couple of years was due to the US fiscal profligacy. This has led to much stronger rallies in gold when real yields fell and more contained selloffs when real yields rose. In the bigger picture, gold remains in a bullish trend as real yields will likely continue to fall amid the Fed’s easing cycle, but the short-term corrections will be triggered by a repricing in ra
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