The only thing I can see stopping gold right now is a reversal of tariff tensions and signs from Congress that it won't tolerate huge deficits.
The seeds of today's rally started in Asia as it crept higher even as the rest of the market. I wrote:
Precious metals remain an attractive place to ride out a chaotic trade war but would be vulnerable if the US ever lays out a coherent, consistent policy. At the moment, I don't see much risk of that.At the same time, China appears to be building its gold reserves and I don't think Russia is about to pivot back to US dollar holdings any time soon, despite progress on peace.
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