GBUG - Gold: Staying Long Despite Short-Term Downside Risks

• While the most likely direction in the near term is down based on the current real interest rate picture, I continue to believe the long-term bull market is intact.
• The surge in commodity prices following the Russian invasion of Ukraine has once again highlighted the usefulness of gold as a hedge against inflation.
• Real bond yields should continue to head lower amid mounting global resource constraints and the continued surge in U.S. money and debt supply.

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