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AAAU - New Lows In Real Yields To Keep Gold Bull Intact
Goldman Sachs Physical Gold ETF
Short-Term Drivers Point To New Highs
The most important driver of gold from a short-term perspective is expectations of real interest rates. These expectations simultaneously drive the yield on 10-year inflation-linked bonds as well as gold prices, and the relationship between the two is very close as the chart below shows. Spot gold is trading almost exactly in line with the level implied by real yields based on this 15-year correlation, with Friday’s new 7-year closing low in real yields suggesting new highs in gold in the near term.