The structural relationship between gold and US real rates has broken since 2022. Previously, gold moved inversely to real rates; now, gold reaches all-time highs despite elevated real rates (~2.0%). Central banks from emerging markets have structurally increased gold purchases to ~1,000 tonnes/year (2022-2024), up from ~500 tonnes, shifting away from dollar reserves. This creates…
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Silver (XAG) is undergoing a severe correction phase since its peak in January 2026 (~$120/oz) down to current levels of $58 (Western spot) and $64.79 (Shanghai). This 52% retracement reflects a conflict between strong physical fundamentals (green industrial demand, COMEX inventories under pressure) and macroeconomic headwinds (hawkish Fed, strong dollar, Iran ceasefire). Data…
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