Gold MarketsThe Fed cuts rates and gold rallies — except when it doesn't. A historical review of every cutting cycle reveals the conditions under which the relationship actually holds.
Gold MarketsThe single most reliable headwind for gold is rising real yields. The mechanism is simple, the historical record is clear, and the recent exceptions are instructive.
Gold MarketsEveryone knows gold and the dollar move opposite each other — until they don't. Here is the mechanical reason, the historical exceptions, and how to use the relationship.
Gold MarketsA model that delivers gold price exposure without the operating risk has quietly outperformed the majors for two decades.
Gold MarketsNew York and London run the world's gold market with very different settlement systems. Understanding the mechanics explains a surprising amount about price action.
Gold MarketsScrap, jewellery resale, and electronic recovery now rival mine output in some years.
Gold MarketsThe Commitments of Traders report is the most underused tool in the precious metals analyst's toolkit. Here is how to read it without falling into the common traps.
Gold MarketsWith sovereign bonds offering negative real returns through much of the last decade, allocators are asking whether gold deserves a permanent home in the fixed-income sleeve.
Gold MarketsCritics say paper gold is a fiction. Defenders say it is the same as physical for any practical purpose. The truth depends entirely on the scenario you are hedging.
Gold MarketsFrom 15:1 in the bimetallic era to 125:1 during the COVID panic, the gold-silver ratio is the most misunderstood signal in precious metals. Here is how to read it properly.