Gold can rise fundamentally even after sharp pullbacks because the big drivers are structural: central-bank buying, underownership by Western investors, geopolitical stress, and a persistent demand for a neutral reserve asset when trust in fiat weakens.
In my view, the selloff like this is usually more about positioning, leverage, and short-term liquidity than a change in the long-term thesis.
Well if you're arguing great power competition and real shortages of wheat and helium and others, it stands to reason that national priorities will move away from gold on the margins.
Gold can rise fundamentally even after sharp pullbacks because the big drivers are structural: central-bank buying, underownership by Western investors, geopolitical stress, and a persistent demand for a neutral reserve asset when trust in fiat weakens.
In my view, the selloff like this is usually more about positioning, leverage, and short-term liquidity than a change in the long-term thesis.
I'm not a paragraph in and I smell AI.
Well if you're arguing great power competition and real shortages of wheat and helium and others, it stands to reason that national priorities will move away from gold on the margins.
Nice description Brent