The case for a renewed advance in gold continues to strengthen.
July 30 (King World News) – Ole Hansen, Head of Commodity Strategy at SaxoBank: Yesterday’s 9–3 decision by the Federal Reserve to leave interest rates unchanged, despite mounting inflationary pressures, has raised fresh questions about whether Kevin Warsh’s honeymoon as Fed Chair may already be coming to an end. The market’s verdict was swift: the long end of the Treasury curve sold off aggressively, sending the 30-year yield to its highest level since 2007. It underscores the increasingly difficult balancing act facing the Fed as it attempts to contain inflation fuelled by higher energy prices and war-related supply disruptions while facing persistent political pressure from President Trump to lower borrowing costs.
The Case For A Renewed Advance In Gold Continues To Strengthen
Risk assets responded accordingly, with equities coming under pressure. Gold, however, proved notably resilient. Despite the rise in nominal and real yields – normally a headwind for the metal – it managed to hold its ground, suggesting underlying demand remains firm.
Looking ahead, the case for a renewed advance in gold continues to strengthen. Growing concerns about fiscal sustainability, questions surrounding the Fed’s policy credibility, robust physical demand from Asia and the prospect of a weaker US dollar once markets begin to price in slower growth all provide increasingly supportive longer-term fundamentals.
At the same time, the recent wobble across parts of the AI-driven equity rally serves as a reminder that expectations remain exceptionally high in a sector where delivering future growth requires ever-larger capital commitments. Against that backdrop, I continue to believe tangible hard assets – including precious metals and selected commodities – deserve an important place in a well-diversified portfolio, particularly at a time when geopolitical uncertainty, inflation risks and fiscal imbalances remain elevated.
Enough macro thoughts for now. I am back from holiday in another week, and I look forward to revisiting these themes with fresh eyes and seeing whether the market has confirmed – or challenged – these initial observations.
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