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Is There a Risk in the Portfolio?
We have one of the higher levels of valuation risk i can remember in my career, across many assets. And it's fair to say that gold hasn't really been moving much higher to price those risks. In facta gold has rated since the middle of 20 20 ra and if we look at the price of gold, for example, relative to us money supply, m two or we look at it relative to equities. The question for gold is going to be, what happens next? What happens once the fed tries to tighten? So what does happen? How do you think gold will respond under those conditions?