Merryn Talks Money When Gold Loses Its Shine
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Oct 24, 2025 Join Marcus Ashworth, a Bloomberg Opinion columnist with a keen focus on European and bond markets, as he delves into the recent gold price pullback, attributing it to momentum rather than fear. He shares insights on falling bond yields amid looming rate cuts from the Fed and the Bank of England. Ashworth also discusses Japan's new Prime Minister, Sanae Takaichi, and the potential impacts on markets and investor sentiment, while addressing the volatility of the yen and the importance of currency hedging.
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Gold's Parabolic Run Needed A Breather
- Gold's recent parabolic rise was driven by retail momentum and leverage rather than fundamental debasement fears.
- Marcus Ashworth says a corrective pullback was healthy and central banks and individuals still hold gold for validity.
Rate Cut Expectations Are Repricing Bonds
- US rate-cut expectations have pushed bond yields lower and spurred markets to price in easier policy.
- Marcus Ashworth expects the Fed to cut and sees that pressuring the Bank of England to follow.
Watch Wages And CPI Before Positioning
- Watch private-sector wage trends and CPI for signs that inflation has peaked and policy can loosen.
- Consider that Bank of England cuts may follow the Fed, so monitor timing for hedging and positioning.