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MacroVoices #432 Jeff Currie: Metals, Energy, Commodity Super Cycle & More
Macro Voices
The Great Shift in Gold Pricing and Emerging Market Central Bank Demand
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Despite the typical factors that would make the gold price go down, like real rates going up and the dollar strengthening, gold continues to rise thanks to emerging market central bank demand. These central banks are buying gold instead of recycling dollars into US Treasuries, as historically done. This change disrupts the traditional drivers of gold prices and reinforces reflationary pressures, ultimately leading to a negative correlation between the dollar and oil prices.
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