Viewpoint

“A scenario where Fed independence is damaged would likely lead to higher inflation, higher long-end rates (lower bond prices), lower stock prices and an erosion of the dollar’s reserve currency status. In contrast, gold is a store of value that doesn’t rely on institutional trust. Should private investors look to diversify more heavily into gold, as have central banks, we see potential upside to gold prices even above our tail risk scenario of $4,500/ [troy ounce], which itself is already well ...