Precious metals have struggled of late with the Fed forecast to hike interest rates 1-2 times before Christmas, remember, the market was looking for cuts before the Iran war. However, with gold now trading ~27% below its 2026 high the risk/reward looks good as rate fears diminish and crude oil retreats.
- We remain bullish towards gold believing central bank buying will return as the Middle East conflict improves. Gold is now at a level where accumulation makes sense, in our view.
MM remains bullish towards gold through 2026/7
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