Gold surged another $US45, taking it to fresh all-time highs. Related ETFs are back towards their 2024 high, which is slightly disappointing considering the move by the precious metal. With cryptos still well below their 2024 highs, gold has retaken the mantle as the asset class of choice for investors looking for alternative exposure to lower interest rates and/or global uncertainty.
- We cannot see any fresh tailwinds for precious metals, but as the old adage goes, “don’t fight the tape,” and in gold’s case, it’s bullish.
MM is cautiously bullish towards gold
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