Gold made new all-time highs this week as precious metals continued their advance even when fund managers, according to the recent Bank of America Fund Managers Survey, believe they are the most overvalued since 2020. The recent move was aided by a pullback in bond yields on renewed optimism towards rate cuts and the subsequent weakness in the $US. We are a little torn towards what comes next for gold and its related stocks, although if we were traders, it would be “long or square”, most definitely not short.