Gold Desk Notes

Occasional notes on gold, rates and the dollar.

Why real yields still matter for gold

The textbook link between gold and US real yields broke down in 2022 and has never fully come back. A few thoughts on what replaced it.

Central bank buying, one year on

Official sector demand has become the floor under the market. Here is how the quarterly numbers looked and what to watch next.

Asia, London, New York: how the gold day is shaped

Most of the daily range is set in a few hours. A simple breakdown of where volatility shows up and why.