Multiple factors contributed to the strengthening of gold, including the US Treasury's announcement to double the scale of 10-30 year treasury bond repurchases, which is expected to depress yields and raise concerns about financial suppression; continued cooling of expectations of the Federal Reserve's interest rate hike; and political uncertainty brought about by the approach of the midterm elections. At present, gold has once again returned to its position as an allocated asset. We are recommending opportunities for gold to rebound starting at a position below $4,000. Currently, this view remains unchanged.

Multiple factors contributed to the strengthening of gold, including the US Treasury's announcement to double the scale of 10-30 year treasury bond repurchases, which is expected to depress yields and raise concerns about financial suppression; continued cooling of expectations of the Federal Reserve's interest rate hike; and political uncertainty brought about by the approach of the midterm elections. At present, gold has once again returned to its position as an allocated asset. We are recommending opportunities for gold to rebound starting at a position below $4,000. Currently, this view remains unchanged.