Research
Market outlook.
Where we believe the gold complex stands today, and the variables we are watching most closely. Views are offered for education and are not a recommendation or forecast.
Real rates remain the anchor
Gold's dominant driver is still the real yield on long-dated government debt. We size positions against that variable rather than headlines.
Official-sector demand is structural
Central-bank buying is price-insensitive and persistent, which changes the character of drawdowns without removing volatility.
Volatility is the opportunity
Elevated option premiums across the gold complex continue to reward defined-risk structures over outright directional exposure.
Latest commentary
The quiet return of gold to the reserve conversation
Central-bank purchases have moved from a curiosity to a structural force. What that means for private portfolios over the next decade.
Real yields, real gold
The historical relationship between gold and real interest rates — with and without a policy backdrop.
Quarterly commentary: patience as a position
What we changed, what we deliberately did not change, and why.