Gold printed a fresh new all-time high earlier this week before backing off a fraction as US real yields fell further into negative territory. The latest 10-year data shows US real yields are nearly -1.0%, down from +0.6% in mid-March as the Fed continues to pump US dollars into the system. Gold and US real yields have a strong negative correlation and this continues to hold. US real yields are UST yields less inflation. Political uncertainty also remains a key driver of gold’s multi-month rally and this is likely to remain the case all the way up to the US Presidential Elections in November, unless President Trump ... (full story)