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Gold Trend Shines Through Peaks and Valleys, on to Year Three
If you follow my work this will probably come as little surprise, but my top trade idea for 2026 is gold. While there’s been multiple turns in stocks and considerable grind in many major FX pairs considering the second half of 2025, where the USD held support and actually trended higher for much of the time even as the Fed pushed into rate cuts, the trend in gold over the past two years has been incredibly clean. And with the Fed expected to cut rates next year, and perhaps as many as three or four 25 bp cuts, the long side of gold can remain as attractive. The linchpin to this entire argument is inflation, and if ... (full story)