In our previous commentary on gold, we wrote that gold prices would keep falling for three reasons: (1) accelerating US inflation, (2) decelerating growth outside the United States and (3) an ongoing slowdown across emerging markets. Ultimately, all three factors were supportive for the US dollar, gold’s ultimate nemesis. Since that time (May 17), gold prices have weakened from around $1,290 to $1,197 on August 14. Predictably, we were heavily criticized for our outlook thanks to a small, but vocal, number of gold bugs. Looking ahead, gold is likely to find some support from US inflation, which we expect to begin ... (full story)