A look at the evolution of gold prices since the great financial crisis shows that movements in gold prices often corresponded to changes in real rates (10-year treasury yields (essentially, a yardstick for the return of risk-free securities) minus inflation). Gold increases when real yields drop, and vice-versa. …Looking back over the past 30 years, the negative relationship between gold and real rates has been strong. The highest gold prices were recorded in an environment of low or negative real rates and high rates tallied with low gold prices. …The strong performance of gold since mid-2018 occurred concurrently ... (full story)