Golden Growth

At just over $2,000/oz, gold is within striking distance of its high of $2,069.40 set in 8/20. With the Fed raising rates, gold seems unattractive. However, because it’s priced in dollars, the decline in the dollar has made gold cheaper for foreign investors. Moreover, markets must think the Fed will stop raising rates soon and will quickly lower them, and inflation will remain elevated. Falling Treasury yields also help.