A Safer World Could Pressure Stretched Gold - Russia's invasion of Ukraine was a signal to buy gold, and subduing Iran could mark the opposite. Since the "unlimited friendship" between presidents Xi Jinping and Vladimir Putin in 2022, leadership in allied Syria, Venezuela and Iran have been removed, and China's 10-year government bond yield has dropped to 1.8% from roughly 3%. The geopolitical uncertainly that underpinned gold may give way to a safer world dominated by the US and post-inflation deflation. My graphic highlights the juxtaposition of the steepest gold premium to its 100-week moving average since 1980 and falling CGB yields. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbbli6kip3p0 {BI COMD} |#gold #macroeconomics @markets(Mike McGlone)