Gold's Potential Lose-Lose vs. the Fed, Stocks Gold may face a lose-lose vs. central banks and the stock market. The last time fed funds futures in one year (FF13-FF1) were priced for about 60 bps of rate hikes on the way down, as they are now, was in 4Q21. Gold bottomed about a year later near its 60-month moving average around $1,600 an ounce. Gold, at about $4,370 on Sept. 10, is roughly a 62% premium to this mean -- the most since 2011 -- and would be at its highest vs. the Bloomberg US Long Treasury Total Return Index since 1987 on a year-end basis. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tl6ztckgcth2 {BI COMD} #gold #Federalreserve @BBGIntelligence(Mike McGlone)