Gold's Potential Lose-Lose vs. Stocks, Bonds Most central banks hiking rates, surging global government-bond yields and the US Treasury five-year yield above 5% -- the highest year-end level since 1999 -- are headwinds for non-income-producing assets, especially gold. Besides the highest five-year yield in over a quarter-century, my graphic highlights the lowest annual S&P 500 volatility vs. gold since 2006. The precious metal may be facing an up-too-much lose-lose setup vs. stocks and bonds. The record-setting stock market is buoying inflation, Federal Reserve rate hikes and bond yields, and gold's 100-day correlation to the S&P 500, near 0.50, is also near multidecade highs. Gold ended 2025 at about a 2.2x premium to its 10-year moving average, the greatest stretch since 1980. A bit of normal reversion into year-end could have profound implications for 2027. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tmmuhet3bzm5 {BI COMD} #Gold #stockmarket #bonds @BBGIntelligence