Gold defies multi-decade high bond yields, but Q4 headwinds remain – Invesco - Kitco
Gold defies multi-decade high bond yields, but Q4 headwinds remain – Invesco - Kitco
Source: Kitco
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DW NOTE
Gold at $4,194 is still up 170% in five years while bond yields hit generational highs — a correlation breakdown that orthodox portfolio theory says shouldn't exist. Invesco frames this as a puzzle. It isn't. Real yields are negative when you measure inflation honestly, central banks are still net buyers at 1,000+ tonnes annually, and the Hormuz closure has reminded everyone that the global system runs on assumptions that evaporate in a weekend. The Q4 "headwinds" are just mean reversion toward fundamentals that never changed.