Markets

‘Gold is a clear beneficiary of de-dollarization… and we think it can continue to climb’ – UBS - KITCO

Source: KITCO

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DW NOTE

UBS recommends buying gold at $4,664 — down 12.3% from its January peak — on the strength of a de-dollarization thesis that has already pushed the metal up 37% year-over-year. The central bank bid is real: China, Russia, and India have been net accumulators since 2022. But the UBS note ignores that gold's summer rally occurred while oil collapsed 26% despite a closed Strait of Hormuz, which suggests the market is pricing disinflation, not currency chaos.

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‘Gold is a clear beneficiary of de-dollarization… and we think it can continue to climb’ – UBS - KITCO

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