Macro

Luke Gromen: Gold historically outperforms during late-stage U.S. capex booms - Traders Union

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DW NOTE

Gromen is right that capex booms correlate with gold runs — but only if the boom is debt-funded and the central bank accommodates. The 1970s wasn't just capex, it was Volcker printing to monetize Vietnam and the Great Society while Nixon closed the gold window. Today the U.S. borrowed $1.8 trillion in ten months through July and the Fed is threatening rate hikes while holding at 3.65%. That's not accommodation, it's posturing. Gold is off 14.8% from January's $5,318 high because the crisis bid faded, not because the fundamentals changed.

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Luke Gromen: Gold historically outperforms during late-stage U.S. capex booms - Traders Union

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