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When Real Rates Have Been This High, the Winner Is Gold

When Real Rates Have Been This High, the Winner Is Gold

Atlas Pulse Gold Report - Issue 75; The risk facing gold is marginal compared to the risk facing US equities, and it is hard to see a scenario where gold doesn’t win. Highlights Regime Checking in on the bull market Macro Inflation cools, but when will the dollar? Valuation

Buy the Gold Miners?

Buy the Gold Miners?

Atlas Pulse Gold Report - Issue 74; We know there’s still a bubble in many parts of the stockmarket, and inflation may cool, but it won’t disappear. Whenever the economy starts to recover, it will resurface. Hold onto your gold. Highlights Macro Tightening to slow Valuation Fair value

Gold Is 13% Overvalued - Why That'll Soon Look Cheap

Gold Is 13% Overvalued - Why That'll Soon Look Cheap

Atlas Pulse Gold Report - Issue 73; Investors are overly fixated on the rise in real rates as the driver of the gold price. They forget the tailwind of inflation and the option value against a change in the outlook. Highlights Macro Watch out for the next CPI print Valuation

The Best Inflation Hedge of All

The Best Inflation Hedge of All

Atlas Pulse Gold Report - Issue 72; By definition, a liquid inflation hedge must be somewhat detached from the financial system and is unlikely to pass ESG screening with flying colours. You could point to inflation-linked bonds, but if things went badly wrong, they would be first in line for

Could Gold Collapse?

Could Gold Collapse?

Atlas Pulse Gold Report - Issue 71; I ask the question of what could happen to the gold price if the Fed tightening gets out of hand. Highlights Regime Gold bull market Macro Bond yields peak Valuation Scenarios explored Flows and Sentiment Neutral Technical Pullback Regime - Gold Bull Market

Slowdown

Slowdown

Atlas Pulse Gold Report - Issue 70; “Central banks weren’t cutting interest rates in 2019 because things were great.” - Patrick Perret-Green. Highlights Regime Gold bull market Macro Real rates rise Valuation 10% above fair value Flows and Sentiment Bullish Technical Uptrend Regime - Gold Bull Market Historically gold

Crypto Embraces Gold

Crypto Embraces Gold

Atlas Pulse Gold Report - Issue 69; The fundamental case for gold is strong. Investors are scrambling for alternative assets, just as they did when the dotcom bubble collapsed in the year 2000. The driver is two-fold: an escape from a bubble and protection against inflation. Highlights Regime Gold leads