“Gold prices may well be overbought relative to real rates, but don't fade the rally. We have previously tied this apparent overvaluation to extremely supportive physical flows, but investment flows have finally joined forces to support the yellow metal amid bank liquidity risks.”
“A trend of positive investment flows could come into play sooner than many anticipate as both discretionary and trend follower flows become favorable for the precious metals complex. And, while more pronounced fears could lead investors to sell Gold to raise liquidity, the risk is mitigated this cycle given that levered investors are largely flat amid the bearish macro headwinds over the last year.”
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