It's by Andrew Mickey of Q1 publishing. After noting that Citibank has claimed there's little link between the gold price and the inflation rate, he concedes that they're not far wrong. But, he comes up with a more closely correlative metric: real U.S. interest rates. Gold bull markets, or bull trends, flower when real rates are negative.
No wonder why he entitled his piece "'Real' reason it's still too early to bet against gold.'" Currently, real rates are negative.
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