$GLD just ate a -3.93% drawdown at close—5th worst of the year. Ouch.
Rates are doing all the work here. When yields spike, gold gets crushed. Simple as that.
This isn't a fundamental gold story anymore, it's a rates story. If 10-year keeps climbing, $GLD stays under pressure. If rates roll over, gold bounces hard.
Watch the bond market more than the metal right now.
Rates are doing all the work here. When yields spike, gold gets crushed. Simple as that.
This isn't a fundamental gold story anymore, it's a rates story. If 10-year keeps climbing, $GLD stays under pressure. If rates roll over, gold bounces hard.
Watch the bond market more than the metal right now.