Gold just got smoked — down ~3% today, silver even worse.
Everyone keeps parroting that "30% gain" — but that's trailing 12-month data, and basically all of it happened before February. Gold's record close? January 29. Since then, it's been a slow bleed.
YTD, gold is up a measly 3.3%. Meanwhile, the S&P is up 12.8%. Not even close.
The real tell? Bonds didn't move. Long Treasuries dropped just 0.4% while gold cratered 3.1%. If this were a genuine Fed repricing, bonds would've led the move. They didn't.
Gold now needs to rally 21.2% just to get back to its January close. That's not a dip — that's a structural shift in positioning.
If you're still holding gold as a Fed hedge, you might want to check what the bond market is actually saying.
Everyone keeps parroting that "30% gain" — but that's trailing 12-month data, and basically all of it happened before February. Gold's record close? January 29. Since then, it's been a slow bleed.
YTD, gold is up a measly 3.3%. Meanwhile, the S&P is up 12.8%. Not even close.
The real tell? Bonds didn't move. Long Treasuries dropped just 0.4% while gold cratered 3.1%. If this were a genuine Fed repricing, bonds would've led the move. They didn't.
Gold now needs to rally 21.2% just to get back to its January close. That's not a dip — that's a structural shift in positioning.
If you're still holding gold as a Fed hedge, you might want to check what the bond market is actually saying.