Gold and Silver: Ultra-Low Rates Limiting Downside Pressure from the Fed's Pending Policy Normalization August 2016 Bart Melek Head of Global Commodity.

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Presentation transcript:

Gold and Silver: Ultra-Low Rates Limiting Downside Pressure from the Fed's Pending Policy Normalization August 2016 Bart Melek Head of Global Commodity Strategy

Gold and Silver Prices in Real Terms Gold & Silver Respond to Policy — Up When Fed Behind Curve, Down When it Catches Up Gold and Silver Prices in Real Terms

Ultra-Low Bond Yields Muting Negative Impact of Higher Fed Policy Rates on Gold Real Rates and Gold

Specs Drive the Bus for Gold in the Short-term Investment Flows for Gold since 2006

Gold Spec Long Position as % of Global Stock/Bond Market Assets For Good Reasons, Specs Moved in on Weak US Payrolls and Brexit Implications Gold Spec Long Position as % of Global Stock/Bond Market Assets

Oil & Precious Metals Travelling Together — Except When They Don't Oil and Precious Metals Prices

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