1. 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

2. 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

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

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

5. 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

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

7. Disclaimer
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