Absolutely love your work! On Gold/Real Yields I think it’s no coincidence that you can trace back the divergence to Russia sanctions and reserve confiscation. And then see acceleration at Miran’s Mar a Lago accord and Hudson speech. If central banker think reserve investment vehicle could be garnished or termed out to zero coupons at will, why would I hold? All other reasons you cite are factors for sure, but at end of day Trust is a large component of value!
Absolutely love your work! On Gold/Real Yields I think it’s no coincidence that you can trace back the divergence to Russia sanctions and reserve confiscation. And then see acceleration at Miran’s Mar a Lago accord and Hudson speech. If central banker think reserve investment vehicle could be garnished or termed out to zero coupons at will, why would I hold? All other reasons you cite are factors for sure, but at end of day Trust is a large component of value!