TD on gold, not holding back on their views!

Gold is:

  • trading below pandemic-era levels


  • a small number of family offices and proprietary trading shops are increasingly feeling the pressure to finally capitulate on their massively bloated and complacent length in gold.


  • Rates markets are now pricing the potential for higher interest rates to persist for some time, and a steady stream of Fedspeak is likely to hammer this point home.
  • In this sense, our analysis suggests gold prices could still have further to fall in the next stage of the hiking cycle.
  • The increase in inflation's persistence suggests that a restrictive regime may last longer than historical precedents, which argues for a more pronounced weakness.
Jeffrey Gundlach is founder and CEO of hedge fund DoubleLine  - speaking Monday (US time) in a pre-e