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Gold and Dollar Lack Drama, but Long-Term Trends Intact

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Long-term gold uptrend and dollar downtrend remain intact, and we are aligned with those trends. Gold uptrend supported by negative real rates, global reflation, rising inflation expectations and the dollar weakness. Dollar downtrend supported by economic differentials, the U.S. budget deficit, and real yields that remain too low for the dollar to benefit from widening rate differentials.

Ned Davis Research | Equities | Global Focus | Weekly

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