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Gold (in yellow) vs. VIX (in green). Is gold the new 'fear index'?
It has systemically decoupled from real rates for sure. Source: Bloomberg
Central banks have continued to load up on the yellow metal
They added 77 tonnes to their gold reserves in August. Net buying is closing in on recent "highs". Gold is trading without much trend, but we are at very big levels. Source: Variant perception, TME
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