Mohamed El-Erian (former head of PIMCO and former manager of Harvard's endowment) on Bloomberg: "Smart people are replacing a portion of the US Treasuries, in the risk-mitigation part of their portfolios, with high-grade bonds and gold." El-Erian says gold is becoming to have multi-faceted value, analogous to 'big tech'; it's defensive, it's a reflationary trade, it's inflation protection.
https://www.bloomberg.com/news/videos/2020-08-07/el-erian-says-gold-is-becoming-everything-to-everybody-video
OTOH, we have JP Morgan's Anastasia Amoroso, saying JPM is selling calls on gold, because real yields on US Treasuries have stopped dropping (albeit at lower than -1.0% LOL). Does recommend holding gold, just saying calls are underpriced.
https://www.bloomberg.com/news/videos/2020-08-07/sell-gold-calls-as-real-yields-stabilize-jpm-s-amoroso-says-video
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