Ann: Change in substantial holding, page-5

2022's expectation and eventual raising of US rates by 25bips didn't make gold flinch which implies that investors think inflation will still be running ahead of rate increases making gold the better hold. The next rate increase will be 50bips for sure. But even then, many doubt the brakes will do anything to slow the train. The Fed will have to push the economy into recession to quell prices sufficiently. Biden's economic war with Russia isn't going to help. And then let's see how well the USD holds up with their $31Trillion of debt while countries start to fix crude and commodity trades in other currencies. ATM the USD is riding high but dollar hegemony might be at the beginning of the end.