Gold and macro environment, page-221

Thanks for the list.

SPR is beginning to look like the next Northern Star post 2017 for non-P/E reasons as well.

Acceleration declines in MoM inflation driving the Fed (with lower gasoline prices to feed into next month's print), so a topping of the official rate is now imminent. UST10Yr yield back at early 2023 levels, and US IR decline set-up to accelerate downwards in real terms - the true driver for the US$ price of gold. So, it just comes down to the A$ performance for our local gold price outlook, which looks like it's in the 1.40-1.50 range for the foreseeable future. Unless iron ore punches back though US$100/t - and not many are calling that - this is only the end of the beginning for the A$ gold price.

The non-hedged stocks will outperform you'd think.