gold, page-84424

From AFR this morning:

"we believe gold remains attractively valued – one might even say cheap – in the context of historically low real interest rates.
The key risk is that real interest rates rise, making gold relatively less attractive.
At current valuations, however, there is some cushion against this view, with the real-yield-adjusted gold price at the lower end of its range for the last 15 years.
Our base case is that rates remain relatively range-bound; this outlook, combined with our view that momentum and interest in gold causes the real-yield-adjusted gold price to move higher, points to gold still having more upside from here."