The two major catalysts that will propel gold to new all-time highs are veering in different directions.
US real yields are challenging fresh decade highs (not ideal for a gold rally) while the dollar is pressing against its year-to-date lows.
A breakdown in the US dollar index $DXY would no doubt send gold bugs dancing in the streets everywhere around the world.
I believe a weaker dollar remains critical to the next secular uptrend in Gold. But do real yields need to roll over as well?
I’m leaning toward no. Here’s why…