Laurent Maurel

Against the stagflationary backdrop and the start of a new cycle of defaults in the United States, gold is logically attracting new buyers.

The gold price, with its string of record highs, tells us that we are on the verge of seeing the detonator of this new inflationary phase. Gold is warning us that we are on the brink of another Fed monetary policy error.

Confirmation of a recession, triggered by an increase in defaults in the country, heralds gold's future outperformance of the classic 60/40 portfolio. This is probably when gold will begin to attract Western investors in a significant way.

China is once again causing concern among analysts. Fears of a deflationary wave originating in China are weighing on commodities and stimulating the accumulation of positions in gold ETFs.

August began with a financial earthquake in Japan. The Nikkei experienced a "Black Friday" with a drop of almost -15%. It all began when the Bank of Japan (BoJ) decided to raise rates at its last meeting, ending the negative rate policy with a rise to 0.25%.

Do Microsoft's results mark the end of a cycle for growth stocks? Will the prospect of lower rates be enough to reverse the current trend in investor sentiment towards technology stocks?

The US real estate market is paralyzed as it awaits a Fed rate cut, while the reduction of import duties on gold in India stimulates demand for precious metals.

Gold is currently benefiting from concerns over the dual problem of debt and deficit in the United States. The more tangible the signs of economic slowdown, the more gold will succeed in reaching highs.

Gold will probably continue to rise until ETF outstandings reach their highest levels, which is still a long way off. Especially as demand for physical gold remains very strong. Despite the high price of an ounce of gold, central banks continue to buy precious metals on a massive scale.

The global economic slowdown is having a direct impact on the accelerating depreciation of the Japanese currency. Under these conditions, the price of gold in yen continues its parabolic rise.

The slowdown in the US economy is amplified by structural problems in the labor market and inflation, masked by a rise in part-time employment and temporary support measures, with an increased risk of recession due to the prolonged inversion of the yield curve.

When a single stock soars, we often lose sight of the bigger picture. NVIDIA, for example, allows us to overlook the fact that banks are facing record losses due to the collapse of the bond market.

The release of a lower-than-expected US CPI and the Fed's decision to keep rates unchanged sent gold lower, while the dissolution of France's National Assembly caused tensions to mount on the French bond market.

US markets hit new highs thanks to the rise of technology stocks, notably NVIDIA, while European households prefer bank savings. At the same time, China and other BRICS countries are increasing their gold reserves, moving away from the dollar.

Gold acts as the ultimate safe haven in today's bond market. The yellow metal is the asset that will eventually put an end to the irresponsible inflationary policies and growing indebtedness of governments the world over.

The price of gold broke another all-time record in all currencies last week. China remains the main driver of this gold frenzy. Trading volumes on the Shanghai market have exploded in recent days.

Inflation seems to be making a comeback in the United States, as shown by the core PPI figures, which indicate an increase in prices paid by manufacturers. The pulses observed on this indicator foreshadow an increase in prices paid by consumers, pointing to a further rise in the core CPI in the m...

It seems likely that last year's silver shortfall will be repeated next year. Current supply is unable to keep pace with ever-increasing demand.

The fact that the price of gold remains above its break line is a signal that the Fed will not be able to keep rates at this level for very long without jeopardizing the refinancing of US debt.

China is trying to slow down the gold-buying craze, while economic pressures in Japan and the United States keep gold as an attractive asset despite high stock market valuations.