Laurent Maurel

The hope of a "pivot" by the Fed curbed the appreciation of the dollar, which had just set an all-time record against the Japanese yen. The depreciation of the dollar is benefiting the gold price, which is once again approaching its $2,000 resistance level.

Rising interest rates have led to a significant increase in the burden of public debt. The United States now has to pay over $1 trillion in interest, an amount that has doubled in just nine months. This burden is set to rise considerably further, as most of the debt is short-term, requiring refin...

Far removed from the turmoil of the bond markets, gold continues to move ahead without the slightest speculative excess, and in a climate of general indifference.The price of gold in yens is now rising exponentially, just as it would against any currency of a country in a sovereign crisis.

The relationship between gold and real rates broke down when real rates turned positive again. What counts now is the search for solvency, not the search for yield. The return of investment takes precedence over return on investment.

The rise in interest rates initiated by the Fed has had a devastating effect on bonds, which were massively purchased by banks, insurers and pension funds when rates were low. The question is whether this fragility in the banking and insurance sector is likely to trigger a credit crunch.

Inflation seems to be picking up again in the United States. In addition to the geopolitical situation, there is also likely to be a great deal of unrest on the US debt front.

The current bond crash is historic. The EDV ETF, which measures the price of very long-dated US Treasuries, has fallen by 58% in just over a year. The bond market's current fall is now greater than that recorded by the equity market during the last financial crisis in 2008 (-56%).

The price of gold falls in London while it rises in China. The divergence reported in my last article continues this week. The Chinese gold and precious metals market seems to be following its own trajectory.

30-year Treasury bonds have fallen by more than 50%. Losses are starting to mount again, and this is worrying many observers. Although the US is not exposed to the risk of default, this decline reflects the effects of tighter monetary policy.

In the United States, the consumer price index (CPI) rose by 0.6% in August and by 3.7% year-on-year. This is an acceleration on the 0.2% monthly increase and 3.2% annual gain published in July. The year-on-year increase is higher than the economists' forecasts. In other words, August's CPI excee...

Gold is testing all-time highs in many currencies. Gold in yen is achieving this performance at a time when the Japanese bond market is going through an unprecedented crisis of confidence.

On July 27, figures released by the US administration showed GDP up by 2.4%, well above the 2% anticipated by analysts. The U.S. economy seemed to be resisting the sharp rise in interest rates better than expected. But the administration published a terse correction: the increase in GDP was not 2...

With the recent rise in interest rates, demand for credit is collapsing in many sectors of the economy.

US fiscal policy is incompatible with current monetary policy, whose primary objective is to bring down inflation. This incompatibility between fiscal and monetary policy is also the reason for gold's resilience, despite the recent explosion in interest rates and the dollar's rise against the yen.

Against an already tense liquidity backdrop, a new banking stress story emerged this week. The threat of a credit event is likely to support the gold physical demand in the short term.

In the United States, public finances continue to deteriorate. Faced with a weak currency, Japan's central bank is forced to let rates rise. The price of gold in yen broke an all-time record, amid complete media indifference.

The price of gold has rallied in recent days. Not only is the battle against inflation far from won, but the risk of a monetary policy error is also increasing.

Since the introduction of measures enabling banks not to bear bond losses on their balance sheets, the markets have not recorded the slightest correction. We have just witnessed six months of spectacular gains. It's as if the Fed had assured the markets that it would not hesitate to intervene at...

Not only does the US government have to cope with higher loan repayments due to rising rates, but it also has to support an economy that has been amputated by a growing number of consumers who no longer have access to credit due to prohibitive rates.

The US economy continues to send very mixed signals. The number of bankruptcies in the US has risen sharply in recent weeks. Gold prices should have fallen further with weakening Chinese demand and the dollar's Olympic form.