Rates

Today, the price of gold is rising primarily as a sign of gradual currency depreciation. Tomorrow, it could rise as a safe-haven asset amid systemic uncertainty.

U.S. federal debt has now surpassed the 100% of GDP threshold. This figure refers to federal debt held by the public ($31.27 trillion), excluding debt held by the Fed. Total debt therefore stands at $39 trillion, or 122% of GDP.

The latest inflation figures suggest a resurgence of inflationary pressure. Producer prices rose by 0.5% over the month, bringing the annual rate to 4.0%. Against an already tense backdrop in the energy sector, figures like these are enough to fuel the narrative that inflation is on the rise agai...

The war in Iran is not only contributing to a resurgence of inflationary pressures across the Atlantic, thereby destabilizing financial markets, but is also accelerating the global shift away from the dollar.

While some banks maintain expectations of prices exceeding $6,000 per ounce, and following gold’s spectacular rise in 2025, should we expect this super-cycle trend to continue?

The price of gold is currently under pressure, not because its fundamentals are being called into question, but due to forced selling.

While equity markets remain artificially propped up by low volatility, gold is consolidating. This phase does not reflect weakness, but rather a period of accumulation.

The conflict in Iran reminds us that the world has truly entered a new era. The recurrence of wars is accompanied by persistent inflationary risks and a profound redefinition of global balances. How might financial markets and gold prices react?

The gap between the euphoria in the equity markets and the first cracks emerging in certain areas of credit is striking. In this environment, gold plays the role of an insurance against a financial accident or a sudden reversal in liquidity.

The downturn is now global and simultaneous: US consumption is running out of steam, unemployment is rising in Europe, household and business confidence is collapsing in China, while defaults are increasing and bond flows betray a growing flight for safety.