Rates

The rise in 10-year US rates accentuates inflation and pressure on consumers, increasing the risk of a market correction.

France is known for having the 4th largest stock of gold in the world, even though the country ranks 23rd in wealth per capita. In fact, over 2,400 tons of gold, or €146 billion at €60,000/kg, are stored in the vaults at 39 Rue Croix des Petits Champs in Paris. But do the French own so much gold...

It's still too early to know whether a second wave of inflation will occur, but gold seems to suspect it...

Zimbabwe has replaced its local dollar, which collapsed after less than 5 years in existence, with a new gold-backed currency. This is the latest step taken by President Emmerson Mnangagwa's government to end decades of monetary chaos.

The U.S. Treasury bond-buying program is impacting the markets, with potential implications for the dollar and precious metals, notably gold and silver.

The dual situation of the Bank of Japan stalemate - whose credibility is currently being tested by the markets - and the ongoing currency war are clearly benefiting gold.

A gloomy outlook: inflation is set to remain persistently high in Europe. We've been saying this for a long time. A Natixis study supports this view and identifies several factors (which we re-rank in order of importance) driving up prices in the long term.

Gold is attracting growing interest in an international environment marked by multiple challenges and a climate of permanent uncertainty. Progressive de-globalization and contemporary societal aspirations also accentuate the importance of an independent asset, subject to no authority.

The United States is entering a period of stagflation, a scenario that is enabling gold to set a new all-time record, confirming last week's breakout. Gold always rises during stagflation.

In a January 2024 publication, JP Morgan unveiled its outlook for the gold price. The world's leading bank, with a market capitalization of over $500 billion, stated that “a cutting cycle is expected to be positive for bullion and supportive of a rally in prices in the second half of 2024”.