The Dollar vs. Gold & Real Yields

Historical Relationship, Anomalies, & Outlook

Historically, rising Real Yields have corresponded with outperformance by the Dollar while Gold lags. However, in the past 18 months, we've observed a notable deviation from this norm. The Dollar's peak relative to gold occurred in the fall of 2022, after which gold has significantly outperformed the Dollar despite the continued increase in real yields.…