Discover and read the best of Twitter Threads about #year1978

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1/ #RealYield is the ultimate driver for #Gold price; to be exact, it's the #negative #realyield that had been driving the gold price!

An important historical fact was during the 1975 - 1980s hyper-inflationary period, #gold went parabolic due to #realyield going "negative"...
2/ Look at the above chart closely, #gold price started to bottom in tandem with #realyield dropping below 0%; conversely, #gold price peaked ahead of the #realyield turning positive.

In other words, gold price can be a leading indicator prior to the #realyield turning positive!
3/ Today's #gold price action (since Aug2020) is reminiscent of the period during #Year2011's peak where #gold price was dropping in tandem with #realyield prior to the bottoming in #realyield;

Gold price then turned decisively lower as #realyield finally bottomed.
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