Gold Rally

This looks less like a speculative commodity rally and more like a macro repricing.
A softer dollar, rising term premium, and persistent fiscal dominance are pushing investors toward real assets as balance-sheet protection, not just return seeking.
Gold at new highs is a signal: confidence in nominal anchors is being tested, while volatility is migrating from rates into FX and commodities.
The key question now is not upside momentum, but whether policy reaction functions can re-establish credibility without destabilizing growth.