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Gold Report

Gold: caught between geopolitical tailwinds & stronger dollar

Monday, 07 September 2026, written by Edward Markus

Renewed Tokyo-Washington tensions over the yen are fueling safe-haven demand for gold, even as rising real rates and a stronger dollar threaten to cap its advance. In this gold report, we explain why we still see room for gold to rally.

This report is published: Bi-weekly

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Previous reports

What Bessent's bond buybacks really mean for gold prices

Monday, 24 August 2026

Gold's recent rally can be read either as a corrective rebound within a downtrend or as the start of a run to new record highs. We explain why we lean, cautiously, towards the former.

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Gold: Short-term uncertainty, long-term conviction

Monday, 27 July 2026

Higher oil prices and persistent inflation could keep real interest rates elevated in the near term, creating headwinds for gold. However, escalating geopolitical tensions, reserve diversification and structurally expansionary fiscal policies continue to strengthen the long-term investment case. We therefore remain constructive on gold despite the potential for short-term volatility.

 

Please note: due to the summer break, the next Gold Report will be published on 25 August.

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Gold: Patience before the next bull market

Monday, 13 July 2026

Rising interest rates and a stronger dollar could push gold lower in the coming months. Yet we remain firmly bullish over the longer term and view any decline towards $3,500 as a compelling buying opportunity.

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Our Gold Report

We are pleased to present our report given the rising importance of gold as an investment. We recommend reading it alongside our 'Global Financial Markets' report, though both are available individually.

Both reports are authored by our Chief Economist & Founder, Eddy Markus. He brings a wealth of experience having navigated similar market phases in the 1970s when gold was a compelling alternative to stocks and bonds. We are seeing parallels to that era today. 

Readers frequently inquire about the accuracy of our predictions and whether we track them. Naturally, we don't possess a crystal ball, and the primary objective of our analyses is to present our readers with the most probable scenarios in the medium term. However, we do provide specific exchange rate predictions and in general they have been quite accurate.

Download our forecasts for gold for the period from January to December 2024 here below. 

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