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Gold Report

Gold: Short-term uncertainty, long-term conviction

Monday, 27 July 2026, written by Edward Markus

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.

This report is published: Bi-weekly

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Previous reports

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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Gold: Long-term bull market, short-term headwinds

Monday, 29 June 2026

Structural forces continue to support gold prices, but we believe the current correction phase has further to run.

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Real rates – not inflation – important for gold prices

Monday, 15 June 2026

Does the provisional deal between the US and Iran mean that gold has begun an upward trend towards new all-time highs?

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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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