Gold prices have rallied more than 30 per cent since the lift-off in US interest rates in December. A sharp reversal in pricing, sentiment and positioning driven by myriad factors has left gold bears and bulls as polarised as ever.
The bearish camp, with analysts such as those at Goldman Sachs, tends to have a constructive view on the US dollar and the ability to raise interest rates and normalise global monetary policy, and generally a benign view on the global economy and inflationary risks.
In the bullish camp, to which I subscribe, the view tends to be more pessimistic on the global economy and the unintended consequences of monetary policy without limits. It sees the recent price action as the beginning of a multi-year bull run in gold.
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