Gold has been touted as a stagflationary asset, but gold has been falling steadily since March highs. The increasingly aggressive Fed rate hiking expectations and risk-off trading has kept the USD bid. Furthermore, the push higher in yields since the start of the year pushed real yields higher too. However, has the USD reached peak strength now? Will real yields start to push lower? If they do it is worth being aware of gold’s seasonal strong run ahead.

Over the last 54 years July, August, and September have been strong seasonal months. Is gold worth buying now?

Major Trade Risks: A global recession could further strengthen the USD and weigh on gold prices.

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