Gold is breaking out to record highs in Australian dollars:
Macquarie sees near term weakness:
Gold is surging higher again, and the reason is familiar – bad US economic data stymieing the Fed’s desire to tighten monetary policy. We see gold’s gains as temporary as we don’t believe the US economy is going into a recession and the Fed will achieve a tightening cycle. But it underpins our bullish medium-term view, as an increasingly cautious Fed means lower real rates for longer.