* Gold worked off early year retail excess, moving into a more constructive technical and seasonal period<br/>* The strategic case for gold is much wider: rich risk asset valuations can neither be sat out nor left unhedged<br/>* History (no guarantee of future performance…) supports increased gold hedges in

Ben Levett

FX Strategist

Barbarous Relic or Strategic Hedge - Gold in a late-cycle portfolio

* Without being alarmist, the market arguably needs to factor in the risk that the elections do not proceed smoothly to a clean conclusion. At the moment, there is no risk premia<br/>* The markets hope that the destination is some degree of gridlock and thus reduction in extreme policy (albeit with mixed

September 01, 2026

Barbarous Relic or Strategic Hedge - Gold in a late-cycle portfolio

August 17, 2026

From Hanging Chads to Hanging By a Thread – ‘Alternative’ US Election Risk Scenarios