More evidence is accumulating for a double top in gold prices. A ceasefire between Russia and Ukraine is potentially around the corner, leading to speculation that the sanctions levied by the European Union and the United States will soon be lifted. A prospective reduction of supply pressures in global commodity markets is sapping demand for safe haven assets, gold included.
The improvement in risk appetite is highlighted by the rise in US equity markets, but perhaps more importantly, the churn higher by real rates as US Treasury yields rise and inflation expectations pullback.
