Gold Defies Fundamentals as Speculative Fever Drives Prices to Unsustainable Highs
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Gold prices have soared to record highs despite rising real yields, defying typical negative relationship between gold and bond yields
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Explanations include speculative momentum fueling a price bubble, fears of financial crisis driving safe-haven demand, or bets on inflation comeback and rate cuts
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Author believes gold rise predominantly fueled by speculative fervor, creating unsustainable valuations detached from fundamentals
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Sharp correction anticipated as sentiment eventually shifts and prices revert to intrinsic value
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Retail trader positioning can influence gold's near-term trajectory