The Collateral Alibi: Cross-Examining Gold, The Five-Handle, And The Case For Tokenised Metal
A broker’s note says gold has overtaken Treasuries and that its link to real yields is broken. I tested both against primary data. The ECB’s own valuation-adjusted numbers say Treasuries still lead 26% to 16%, and the gold/real-yield correlation was at its tightest right after the Russian asset seizure. What actually changed is the level, not the slope – and that is why tokenised, leased gold matters at a five-handle.
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