How to Play the Gold Break-Out in Fixed Income Markets
Today gold is trading over $1,305, for the first time since November 4, 2016.
The breakdown in the USD Index last week was a good signal telegraphing the short-term breakout in gold.
Gold is notoriously difficult to value, but we have found one relationship that seems to consistently work. In the Flow of Funds, we can distill the aggregate value of land in the US by the household sector.