Strategy Report
Rising Debt-to-GDP Ratios Support Gold
The downgrade of the US credit rating highlights the risk of fiscal dominance overriding the Fed’s long-standing monetary dominance focused on its dual mandate. This threatens to push inflation and long-term interest rates higher. It also will redound to the detriment of the USD, and governments’ and investors’ willingness to hold it. China’s liquidity trap will keep its inflation subdued in the short run, but not forever. We remain long gold as a hedge against fiscal dominance and USD debasement risks.
BCAリサーチ | Commodity & Energy Strategy
One macro framework for rates, FX, credit, and commodities, helping investors connect cross-market signals and position with clarity and conviction.
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