Charlie Morris latest take24 Jun 2026 14:17
CM:
I do not think gold bull markets end in periods with high real rates. More likely, they begin from periods of high real rates. Moreover, the central banks are not stupid, and they are lapping up the opportunity to buy the dip.
Atlas Pulse Gold Report Issue 115;
I do not think gold bull markets end in periods with high real rates. More likely, they begin from periods of high real rates. Moreover, the central banks are not stupid, and they are lapping up the opportunity to buy the dip.
Bear, or Correction?
For us gold bugs, life before 28th January was so much easier. In 2025, gold rose by 64.6%, the best year since the 126.5% surge in 1979. In 2026, gold is down by 5.8%, and 24.9% since the peak. Over five years, the gold price is up by 128% and over ten years, 203.3%.
The question remains whether this is a correction within an ongoing bull market, or a prolonged downturn, that we saw post 1980 and 2011. I remain in the correction camp. Several things have turned against gold, but we mustn’t underestimate the power of gravity. Gold has done well, too well perhaps, and all bull markets are periodically tested.
There are times when the dollar doesn’t matter that much for gold and times when it does. For example, in 2001, 2005, 2010, and 2019, the dollar rallied alongside gold, because the macro case at the time far exceeded the dollar headwind. At other times, when the macro case for gold has been lesser or exhausted, dollar rallies have been detrimental, such as in 2008, 2014, and 2022.
Summary
The gold bull market could be over, but I don’t believe a word of it. The central banks have its back, and the next major move in real rates can only be lower, but I can’t promise that will be soon.
Thank you for reading.
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