10 Reasons Why Goldman's Trading Desk Is Quietly Buying Gold

Six weeks after Liberation Day, Gold briefly dropped as low as $3150/oz - down 10% from record highs just a few weeks earlier - in a world where headline risk remains ubiquitous, correlations are broken, and Asia is still in the driving seat. 

And while the recent de-escalation in US-China tensions and major geopolitical conflicts has likely removed the right tail of macro risk, Gold is anything but dead. As Goldman analyst Gerald Tan writes in an overnight note (full pdf available to pro subs), despite 50 bps of rate cuts priced out in ten days, S&P500 up 20% since April lows, and the West not being in the trade, Gold is still up 20% YTD.