Don't scrap gold yet

Gold is set for its worst monthly performance since 2016. The more hawkish tone of the Fed bringing earlier rates hikes in play, the direction of real interest rates and higher appetite for riskier assets like equities are amongst the reasons pushing out investors of this safe havens as they see less need for an inflation hedge. The ratio of the S&P 500 to gold will be soon at a 15 year high, probable one of the strongest signs how fearless investors currently are. We believe there are a lot of arguments speaking in favour of the yellow metal ( and the gold miners ) currently.