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Advanced Gold Analysis
The macro variables that actually drive the gold price: real yields, the dollar cycle, mining supply, and the gold-silver ratio.
M. Halden · Macro Editor 4 lessons 28 min total
Course lessons
- 1Real yields — the single most important variable
Why the 10-year TIPS yield explains more of gold's price action than any other input.
8 min read - 2The dollar cycle and gold
Gold is priced in dollars. Long dollar cycles matter more than daily moves.
7 min read - 3Mining supply and the cost curve
Why gold supply is inelastic — and what all-in sustaining cost tells you about the floor.
7 min read - 4The gold-silver ratio
A 5,000-year signal, and how modern investors actually use it.
6 min read
About M. Halden
Macro editor focused on inflation, real yields, and global central bank policy.
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