Gold Quietly Stages a Revival as Rate-Hike Fears Fade and the USD Rally Stalls

The CAPE Multiple Breaks Higher to 41x, the Highest Since September 2000 (ahem)

Key Takeaways

• Gold Rallies as Dollar and Fed Rate Hike Expectations Fade: It’s a mixed start to the session for global equities. The DXY dollar index continues to cling to its 100-day moving average at 99.7, but the peak is in. The recovery in gold has been extended — advancing a further +0.5% to just under $4,270/oz. The U.S. dollar no longer going up, and Fed rate hike expectations beginning to recede a touch have provided a big assist to bullion of late.