Buy gold bids eased back only to rise again in London trade Wednesday morning, recovering yesterday's 3-month high in the wholesale spot price above $1290 per ounce.
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Real interest rates are the level of annual yield paid to savers and investors over and above the pace of inflation. PIMCO makes a convincing case that the number one factor influencing the price of gold is the changes in real yield on 10 year US Treasuries.
For those rich in assets, 2013 was a good year. Equity markets, especially in the US, rose substantially. Property markets continued their recovery. Even bonds, which lose value when interest rates rise, did well overall due to spread compression and the generous ‘roll-yield’ associated with steep yield curves.