Geopolitical Verification

The market is currently in a 'trust but verify' mode. Until the first high-volume fleet of tankers clears the Strait of Hormuz without incident, a residual risk premium will likely prevent gold from falling back to pre-2026 levels.

Inflation and Yields

Falling energy prices are beginning to moderate inflation expectations. However, real yields remain suppressed, providing a supportive backdrop for bullion as a long-term store of value.