Gold's Resilience Signals Renewed Advance, Hansen Says

Looking ahead, Hansen said the case for a renewed advance in gold continues to strengthen. He cited growing concerns about fiscal sustainability, questions about the Fed's credibility, robust physical demand from Asia, and the prospect of a weaker dollar once markets begin pricing in slower growth. All of those factors, he said, provide increasingly supportive longer-term fundamentals.

At the same time, the recent wobble in the AI-driven equity rally is a reminder that expectations in that sector remain exceptionally high, and delivering future growth requires ever-larger capital commitments, Hansen said. Against that backdrop, he said tangible hard assets -- including precious metals and selected commodities -- deserve a meaningful place in a diversified portfolio, especially with geopolitical uncertainty, inflation risks, and fiscal imbalances still elevated.

Hansen said he is due back from holiday next week and plans to revisit these themes, seeing whether the market has confirmed or challenged his initial observations.

For a broader look at how gold fits into the current macro environment, see the gold profile.