Raoul notes that real rates will likely rise in the near term because we'll get deflation mathematically, which would normally be bearish for gold, but his reaction function is that seeing real rates rise sharply would prompt the Fed to print more, so gold still goes up because the correction is driven by policy response, not a true trend change.

causalpending

Speaker

Raoul Pal

Evidence Quote

So you're the Federal Reserve, and you see real rates rise sharply because inflation is lower than people expected. Their reaction function is just to do more...So therefore, gold goes up.

Source

Lyn Alden's Macro Masterclass (w/ Raoul Pal)Real Vision
Created: 8/12/2026, 10:22:19 PM

My Notes

Loading notes...