For sovereign duration exposure, investors should own gold rather than 10-year US Treasuries; a 0% real yield on gold with appreciation potential is preferable to negative real yields on Treasuries.
normativepending
Speaker
Luke GromanEvidence Quote
“I think all of your duration for sovereigns should be in Gold I would rather earn zero in gold with a 5.3% t- bill kicker than I own 4% owning 10year treasuries for the United States”
Source
Luke Gromen: Expect Market Turbulence Ahead Due To Tightening Liquidity— Adam Taggart | Thoughtful Money®Created: 8/12/2026, 10:19:56 PM
My Notes
Loading notes...