Did you hope that central banks would normalize their monetary policy? Fat chance but we did. After all, they had ample time and really should, especially that ten years have passed since the end of the Great Recession. But central bankers rarely do what they should. So, instead of seeing the normalization of the monetary policy, we have recently witnessed another round of global monetary easing with the Fed and the ECB in avant-garde.

This is why in this edition of the Market Overview, we examine the recent dovish U-turns among the central banks all around the world, analyzing how the monetary easing will affect the overall economy and the gold market.

We also point out that the real interest rates have recently turned negative (briefly) in the U.S. We look at it more closely, investigating its potential effects on the gold market. Last but not least, we return to the inverted yield curve, presenting the true reasons behind it – and what do they imply for the gold market.