Research
Independent macro and quantitative research focused on capital structure, liquidity regimes, and disciplined risk allocation.
Current note
Gold: Liquidity & Real Yield Structure
A structured framework for mapping gold’s medium-term behavior through real rates, USD liquidity conditions, positioning stress, and volatility regimes.
Executive summary
- Real yields remain a primary driver of gold’s medium-term structure.
- USD liquidity conditions shape risk appetite and drawdown behavior.
- Positioning stress and volatility regimes influence convexity and timing.
Framework
Liquidity regimes
We map macro outcomes to funding conditions, real rates transmission, and the USD complex.
Volatility structure
Volatility is treated as information: regime shifts, convexity risk, and positioning stress.
Risk allocation
Preservation precedes return. Risk is engineered, not assumed.
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This material is for informational purposes only and does not constitute investment advice or a solicitation.