Craig Shapiro(@ces921):Gold -3.3% with real yields flat and breakevens up. That’s not a rates trade. It’s investors selling hedges to raise cash. In 2008 and 2020, gold sold off in the deleveraging phase and only bottomed once Fed liquidity arrived. We’re not there yet.

Craig Shapiro

@ces921

Ninja Trader Live: Senior Macro Strategist, Cross-Asset Trader 20+ years, Ex-SAC, Ospraie, Graticule and Circle Lane Capital

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Craig Shapiro@ces921

2026.10.30 17:22

Gold -3.3% with real yields flat and breakevens up. That’s not a rates trade. It’s investors selling hedges to raise cash. In 2008 and 2020, gold sold off in the deleveraging phase and only bottomed once Fed liquidity arrived. We’re not there yet.

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