With the recent rise in long-term interest rates, the bull market in bonds is probably over although equities remain quite strong now.
Only now, having sold gold in the past couple of years, Western institutions may find it difficult to rebuild their gold ETF holdings without bidding gold prices to much higher levels because many of the buyers since 2011 — Chinese households or the Russian central bank, for example — have no interest whatsoever in selling . . . not now and not for many years or even decades to come., Jeff Nichols said.
The large scale institutional sell off mostly in gold ETFs has ensured supplies to meet the continuing demand for the physical metal by Asian investors and central banks, he added.