📈   Franklin Gold And Precious Metals Fund Q2 2024 Commentary

Investing

Gold posted its third quarterly gain in a row (+4.3%, to $2,327 per troy ounce) during second-quarter 2024 (2Q24) despite a seemingly tough fundamental backdrop for precious metals: high interest rates, tapering inflation, a strong stock market, and a still-growing US economy. Gold also reached new nominal record highs, though it rose at a more subdued pace than in 4Q23 (+11.6%) and 1Q24 (+8.1%). This is gold’s best quarterly winning streak since the pandemic-blighted 2020. Gold has traditionally traded in an inverse correlation to real (i.e., inflation-adjusted) yield of the 10- year US Treasury note (US10Y), but the relationship in 2024 has shown signs of breaking down.

seekingalpha.com     Aug 21, 2024