Gold Rally Revives Calls for Investors to Reload on Precious Metals
Gold prices have rebounded above $4,600 an ounce, prompting investors to consider reloading into gold and silver after a recent correction. According to Vallum Capital's August Macro Grid Chartbook, gold returned 9% in August, outperforming the broader equity market by five times.
Vallum Capital advises investors to 'reload' gold and silver, arguing that the correction did not break the precious-metals thesis. The firm points to a sharp rise in central-bank demand, with central banks buying 288.9 tonnes of gold in the second quarter of 2026, up 411% quarter-on-quarter.
The latest rally has been helped by falling US Treasury yields and a weaker dollar after the US Treasury announced larger purchases of longer-dated government bonds. Lower yields reduce the opportunity cost of holding gold, while fiscal concerns are reviving the currency-debasement argument.