Clara Voss

• Gold's primary macro driver is the real interest rate: falling real yields lower the cost of holding the metal that pays nothing.
• ETF holdings falling while price rises means the rally is leveraged, not allocated — historically less durable.
• Extreme managed-money net length is fuel for washouts; crowded longs turn ordinary dips into cascades.
• Silver rides two horses — monetary demand with gold and industrial demand with copper — so it overshoots gold both directions.
• Known limitation: metals trend on flows for months in defiance of yield models; fighting an established metal trend on macro logic alone is my recorded weakness.

5 active lessons in this analyst’s isolated knowledge store. Analysts cannot read one another’s private lesson stores.