In short: Thomas keeps buying her twice-given final trade into Citi's $4,800 call; Terranova distrusts the bounce. Thomas: "it was my final trade… on August 19th and September 2nd and it's down 1 to 3%… I think it's more attractive now and I would still buy it… it is generally a 0 yielding asset. So when rates rise, gold is less attractive. But I think now it's become a geopolitical hedge again… an attractive entry point with gold trading below 4300. I remember when we were so worried about it being 5000 and people were calling for seven and 8000… I'm still long and bullish." Terranova dissents on the chart: the parabolic peak was January, and the last 30 days are "this little reflex momentum driven gold move higher in the context of a larger downslope for 2026… I don't trust the rebound."
IAU is a fund that holds physical gold, so it moves with the gold price. Gold pays no interest, which normally makes it less attractive when rates rise — and rates are rising.
Thomas buys it anyway because she thinks gold's role has changed back to insurance against geopolitical trouble and against central banks losing control of inflation. With gold under $4,300 after a January spike toward $5,000, she sees a better entry than when everyone was excited. Terranova disagrees on the chart: this year's trend is down, and he thinks the recent bounce is just a short-term blip.
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