Gold has been one of the standout performers globally, climbing to record highs as investors seek protection from persistent geopolitical tensions, central bank buying, and an uncertain macroeconomic backdrop. Carrara Capital CIO David Sokulsky joins HotCopper’s Expert Exchange to discuss whether gold is still a structural bull market, and where it’s likely to go amid geopolitical instability.
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While the precious metal has enjoyed a remarkable rally over the past eighteen months, the next phase for gold may depend less on fear and more on the path of inflation, interest rates and the U.S. dollar.
In this edition of Expert Exchange, HotCopper speaks with David Sokulsky about the forces driving the gold market, whether the bull run still has further to go, and what investors should be watching across both the commodity and ASX-listed gold producers as Kevin Warsh takes over the Federal Reserve.
The discussion explores whether gold’s rally remains structurally supported or is becoming increasingly crowded, and examines the relative importance of central bank purchases, safe-haven demand, ETF inflows and de-dollarisation in prices.
David also discusses how investors should think about the relationship between gold, inflation, Federal Reserve policy and bond yields, particularly as markets continue to reassess the outlook for global interest rates.
For Oz investors, the conversation also turns to the local gold sector, including whether elevated Australian dollar gold prices continue to provide a favourable backdrop for producers despite rising operating costs.
The interview examines which characteristics separate the strongest gold companies from weaker operators, the recent wave of consolidation among Australian gold miners, and whether further mergers and acquisitions are likely across the sector.
Finally, David outlines the biggest risks that could challenge the gold thesis, along with the key indicators investors should monitor as markets navigate an increasingly uncertain macroeconomic environment.
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