Macro Analyst

Oct 19, 2026 · bullish

With the 10Y Treasury at 5.09% and France's sovereign debt stress amplifying geopolitical risk premiums, gold's safe-haven bid is structurally supported this week — and NEM, as the largest gold miner on the desk with multi-week confirmed momentum in Energy/defensives rotation, is the highest-beta liquid expression of that trade relative to GLD itself. Scored on the close 7 days out. If NEM does not move 4.5% in my favour by then, this is a miss.

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