By Simon White, Bloomberg Markets Live reporter and strategist, cross-posted from Zero Hedge.
Real yields should provide an even greater tailwind for gold through the rest of 2023, supported by a weaker dollar and by buying from reserve managers.
Gold is flirting with all-time highs versus the dollar and several other currencies, while it is at its highs versus several more currencies, such as the Japanese yen, the Australian Dollar and the Indian rupee.
Gold is often simplistically taken as an inflation hedge. However, the correlation between gold returns and CPI is very close to zero over the long term. Instead, the interplay between inflation and interest rates — i.e. real rates — is more meaningful for gold.
Gibson’s Paradox stemmed from the observation that real interest rates and gold move inversely to one another (named a paradox by Keynes as it contravened standard economic theory). Gibson’s Rule said that for every percentage point the real fed funds rate was below 2%, gold should rally 8% over the next year.
The data gives a more nuanced answer. The chart below shows the subsequent one-year return of gold (in dollars) for different real-rates buckets. There is more of a parabolic relationship with real rates and gold rather than a straight line.
Real rates (-1% now) are currently very favorable for gold on historical basis.
Furthermore, real rates are set to get even more gold-friendly. CPI fixing swaps and the current level of Fed rates show that the spot real rate is expected to be between 1% and 2% for most of the rest of this year, i.e. in the most favorable bucket for forward gold returns.
If we add to this real buying from reserve managers, the backdrop has fundamental support. It is way too premature to call the end of the dollar as the world’s reserve currency, but it is clear countries are diversifying away from USTs, and some of the gap is being filled by gold.
Add in a dollar downtrend that looks intact for now, and gold should continue to perform well, and quite conceivably start making all-time highs in several more currencies, not least the dollar.
Three Reasons a Coffee Gift Set From This Christian Company Is Perfect for Christmas
When you’re searching for a Christmas gift that’s meaningful, useful, and rooted in faith, you don’t want to settle for anything generic. This season is filled with noise — mass-produced products, last-minute picks, and trends that fade as quickly as they appear. But one gift stands apart because it blends genuine quality with a message that matters: a coffee gift set from Promised Grounds Coffee.
This small Christian-owned company has become a favorite among believers who want to support faith-driven businesses while giving friends and family something they’ll actually enjoy. Here are three reasons a Promised Grounds Coffee gift set may be the most thoughtful and impactful present you give this year.
1. It’s Truly Delicious Coffee
Too many “gift-worthy” coffees look beautiful in the package but disappoint when the cup is poured. Promised Grounds takes the opposite approach — exceptional taste first, thoughtful presentation second.
Their beans are sourced with care, roasted in small batches, and crafted to bring out a rich, smooth flavor profile that appeals to both casual drinkers and true coffee lovers. Whether someone enjoys bold, dark roasts or lighter, more delicate blends, every sip reflects quality that stands shoulder-to-shoulder with the biggest specialty brands.
Simply put: this coffee is good. Really good. Some say it’s absolutely fantastic. If you want a gift that won’t be re-gifted, ignored, or shoved in a cabinet, this is it.
2. It Spreads the Word While Serving a Real Purpose
There are many Christian gifts that are meaningful… but not exactly practical. There are also useful gifts that have nothing to do with faith. Promised Grounds Coffee bridges both worlds beautifully.
Each gift set delivers an encouraging, faith-centered message through its packaging and presentation — a simple but powerful reminder of God’s goodness during the Christmas season. The cups are especially popular and serve as a daily reminder of the blessings from our Lord. At the same time, the product itself is something people will actually use and appreciate every single day.
It’s a gift that uplifts the spirit and fills the mug. A gift that points loved ones toward Scripture while still being part of the normal rhythm of life. And in a culture that increasingly pushes faith to the margins, giving a gift that quietly but confidently honors Christ can make a deeper impact than you might expect.
3. It’s Affordable, Valuable, and Elegantly Presented
Many people want to give something meaningful without breaking their Christmas budget. Promised Grounds Coffee strikes that perfect balance — the sets look and feel premium, but the price remains accessible.
The packaging is classy, clean, and gift-ready, making it ideal for:
- Family members of all ages
- Co-workers or employees
- Church friends or small-group leaders
- Hosts, neighbors, and last-minute gift needs
It’s the kind of gift that feels more expensive than it is — and more thoughtful than most of what you’ll find on store shelves.
The Perfect Blend of Faith, Flavor, and Christmas Cheer
A coffee gift set from Promised Grounds Coffee checks every box: a gift that tastes amazing, conveys your faith, supports a Christian business, and brings daily enjoyment to the person who receives it. In a season when so many gifts are forgotten, this one stands out for all the right reasons.
If you want a Christmas present that reflects your values and delivers genuine joy, Promised Grounds Coffee is the perfect place to start.