Something important happened to the macro trade in Q4 of 2022, and this is evident in numerous markets. This is when the S&P 500 was setting its current three-year low, and it’s right around the time that markets started to gear up for the Federal Reserve to move away from their heavy-handed rate hikes designed to temper inflation. At the time, gold was trading around the $1650 level and a strong bounce developed in Q4 of 2022 as market participants tried to get in front of a possible policy pivot. A year later, and we’re still hanging on to the same hope with a fresh injection of optimism after the December FOMC rate ... (full story)