Soft US inflation data gave markets another reason to celebrate, lifting equities and bonds as investors pushed back expectations for the next Fed rate hike. AI enthusiasm added to the positive mood, with CoreWeave and Nebius surging after strong revenue growth reinforced confidence in booming AI demand.
But inflation remains above the Fed’s target, oil prices are rising again as tensions around the Strait of Hormuz persist, and US borrowing costs remain structurally elevated. Meanwhile, the AI boom increasingly depends on massive financing arrangements, circular deals and a handful of key players, including OpenAI and Anthropic.
Lingering risks make gold an interesting place to look for protection against geopolitical, fiscal, leverage and inflation risks.
Watch the full episode to find out more!
1:18 Benign US inflation data boosts appetite
2:04 ... along with neocloud providers, and broader tech
7:44 But inflation risks are not over, as energy prices rebound
9:31 Gold appetite could return on lingering risks









