> Gold has allegedly been making long-term real returns for years now, which is nonsense. Gold can make real returns in anticipation of negative real yield bon

> Gold has allegedly been making long-term real returns for years now, which is nonsense. Gold can make real returns in anticipation of negative real yield bonds. If the next 5 years are guaranteed to be 2% inflation with 0% interest rates, Gold will immediately yield 10% real upfront and flatline until then, assuming no other present "anticipation" effects.