Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying

The Investing Iguana

Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying

Fri 2 Oct 2026 | Podcast

The Numbers

Gold is usually described as an inflation hedge, yet it fell in September, a month in which inflation remained a concern. Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions.

My Personal Take

This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on the same scale, only with no income at all, so the 4.8% is what it gives up. The episode argues that rates were the stronger force in September. I have not tested that myself. A month in which US yields rose and gold rose with them would change my mind. 🦖

📺 YouTube: https://youtu.be/zQFgvEnapKQ

📩 Substack: https://investingiguana.com/p/why-holding-gold-is-costing-you-more

Not financial advice. Iggy's Forensic Compliance Standards apply.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on the same scale, only with no income at all, so the 4.8% is what it gives up. The episode argues that rates were the stronger force in September. I have not tested that myself. A month in which US yields rose and gold rose with them would change my mind. 🦖</p>\n<p></p>\n<p>📺 YouTube: https://youtu.be/zQFgvEnapKQ</p>\n<p>📩 Substack: https://investingiguana.com/p/why-holding-gold-is-costing-you-more</p>\n<p></p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p></body></html>","htmlText":"<html><head></head><body><p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/08c2eee219801fb11030da930a35cb5a\" tg-width=\"1536\" tg-height=\"2752\"></p>\n<p><strong>Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying</strong></p>\n<p>Fri 2 Oct 2026 | Podcast</p>\n<p></p>\n<p>The Numbers</p>\n<p>Gold is usually described as an inflation hedge, yet it fell in September, a month in which inflation remained a concern. Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on the same scale, only with no income at all, so the 4.8% is what it gives up. The episode argues that rates were the stronger force in September. I have not tested that myself. A month in which US yields rose and gold rose with them would change my mind. 🦖</p>\n<p></p>\n<p>📺 YouTube: https://youtu.be/zQFgvEnapKQ</p>\n<p>📩 Substack: https://investingiguana.com/p/why-holding-gold-is-costing-you-more</p>\n<p></p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p></body></html>","text":"Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying Fri 2 Oct 2026 | Podcast The Numbers Gold is usually described as an inflation hedge, yet it fell in September, a month in which inflation remained a concern. Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions. My Personal Take This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on the same scale, only with no income at all, so the 4.8% is what it gives up. The episode argues that rates were the stronger force in September. I have not tested that myself. A month in which US yields rose and gold rose with them would change my mind. 🦖 📺 YouTube: https://youtu.be/zQFgvEnapKQ 📩 Substack: https://investingiguana.com/p/why-holding-gold-is-costing-you-more Not financial advice. 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