The challenge for gold prices in persists barring further escalation in the conflict between Russia and Ukraine, drawing in the EU, the US, and NATO into a widespread conflict, there are few bullish catalysts on the horizon. The macro fundamental environment should prove increasingly difficult for gold prices as Q3’22 progresses, particularly now that all major central banks have wound down their stimulus efforts. Gold, like other precious metals, does not have a dividend, yield, or coupon, thus rising sovereign real yields (particularly US real yields) remain problematic. Put another way, when other assets are offering better risk-adjusted returns, or more importantly, offering tangible cash flows during a time when inflation pressures are raging, then assets that don't yield significant