Interview on ‪@AlArabiyaBusiness‬ on August 3rd, 2026

Gold Is Rerunning the 1970s, Correction Included Gold near $4,050 sits roughly 28% below January's record above $5,590, and the consensus read is that the cycle has topped; the more instructive read comes from the last comparable regime. Between 1973 and January 1980 the metal rose more than tenfold to its $850 peak against a backdrop that rhymes closely with today: an energy shock born of Middle East conflict, inflation that policy could not quickly contain, and geopolitics repricing the value of assets no government can sanction or freeze. What most commentators forget is that the 1970s bull market was interrupted mid cycle, with gold nearly halving between late 1974 and mid 1976, a correction that flushed out leverage before the far larger second leg began. Today's setup carries the same ingredients plus one the 1970s lacked: central banks and sovereigns are accumulating as a matter of policy rather than price, a bid that responds to politics, not to yield or momentum. The recent weakness has been concentrated in paper markets, a futures and ETF liquidation rather than official sector selling, which is what a positioning washout looks like rather than a change in trajectory; July's small gain, the first monthly advance since February, is consistent with that read. The honest caveat is that historical parallels are a lens, not a timing tool; the 1976 low took the better part of 2 years to form, and a Fed that actually hikes into this energy shock could extend the correction before the structural bid reasserts itself.