Gold’s long-term story hasn’t changed, even as prices reach new highs.

On BNN Bloomberg with Roger Petersen, David Aspell, Co-Chief Investment Officer, discussed what’s behind gold’s remarkable climb, explaining that “the underlying demand for it is very real.”

Jerry noted the real swing factor could be the long end of the yield curve. If rising debt pushes long-term yields higher and the Fed has to step in, gold could climb well past today’s levels. He also pointed to the weaponization of the dollar and the pressure from tariffs as forces strengthening gold’s outlook.