Gold’s Amazing Resiliency

Gold has certainly had a rough summer, facing withering selling pressure from record futures shorting.  The resulting new secular lows have greatly exacerbated the already-extreme bearish psychology long plaguing this metal.  But considering the howling headwinds gold has suffered in recent years, it has actually proved amazingly resilient.  This indicates strong latent demand due to accelerate as sentiment shifts.
The consensus view on gold today is overwhelmingly bearish, with virtually everyone convinced it is doomed to spiral lower indefinitely.  They argue that gold yields nothing, so therefore why bother owning it?  Especially with the first Fed rate hikes in over 9 years looming!  As interest rates begin inexorably mean reverting higher, rising yields will leave gold even farther behind.  Keynes’ “barbarous relic” can’t compete.