---
title: Fool's Gold? How the USD lost its Shine
url: https://www.ml-quant.com/papers/repec/nbr-nberwo-35669/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-16
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:nbr:nberwo:35669
source_url: https://econpapers.repec.org/RePEc:nbr:nberwo:35669
featured: 2026-10-16
citations: unknown
topic: Asset Pricing & Factors
---


# Fool's Gold? How the USD lost its Shine

Rising geopolitical risk fragments safe-asset demand: countries shift toward gold when sanction risk heightens, raising gold prices and Treasury yields as US convenience yields fall.

- Source: https://econpapers.repec.org/RePEc:nbr:nberwo:35669
- Identifier: RePEc:nbr:nberwo:35669
- Released: 2026-10-05
- First featured: Quant Letter No. 135 (2026-10-16): https://www.ml-quant.com/issues/2026-10-16/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors
- Authors: Kai Arvai, Nuno Coimbra, Marco Pinchetti

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