TD Securities’ McKay: Gold Vulnerable to Fed Repricing as Bullish Buyers Thin

The fragility McKay describes is structural rather than sentiment-driven: gold's recent resilience has leaned on a narrow set of incremental buyers, and if rate expectations shift, that thin marginal demand offers little cushion. The offsetting factor is that core holders tied to debasement and de-dollarization narratives have not capitulated, which caps how far a repricing could cascade. The open question is whether a Fed repricing forces those longer-horizon holders to reassess, or whether depressed prices simply draw them back in — the latter would confirm gold's support is thematic, not rate-sensitive.