Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why Gold Is Quietly Outperforming Tech Stocks
In this episode of The Macro Memo with Fexingo, Lucas and Luna explore a surprising divergence in 2026: gold is quietly outperforming the tech-heavy NASDAQ. With the S&P 500 near 7,545 and the NASDAQ at 26,181, gold has rallied nearly 15% year-to-date while real yields remain elevated at 4.53% on the 10-year Treasury. They examine the drivers — central bank buying, sticky inflation above 3%, and a labor market that's cooling but not collapsing. Lucas breaks down why the traditional inverse relationship between gold and real yields has broken down, and what that says about investor…
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