28 September 2023
In the event of a US recession, Treasury 10-year yields might approach a robust 3%, and the S&P 500 might stabilize around 3,000. This adjustment aligns with the anticipated movement of copper towards a solid $3 a pound. The rise in precious metals compared to industrial metals is consistent with a slowdown in global growth, positioning gold and other precious metals favorably. Bloomberg Economics anticipates this trend to become more evident by year-end.