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Alexander Stahel, founder / CIO at Commodity Private Equity Fund, draws attention to ongoing weakness in the Indian rupee and Turkish lira, suggesting they are approaching a bottom.
Stahel notes this trend could signal a significant inflection point for the structural bull market in gold. He highlights that foreign exchange weakness is leading Indian Prime Minister Narendra Modi to restrict gold imports, while Turkish President Recep Tayyip Erdogan is selling gold reserves.
Stahel has previously observed that gold prices have moved in the opposite direction of oil since the war, citing higher demand from Asia and Turkey, especially India and China, in a recent post on gold and oil correlation. In an earlier report, he also commented on Partners Group’s move to limit withdrawals at its flagship U.S. private equity fund to address losses, as noted in a separate statement. These insights add context to his ongoing commentary on currency weakness and the gold market.