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Luke Gromen: U.S. bondholders faced major challenges following 1896 gold speech

Luke Gromen: U.S. bondholders faced major challenges following 1896 gold speech
U.S. bondholders faced prolonged real losses

Luke Gromen, founder, president, macroeconomic analyst, investor at FFTT, LLC (Forest for the Trees), draws a parallel between past and present attitudes among U.S. bondholders.

Gromen references Liaquat Ahamed’s work "1873," noting that similar views prevailed during the response to William Jennings Bryan’s "Cross of Gold" speech in 1896. He highlights that bonds performed very poorly in real terms for several decades after that period, suggesting that financial cycles and attitudes tend to repeat over time.

Gromen has previously argued that allowing gold prices to rise could help balance U.S. trade and weaken the dollar, potentially spurring Chinese consumption, according to a recent note (here). He has also noted that gold has historically outperformed other major sectors during late-stage U.S. capex booms (here). These observations reflect his ongoing focus on the cyclical nature of financial markets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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