09/10/25 -"The Gold Rush"
09/10/25 -"The Gold Rush"
We’re revisiting our 12-month outlook on European banks and sticking to our overweight call. Since our October 2024 update, the sector has kept outperforming, riding the wave of a rapid USD devaluation — a trend mirrored in the sharp rally in gold.
This backdrop continues to play out exactly as our geopoliticalmacro scenario anticipated.
In our view, the gold rush in EU banks still has legs, until the Fed steps in to stabilize the dollar.
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