Thomas Bollinger, Senior Investment Strategist at Vontobel, a Swiss private bank, stated in his latest research report that the long-term bull market for gold "has most likely not ended yet." He believes that the gold bull market will not end due to price, but rather when the market's fear of systemic risk dissipates, at which point interest rates will regain dominance in pricing. This cycle, which began in 2019, has seen an annualized real gold price return of 12.3%, and its driving factors (geopolitical fragmentation and inflation dilution concerns stemming from high government debt) have not substantially eased. Signals to reduce gold holdings would include an easing of geopolitical tensions, progress in fiscal consolidation, and a return to a negative correlation between gold prices and real US Treasury yields.