A few year ago, I could see the political winds were moving to getting real wages up again. This could be achieved either by raising wages, or lowering asset prices (the political aim was to get house price to income ratios down). This line of thinking lead me to a long gold (GLD)/ short Treasury (TLT) trade. It has been a good trade.
However the TLT side of the trade has not broken to a new low since 2023.
Is the GLD/TLT trade done? Or is the TLT side just a waste of time?
