From bad to worse for gold; Iraq the next to leave OPEC?

Gold has been caught up in the souring of risk sentiment towards AI-related assets, and its strengthening correlation with equities is one reason why we think gold prices have further to fall in the next eighteen months. Meanwhile, Iraqi officials cast doubts on the country's OPEC membership, adding to the sense that cohesion is breaking down within the group, and gives us more confidence in our view that an oil glut will re-emerge next year.