Gold isn’t showing signs of true dollar debasement, if it were, there would be an even more severe market reaction, says Merk Investments co-founder and CIO Axel Merk on this Macro Matters edition of the FICC Focus podcast series. Merk joins host and Bloomberg Intelligence Head of US Rates Strategy Ira Jersey to discuss the reason gold has been climbing rapidly in recent weeks. Merk thinks the gold rally is due to speculators, central-bank and institutional buying, while he outlines how retail investors seem to have been sellers. Good management among gold producers is key for adding value when investing in the precious-metals sector. The two discuss the shifting relationship of real yields and gold performance.

The Macro Matters podcast is part of BI’s FICC Focus series.