When gold has two masters: Demand versus rates and inflation
Published . Updated .
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This report is about gold and inflation and prices.
Directly affected
- No company is named in this report.
Indirectly affected
- GLD SPDR Gold Shares-5.3% 30d
SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- GDX VanEck Gold Miners ETF-13.0% 30d
VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- TIP iShares TIPS Bond ETF-0.0% 30d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- NEM Newmont-13.0% 30d
Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- WMT Walmart+20.2% 30d
Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- AEM Agnico Eagle Mines-9.4% 30d
Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story.
- COST Costco Wholesale+16.7% 30d
Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
- PG The Procter & Gamble+12.8% 30d
The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GLD | -5.26% | -4.33% | base | -1.20% | after close | after close | after close |
| GDX | -10.08% | -9.45% | base | +0.07% | after close | after close | after close |
| TIP | +0.43% | -0.14% | base | +0.03% | after close | after close | after close |
| NEM | -11.00% | -10.27% | base | +1.40% | after close | after close | after close |
| WMT | -3.29% | -2.27% | base | -2.09% | after close | after close | after close |
| AEM | -12.50% | -11.48% | base | -0.79% | after close | after close | after close |
| COST | -5.04% | -4.40% | base | -0.95% | after close | after close | after close |
| PG | -3.29% | -3.00% | base | -0.89% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
When gold has two masters: Demand versus rates and inflation Investing.com
Source: Investing.com
Spdr Gold Trust (GLD) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Agnico Eagle Mines (AEM) | that day | -0.79% | still updating |
| Agnico Eagle Mines (AEM) | three days earlier | -11.48% | final price |
| Agnico Eagle Mines (AEM) | five days earlier | -12.50% | final price |
| Costco Wholesale (COST) | that day | -0.95% | still updating |
| Costco Wholesale (COST) | three days earlier | -4.40% | final price |
| Costco Wholesale (COST) | five days earlier | -5.04% | final price |
| Vaneck Etf Trust (GDX) | that day | +0.07% | still updating |
| Vaneck Etf Trust (GDX) | three days earlier | -9.45% | final price |
| Vaneck Etf Trust (GDX) | five days earlier | -10.08% | final price |
| Spdr Gold Trust (GLD) | that day | -1.20% | still updating |
| Spdr Gold Trust (GLD) | three days earlier | -4.33% | final price |
| Spdr Gold Trust (GLD) | five days earlier | -5.26% | final price |
| Newmont (NEM) | that day | +1.40% | still updating |
| Newmont (NEM) | three days earlier | -10.27% | final price |
| Newmont (NEM) | five days earlier | -11.00% | final price |
| Procter & Gamble (PG) | that day | -0.89% | still updating |
| Procter & Gamble (PG) | three days earlier | -3.00% | final price |
| Procter & Gamble (PG) | five days earlier | -3.29% | final price |
| Ishares Tr (TIP) | that day | +0.03% | still updating |
| Ishares Tr (TIP) | three days earlier | -0.14% | final price |
| Ishares Tr (TIP) | five days earlier | +0.43% | final price |
| Walmart (WMT) | that day | -2.09% | still updating |
| Walmart (WMT) | three days earlier | -2.27% | final price |
| Walmart (WMT) | five days earlier | -3.29% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Newmont (NEM), worth $1,001 - $15,000 on 24 Aug 2026. That is 74 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 35 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Jonathan Jackson sold Walmart (WMT) (jointly held), worth $50,001 - $100,000 on 28 Sep 2026. That is 39 days before publication. Filed 19 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 42 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST), worth $100,001 - $250,000 on 13 Oct 2026. That is 24 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 35 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 42 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. David J. Taylor sold Procter & Gamble (PG), worth $1,001 - $15,000 on 12 Oct 2026. That is 25 days before publication. Filed 15 Oct 2026. View the filing.
- Rep. Pete Sessions sold Procter & Gamble (PG), worth $1,001 - $15,000 on 8 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Procter & Gamble (PG) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 42 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Spdr Gold Trust (GLD)
Companies mentioned with this story
- GLD Spdr Gold Trust
In “When gold has two masters: Demand versus rates and inflation,” Spdr Gold Trust (GLD) is linked, with no stored direction, medium confidence. Reason on file: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
- GDX Vaneck Etf Trust
Vaneck Etf Trust (GDX) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “When gold has two masters: Demand versus rates and inflation.” Reason on file: VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
- TIP Ishares Tr
In “When gold has two masters: Demand versus rates and inflation,” Ishares Tr (TIP) is linked, with no stored direction, medium confidence. Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- NEM Newmont
Newmont (NEM) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “When gold has two masters: Demand versus rates and inflation.” Reason on file: Newmont (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- WMT Walmart
For “When gold has two masters: Demand versus rates and inflation,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- AEM Agnico Eagle Mines
For “When gold has two masters: Demand versus rates and inflation,” Agnico Eagle Mines (AEM) is linked, with no stored direction, medium confidence. Reason on file: Agnico Eagle Mines (gold and silver ores): gold miners' profits move with the gold price. Linked by “gold” (gold) in this story
- COST Costco Wholesale
Costco Wholesale (COST) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “When gold has two masters: Demand versus rates and inflation.” Reason on file: Costco Wholesale (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
- PG Procter & Gamble
For “When gold has two masters: Demand versus rates and inflation,” Procter & Gamble (PG) is linked, with no stored direction, medium confidence. Reason on file: The Procter & Gamble (soap, detergents, cleang preparations, perfumes, cosmetics): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
How “When gold has two masters: Demand versus rates and inflation” reaches Spdr Gold Trust (GLD)
Spdr Gold Trust (GLD) is the company in “When gold has two masters: Demand versus rates and inflation,” the 6 Nov 2026 this story story.
What ties Spdr Gold Trust (GLD) to the headline is this: SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story
Vaneck Etf Trust (GDX) is here too. Its reason reads: VanEck Gold Miners ETF: it follows gold or gold miners. Linked by “gold” (gold) in this story
Dates and price levels for Spdr Gold Trust (GLD)
GDX traded between 78.92 and 89.70 across 20 sessions. The latest close on file is 83.13. GLD traded between 373.41 and 395.44 across 19 sessions. The latest close on file is 379.67. TIP traded between 103.77 and 105.61 across 19 sessions. The latest close on file is 105.27.
How solid “When gold has two masters: Demand versus rates and inflation” looks
46 out of 100Price not final
“When gold has two masters: Demand versus rates and inflation” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.