Gold fell $50.43 (or -2.95%) to close at $1,660.61 for the month. After several tests over the past few years, gold finally fell below the $1,700 support level as the U.S. dollar (USD) made 20-year highs and real yields made 12-year highs. In a rare occurrence, the USD and real yields have surged simultaneously the most in the past 25 years, a significant tightening of financial conditions. September saw substantial losses in most asset classes except the USD and volatility. The Fed has now conducted three 75 bps rate hikes in a row to bring Fed Funds to 3.25%, and market expectations of the terminal are now at ... (full story)