ORO, DEBITO USA E TIPS AL 2,33%: IL RIFUGIO RESISTE TRA LE SFIDE | TONY CIOLI PUVIANI

On July 17, 2026, on ilSussidiario TV, independent trader and portfolio strategist Tony Cioli Puviani analyzes the performance of gold and oil, focusing on US bond yields, federal debt, and crude oil around $80 a barrel. 00:00 Introduction: Focus on the markets 01:09 Gold and markets: what "safe haven" really means 08:26 US yields, government debt, and the outlook for gold 13:57 Oil: supply, geopolitics, and the stability of $80 18:44 Conclusions: final considerations and farewells In the interview, Cioli Puviani clarifies that gold remains "a safe haven by definition," but it does not automatically hedge against stock market declines: it can, in fact, decline along with the stock market. To protect a portfolio, according to the trader, products linked to the VIX index can offer a more reliable inverse correlation than stock markets. The precious metal, however, retains its value as an alternative to fiat currencies, especially in a period characterized by high public debt, distrust in institutions, and central bank purchases. Central banks purchased 863 tons of gold in 2025 and continued to experience sustained demand in the first quarter of 2026. After the rally in 2025 and the all-time high recorded at the end of January 2026, above $5,500 an ounce, gold is consolidating around $4,000 an ounce. The main obstacle is US real yields: the 10-year real yield derived from the TIPS curve stood at 2.35% on July 16, while the nominal yield on the 10-year Treasury note was 4.57%. For Cioli Puviani, however, the rising cost of a federal debt approaching $40 trillion—approximately $39.4 trillion as of July 10—could support gold, strengthening its role as a "safe haven." As for oil, the trader sees WTI stabilizing in the $79-$81 per barrel range, despite geopolitical tensions and risks surrounding the Strait of Hormuz. On July 15, crude oil quoted in New York stood at $79.87 per barrel. Volumes equivalent to approximately 20% of global oil consumption and other petroleum liquids transit through the Strait, not 20% of global production. The growth of US shale oil and the diversification of supply sources and routes have made global supply broader and more flexible: "There's plenty of oil in the world." Barring further geopolitical escalations, Cioli Puviani does not expect prices to return above recent highs. Learn more: https://www.ilsussidiario.net/ #Gold #Oil #FinancialMarkets #Trading #Investments #Economy