Gold’s surge over the past year can partly be explained by US dollar weakness, but it has also rallied against a broad basket of currencies, implying that the outlook for the dollar and Fed policy have not been the only drivers. The lawsuit against Fed chair Jerome Powell, and the perceived threat to Fed independence, seems likely to add upward pressure on the price of the precious metal. But a more powerful and persistent tailwind looks fiscal: rising government debt burdens in the US and elsewhere strengthen the case for gold as a store of value and hedge against longer-run macro risks. While some may view valuations as stretched, Fathom’s Analogues Regime Model (FARM) continues to point to further upside for the yellow metal over the coming months.