Rosenberg Research's David Rosenberg on what's driving the rise in gold prices

Group 1: Gold and Silver Market Performance - Gold has increased approximately 70% year-to-date, which is traditionally inversely correlated with risk-on trades, while the S&P 500 is also challenging its highs [2] - The rise in gold prices is attributed to central banks diversifying their reserves away from government securities, particularly U.S. securities, into bullion [3] Group 2: Consumer Spending and Economic Outlook - Real consumer spending showed a significant increase at a 3.5% annual rate, which is above trend [5] - Despite the rise in consumer spending, real personal disposable income growth has been stagnant, indicating that the spending surge is not income-driven [6][7] - The decline in the savings rate has contributed to the increase in consumer spending, reflecting a K-shaped recovery where high-end consumers are benefiting from equity wealth effects [8]