# Gold Price Outlook: Why ReSolve Still Sees a Structural Bull Market
Gold remains in a long-term bull market, according to ReSolve Asset Management, even though the firm has turned tactically neutral in the near term. Richard Laterman, Portfolio Manager at ReSolve Asset Management, said the recent gold price correction follows an explosive rally and does not undermine the broader structural case for bullion.
Spot gold last traded at $4,544.60 per troy ounce, up 1.42% on the day, after pulling back from record highs reached earlier this year. For Indian investors, that global consolidation in XAUUSD matters because any fresh move in gold prices, combined with rupee-dollar shifts, can quickly affect domestic bullion rates.
Why is ReSolve still bullish on gold in the long term?
ReSolve says gold is still in a structural bull market. The firm believes the long-term forces supporting bullion remain intact even though short-term momentum has cooled.
Speaking with Kitco News, Richard Laterman said, “We remain strategically and structurally bullish. The structural bull market is sound.” He added that the current correction should not surprise investors given the scale of the rally that began in 2022.
Laterman argued that major secular bull markets in gold often include sharp pullbacks. In his view, those drawdowns do not break the trend; they are part of the trend.
What historical examples support the bullish gold view?
Laterman pointed to the 1970s gold rally as a key example. Gold rose from roughly $35 an ounce to $850 an ounce, but still suffered a 47% correction during that longer-term advance.
He also cited the 2001 to 2011 bull run, when gold climbed from about $250 an ounce to nearly $2,000 an ounce. During that period, bullion still went through multiple double-digit pullbacks.
“In large structural bull markets, these kinds of corrections are par for the course,” Laterman said.
For Indian investors, this historical framing matters because volatility in international gold price cycles often creates emotional entry and exit decisions. ReSolve’s view suggests that short-term weakness in bullion does not automatically invalidate the long-term investment case.
Why has ReSolve turned tactically neutral on gold right now?
ReSolve has turned tactically neutral because the strong short-term gold trade has lost momentum. The firm still holds long-term exposure, but its active signals no longer show the same upside strength seen during the earlier rally.
Laterman said the “hot tactical trade has lost steam,” and described the firm’s short-term signals on gold as neutral. That stance reflects market consolidation after record highs rather than a bearish call on the long-term outlook.
Did ReSolve reduce its gold exposure?
Yes, ReSolve trimmed some gold exposure after prices became “parabolic.” Laterman said the firm’s systematic strategies locked in gains during the sharp rally and are designed to rebuild positions after corrections.
“We took profits. We didn’t take the whole position off, but our systems are designed to capture some of that excess,” he said.
The firm still maintains strategic long-term exposure to gold. However, its more active tactical models are currently net short precious metals to offset part of that core long allocation.
That distinction is important for investors in India. A strategic allocation treats gold as a long-term portfolio asset, while a tactical allocation responds to shorter-term price swings in bullion, the U.S. dollar and macro sentiment.
What changed gold’s role in global portfolios after 2022?
Laterman said gold’s role has expanded beyond a simple geopolitical hedge. In his view, gold is now earning a more permanent place in portfolios as a strategic reserve asset.
“I think gold is earning its place in portfolios much more as a strategic component,” he said. “It’s upgraded from a tactical hedge to a structural position.”
Why does the freezing of Russian reserves matter for gold?
According to Laterman, the freezing of Russian reserve assets by Western governments in 2022 marked a major turning point for the gold market. He called it a “Rubicon moment” for central banks, sovereign wealth funds and reserve managers.
He said the move changed how countries that may be non-aligned with the United States think about reserve diversification and asset security.
“That shifted the mindset of any allocator, any sovereign wealth fund, any central bank reserve manager of a country that might be non-aligned with the U.S.,” he said.
This point is especially relevant for Indian investors tracking central bank gold buying. If more reserve managers continue to favor physical gold over fiat-linked reserve assets, that trend could support long-term bullion demand globally and, by extension, domestic gold prices in India.
Why does ReSolve now see Bitcoin as undervalued relative to gold?
ReSolve remains constructive on both gold and Bitcoin, but the firm appears more enthusiastic about Bitcoin at current levels within its broader alternative currency strategy. Laterman framed both assets as ways to hedge against fiat currency debasement.
The Canadian investment firm launched a U.S. product last year that combines dedicated exposure to gold and Bitcoin. Laterman described the strategy as a “currency debasement stack.”
How is ReSolve allocating between gold and Bitcoin?
ReSolve’s current allocation is roughly two-thirds gold and one-third Bitcoin. The firm increased its Bitcoin weighting after volatility in the cryptocurrency stabilized.
“We want exposure to that alternative currency trade,” Laterman said. “Whether it’s gold or Bitcoin, ultimately it’s a trade against fiat currencies.”
He added that ReSolve’s models avoided much of Bitcoin’s sharp downturn last year by exiting positions early in the drawdown. The firm only recently started rebuilding exposure after spending roughly five months largely out of the market.
Why does Bitcoin remain part of a diversified portfolio?
Laterman said Bitcoin has become increasingly important in diversified portfolios despite its volatility. He pointed to its relatively low long-term correlation with both gold and equities.
That low correlation can matter for investors trying to diversify beyond traditional financial assets. While Indian investors typically use gold as the primary precious metals hedge, the broader debate around alternative stores of value is becoming more relevant as global monetary risks grow.
What macro forces are supporting gold and Bitcoin now?
ReSolve says the same big-picture drivers continue to support both gold and Bitcoin. Those drivers include persistent fiscal deficits, geopolitical fragmentation and ongoing concerns about currency debasement.
Laterman said markets do not expect meaningful U.S. fiscal consolidation. “I don’t think fiscal consolidation in the U.S. is something markets really expect,” he said. “We’re probably going to continue to see large deficits.”
How do inflation and geopolitics affect bullion demand?
Laterman warned that the global economy is entering “paradigm-shifting times.” He cited rising geopolitical tensions, sticky inflation and growing economic inequality as major risks.
“I think it’s pretty obvious that we are in unusual, perhaps unprecedented, times,” he said.
For gold investors in India, these trends are central. Persistent deficits can weaken confidence in fiat currencies, geopolitical fragmentation can lift safe-haven demand, and sticky inflation can reinforce gold’s appeal as a store of value. At the same time, rupee volatility against the U.S. dollar can amplify moves in local bullion prices even when international gold prices consolidate.
The next key watchpoint for Indian investors is whether spot gold can hold its broader structural uptrend after consolidating near $4,544.60 per ounce. If central bank demand, fiscal stress and geopolitical risks remain elevated, gold may continue to justify its role as a strategic portfolio asset even as short-term tactical signals stay neutral.
