Ned Naylor-Leyland argued gold is in a long-term bull market, reasserting as the principal risk-free asset, and that speculative deleveraging has driven recent selloffs. When gold retakes $5600, long-only investors will allocate, driving prices higher, as structural stagflation and debasement concerns persist. Gold is poised for a rebound as a long-term hedge, with current weakness seen as temporary. If the Federal Reserve turns hawkish and hikes rates meaningfully, gold's appeal could diminish.