The commencement of the monetary tightening phase by the US Federal Reserve in December did little to sooth debate about the implications of rising US rates on the future price of gold. On the one hand, many market commentators argue that gold – a zero-yield asset – will inevitably lose its shine when interest rates climb as this makes it less competitive versus cash and other interest-bearing assets. Against this, a wide group of market observers state that this economic cliché does not hold well for gold based on statistical analysis of historical data.