Gold Market News

The night of March 31st to April 1st saw a spectacular turnaround in the gold market. As reported in the monthly bulletin reserved for clients of GoldBroker, published the very next day, COMEX posted an unprecedented figure at the close of March 28: 106,662 gold future contracts expiring in April remained open, equivalent to 10.66 million ounces, or around 332 tons. This volume corresponded to almost...

Earlier this month, we took a brief look at Copper's historic breakout. This week, we'll look at a couple more Copper charts that suggest the commodity boom (think "inflation") is just getting started. The first chart we'll look at is the ratio of Copper/Dow. When Copper is outperforming stocks, we've historically seen all commodities do very well, especially Gold and Silver. I have defined this chart...

While the gold price is breaking records and has just passed the symbolic threshold of $3,000 an ounce, bitcoin is struggling and looking for its second wind. Rarely has such a marked divergence been observed. Since December 2024, bitcoin has lost 30% of its value against gold. How can such a gap be explained in such a short space of time? Calling bitcoin “digital gold” is clearly too simplistic, as the...

Here's a brief update on the silver market, following the last bulletin. The rush for physical silver continues in New York: between March 11 and 25, 2025, the COMEX recorded a net inflow of 1,033 tons, or over 33 million ounces. Some days were marked by massive inflows, with 160 tons received on March 13 and 131 tons on March 19, testifying to a major restocking movement. By comparison, withdrawals...

On February 7, China launched a pilot program allowing certain insurance companies to invest in gold as part of their medium to long-term asset allocation strategies. According to the National Financial Regulatory Administration, the initiative seeks to expand the utilization channels for insurance funds, optimize the structure of insurance asset allocation, and strengthen insurance firms'...

In August 2024, gold sent a strong buy signal by outperforming the 60/40 portfolio, a classic asset management model allocating 60% to equities and 40% to bonds: In my bulletin from the month of August, I wrote: “Since 1980, gold has never really managed to outperform a conventional portfolio composed of 60% bonds and 40% equities. The period 2000-2011 is an exception. Since Volcker's intervention in...

For several years now, gold has played an increasingly important role in the international financial system. To better understand this dynamic and its implications, we turned to macro strategist Otavio (Tavi) Costa. As a key figure at the asset management firm Crescat Capital from 2013, Tavi has developed in-depth expertise in currency cycles and precious metals. His research has been featured in some...

The global economy is facing a series of growing risks, such as financial market volatility, currency imbalances and economic tensions. Last week's bond crash finally spread to Japan this week. What was initially just a shock on Western bond markets - characterized by soaring yields and capital flight - has now crossed the Pacific. Despite its reputation as a bastion of stability thanks to...

Over the past two decades, central bank reserves have undergone profound changes as ideologies have been renewed. Dedollarization is gradually establishing itself as a marker of the decline of the United States, while sovereign assets occupy a growing place, symbolizing the transition to a new world. While the appeal of gold continues to grow (still the second-largest asset in the reserves of monetary...

If you spend much time listening to the political pundits, you'd think that our monetary inflation over the past few years was a "transitory" phenomenon, one caused exclusively by COVID, and a problem no longer worth worrying about as it fades into our rearview mirror. Unfortunately, I'm here to tell you that this assessment is just plain wrong, and I will demonstrate why in a few charts. First, some...

Another intense week on the economic and geopolitical fronts. Over and above the systemic shocks caused by the introduction of tariffs and the muscular statements fanning the flames of a growing trade war, let's take a step back to analyze the new balance of power established by the Trump administration. The US economy faces a number of structural imbalances that threaten its long-term stability...

What is the real power of money? Money is at the heart of our exchanges. Commercial exchanges, naturally, but also social and cultural ones. By linking individuals, it helps to pacify relationships, and thus plays an almost religious role. At the same time, through its creative power, it generates violence, which is reflected in space and time. In this way, it constantly oscillates between the creation...

Just last month, on January 6, I showed you a chart of Dow/Gold that suggested we would soon see the ratio begin to plummet. At that time, the ratio was valued at 16.20. Today, that value has dropped below 15! The first chart we'll look at this week is another view of the Dow/Gold ratio. Note that the ratio has now broken below and successfully backtested an enormous wedge while also putting together a...

The latest financial releases from the tech giants show mixed performances. NVIDIA reported impressive results for the fourth quarter of fiscal 2025, surpassing market expectations. Sales reached $39.33 billion, exceeding expectations of $38.1 billion, while adjusted earnings per share came in at $0.89, compared with $0.85 expected. A key element of this performance was the launch of the Blackwell...

Since the crisis in 2020, the US stock market has grown at a sustained rate of +20% per year. Since 2022, this rise has been further accentuated by the rise of artificial intelligence, generating an increase of more than 50% over the last two years. Despite the momentum of innovation and continued growth in the US, the strength of this bull market is raising questions. Asset managers, who hold...

The price of gold is setting a string of all-time records, buoyed by strong physical demand. The rush to buy the precious metal is intensifying as investors and institutions seek to secure their assets in the face of economic uncertainty. Stress signals are multiplying on the market, with delivery times lengthening, inventories under pressure and bullion premiums soaring. This upward movement reflects a...

The price of gold in South Korea rose sharply, fuelled by a “fear of missing out” (FOMO) rush. This resulted in a record “kimchi premium”, with a spread of almost 20% over the London market. On February 14, gold was trading at 161,990 won per gram in Korea, compared with 135,588 won in London. The depreciation of the Korean won against the US dollar also contributed to this price surge. In response to...

The gold market is undergoing a major transformation, characterized by a growing divergence between paper gold and physical gold. Until recently, COMEX futures contracts allowed investors to speculate on gold without ever taking delivery. The London market, on the other hand, served as a hub for transactions in physical gold. An arbitrage mechanism, called Exchange for Physical (EFP), allowed investors...

Gold is the barometer of current events, and as such, it sends out a very strong signal. At a time when the global economy is reeling under the effects of financial instability, trade wars and geopolitical conflicts, the yellow metal is racking up record after record. This trend is not insignificant: in a world in the throes of restructuring, monetary sovereignty is once again a key issue, and gold...

As gold makes yet another All Time High this week and now sets its sights on $3,000, silver remains in the low-$30s with investors left wondering just if and when the metal will start to move. This week, we'll take a look at a couple of ratio charts that will renew your enthusiasm for silver. The first chart is a ratio of Silver/Gold, a chart we want to start seeing move higher if silver is to enter a...