--- title: Gold keeps shining bright description: Gold has been trading near record highs, consolidating for the past few weeks around USD 2900. image: https://blog.syzgroup.com/hubfs/Syz-Flash_2025-02-26_Gold2_cover.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [Food for Thoughts](https://blog.syzgroup.com/fast-food-for-thought/tag/food-for-thoughts) ### Gold keeps shining bright Gold has been trading near record highs, consolidating for the past few weeks around USD 2900. [**Névine Pollini**](https://blog.syzgroup.com/fast-food-for-thought/author/névine-pollini) **Wednesday, 02/26/2025** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Syz-Flash_2025-02-26_Gold2.pdf) - - - - Gold has been trading near record highs, consolidating for the past few weeks around USD 2900. Ongoing uncertainty over President Trump's tariffs, fuelled by a flurry of sometimes conflicting declarations. As a result, demand for gold is rising as a hedge against global market volatility, inflation risks, and a weaker USD. Central banks, in their ongoing trend toward de-dollarisation, are continuing to buy physical gold. The World Gold Council expects demand to increase even further this year, with China’s People's Bank of China (PBoC) likely to be the top buyer, following its 6-month pause in 2024. Additionally, China recently launched a pilot program allowing insurance companies to allocate up to 1% of their assets in gold to enhance the stability and diversification of their portfolios. Deutsche Bank has analysed the purchasing capacity of Chinese insurance companies and, “using 2023 year-end data, the bank calculated that they could invest USD 2.5bn, equal to 8.5mn oz at a gold price of USD 2927 oz”— a reasonable amount. Financial demand for gold has also been rising, with ETF holdings reaching their highest levels since November 2024. Geopolitical risks have also supported gold demand in recent years. With the Middle East ceasefire holding and the Russia-Ukraine war seemingly nearing an end, attention is now shifting to Europe's security. Finally, returning to the issue of tariffs—particularly those targeting Canada and Mexico, the main sources of US gold imports—they have led to a logistical arbitrage between the LBMA and COMEX gold inventories. However, this only reflects a shift in gold flows rather than a shortage (as shown in Graph 1). US dealers are now securing new sources of gold imports, particularly from Switzerland, the global hub for gold refining (Graph 2). We continue to believe that all these factors, along with the strategic diversification of investment portfolios, continue to create a highly favourable environment for gold in the medium and long-term. #### **Global gold inventories at major exchanges are still higher levels than during the COVID pandemic** ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-26-2025-10-42-35-6415-AM.png?width=1200&height=468&name=image-png-Feb-26-2025-10-42-35-6415-AM.png) Source: *MKS-PAMP* #### Gold Swiss exports to the US ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-26-2025-10-43-59-9342-AM.png?width=1164&height=478&name=image-png-Feb-26-2025-10-43-59-9342-AM.png) Source: *Lighthouse, Federal Office for Customs * #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [A record US-China yield gap?](https://blog.syzgroup.com/fast-food-for-thought/a-record-us-china-yield-gap?hsLang=en) Meanwhile, European countries are having their own bond crisis. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 07/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Nvidia’s record-breaking day](https://blog.syzgroup.com/fast-food-for-thought/nvidias-record-breaking-day?hsLang=en) Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 31/08/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [America’s $40tn debt mountain](https://blog.syzgroup.com/fast-food-for-thought/americas-40tn-debt-mountain?hsLang=en) Meanwhile, we compare US debt added under each president and explore the Swiss franc’s emergence as a new funding currency for carry trades. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 24/08/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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