Yesterday, Gold put in its biggest up day in quite some time during yesterday’s session.
The shiny metal broke above the short-term downtrend line and also pushed out of a dynamic wedge-like formation. The key for a more sustained squeeze is a close above the $4800 area, right where the 50-day moving average comes in. More on gold. Source: TME
Gold is now America's biggest export, and has been for the last 5 months.
In March, U.S. gold exports were 1.7x larger than oil, 2x larger than pharma, and 2.5x larger than aircraft engines. Most of it is flowing through Switzerland and then straight into China. This is historically abnormal. The U.S. doesn't export gold at this scale under normal conditions. What's driving it: geopolitical tension, inflation hedging, and growing signals that gold is quietly becoming a settlement mechanism in U.S.-China trade flows. The world's reserve currency country is shipping its oldest store of value to its biggest rival at a record pace. That's worth paying attention to. Source: Bloomberg, FRED
🔥Silver and gold prices are surging:
Silver and gold are up +4.5% and +1.0% on Thursday, on track for the 3rd consecutive day of gains. Silver is now up +10% and gold is up +4.0% over the last 2 trading sessions. Following the recent pullback, investors are returning to gold and silver, with many viewing this dip as a buying opportunity. Furthermore, global growth concerns, central bank demand, and a macro environment increasingly favoring hard assets continue to support prices, reinforcing the broader bullish backdrop. At the same time, decades of underinvestment and constrained supply growth have created a structurally higher price environment for precious metals. Is another leg of the precious metals bull run now unfolding? Source: Global Markets Investor
The German investment bank said it sees a scenario where central banks continue to increase their gold holdings as a financial safety net to protect themselves from Western sanctions.
These central banks have added over 225 million ounces to their reserves since the 2008 financial crisis, while their holdings of US dollars have fallen from a peak of over 60% in the early 2000s to about 40% today. Gold’s share of global central bank reserves could reach 40%, up from 30% currently, the bank predicts. At that allocation, Deutsche Bank ran a simulation that projects gold prices to hit $8,000 an ounce within five years, a near 80% rise on current levels. Source: Wall Street Mav
Top 10 countries by gold reserves:
Source: Wall St Engine
The idea of gold as a global “VIX hedge” doesn’t hold up. During the latest volatility spike, it moved in the opposite direction.
Source: The Market Ear
The war with Iran has done further damage to the global dollar system.
The demise of the dollar’s dominance won’t be an overnight phenomenon, but the conflict in the Middle East is one more milestone along the way. That can be seen in central bank holdings of gold exceeding valuation-adjusted dollar reserves for the first time in the Bretton Woods II era. Source: Bloomberg, Macrobond
Major central banks have withdrawn a combined 711.5 tonnes of gold reserves from the New York Fed over the past 15 years.
This total is based on publicly reported repatriation by Venezuela (160t), the Netherlands (122.5t), Germany (~300t from the US portion), and France (129t). The Bank of France recently completed its move, replacing its final 129 tonnes of US-held gold to achieve 100% domestic storage in Paris. Rather than physically shipping the bullion, BdF sold its older US bars and purchased modern standard gold in Europe between July 2025 and January 2026, generating a ~€13B ($15B) capital gain. Source: MINING.COM
