Could it be one of the most important breakouts developing in the entire commodity complex?
Source: Tavi Costa, Bloomberg
All the gold ever mined fits in a sphere 107 ft wide.
216,300 tonnes above ground. Worth around $29T That's it and that's the whole supply. It grows about 2% a year, and you can't print more. Source: Jack Prandelli on X, Visual Capitalist
A tough time for store of values
Source: Bitcoin Magazine
🚨Gold and silver are getting wrecked.
Last 30 hours: - Gold down -3.87%, wiping out $1.1 trillion. - Silver down -9.18%, wiping out ~$400 billion. Since the war started: - Gold down -25%, erasing $9.4 trillion. - Silver down -38%, erasing $2.7 trillion. From all time highs: - Gold down -28%, $11 trillion wiped. - Silver down -51%, $4.6 trillion wiped. Precious Metals were supposed to surge on war fear. Instead they crashed when the war started, and now they're crashing again as the war is ending. A buying opportunity ? Source: Bull Theory
Gold miners are trading at one of the deepest discounts to the S&P 500 on record.
Fundamentals remain strong. Prices keep falling. Source: Otavio (Tavi) Costa
Russia is dumping its gold!
The country that was once the world's largest sovereign buyer has now sold over $4bn worth of its reserves this year. Its holdings are now at the lowest level since the day it invaded Ukraine. The reason: energy revenues are not covering the war's costs, and Russia is looking to plug the budget gap. The irony is that it's doing this at record gold prices. The only silver lining for Moscow is that it picked a good time to sell. Source: Bank of Russia, Bloomberg
The "ultimate" hedge?
Gold followed the surge in Japanese rates throughout 2025. Gold started the year by materially overshooting the Japan 10-year, but we have since seen the Japanese long end explode higher and overshoot gold instead. Could this divergence finally trigger another squeeze higher in gold? Source: TME, LSEG
$4400 on gold: this support MUST hold
Gold has continued its huge consolidation phase following the violent pukes we saw earlier this year. The shorter-term trend line has survived several tests, but we are now approaching the major $4400 level, with the 200 day moving average coming in just below. That is the must hold area. Source: TME, LSEG Workspace
