Gold’s 2025 Surge: Defying the Commodity Downturn
Divergence Began in November 2023 By May 2025, gold prices had surged 25.0% year-to-date, in sharp contrast to the broader commodity market slump. The overall commodity index fell 9.0%, with energy prices down 12.9% and food prices down 5.9%. Gold's value stood 153% above its pre-pandemic level—outpacing the commodity index by 117%, energy by 138%, and food by 109%. Source: Econonovis on X
More Americans own Bitcoin (49.6 million) than Gold (36.7 million) and the amount owned is MUCH greater ($11,089 per owner versus $1,512 for Gold).
Source: Fred Krueger on X
Is it time for silver to shine?
If history is any guide: Gold makes the first move — then silver takes over. With the gold-to-silver ratio near 100, is yesterday's sharp move on Silver (up +5%) just the beginning? Source. Bloomberg, Crescat Capital
Gold and JGBs 30y yield...
Wonder why gold was down yesterday? Japanese bond yields tumbled, as according to Reuters, Japan's Ministry of Finance (MOF) will consider tweaking the composition of its bond program for the current fiscal year, which could involve cuts to its super-long bond issuance... This was enough to fuel some profit taking on the yellow metal Source. The Market Ear
China’s Strategic Shift: Gold Up, Treasuries Down
In the past 5 years, their U.S. Treasury holdings have plunged from ~$1.1T to ~$760B. Meanwhile, their gold reserves have soared from ~1,850 tons to over 2,200 Source: Andrew Wells, Bloomberg
It’s time to stop looking at real yields to determine gold price...
Source: Michel A.Arouet
Gold has surged 27% year-to-date.
Most recently, Bitcoin has caught up and is up 18% YTD. What's the message here? Source: Global Markets Investors
Gold market cap relative to the US equity market cap hit its highest level in 12 YEARS and is exactly at its long-term median.
Given the geopolitical and likely financial markets changes underway, will we see a repeat of the 1970s??? Source: Global Markets Investors, Incrementum AG
