Gold +23% in 2025, leading it all (ex the VIX)
Rusty, cocoa, OJ bring up the rear Source: Mike Zaccardi, CFA, CMT, MBA
Gold could reach $4,000 over the next year+, according to a forecast by Goldman
Goldman Sachs now sees gold prices to hit $3,700 by the end of 2025. In the most extreme scenario, the bank sees gold prices to spike to $4,500 by the end of the year. Source: Markets & Mayhem
This is a fascinating chart for anyone looking at the gold-to-silver ratio in a historical context - courtesy of Otavio (Tavi) Costa.
Over the past 125 years, the ratio has only spent brief moments above the 100 level — extremes like this tend not to persist for long... Source: Tavi Costa, Crescat Capital
Global Gold Trade Leaders in 2024
In 2024, Switzerland ($116 billion), the United Kingdom ($66 billion), Hong Kong ($57 billion), and the United Arab Emirates ($53 billion) emerged as the world’s top gold exporters. These same economies also featured prominently among the top gold importers: Switzerland ($105 billion), the UK ($77 billion), Hong Kong ($65 billion), and the UAE ($77 billion). Meanwhile, China ($103 billion) and India ($52 billion) ranked as major gold importers but exported far less—$90 billion for China and $1 billion for India—making them the world’s largest net gold importers. Source: Econovis @econovisuals
This is not a drill: Gold goes vertical
SOurce: zerohedge, Bloomberg
The big crocodile jaw...
Gold versus paper assets
Physical gold craziness...
The big 3 vaults (Brinks, JPM, HSBC), are running out of space where to store the physical; the 3 alone hold more than 35 million oz of physical.
On April 1, the GDPNow model nowcast of real GDP growth in Q1 2025 is -3.7%.
Adjusting for gold imports, the model now sees -1.4% GDP contraction in Q1 2025. Just 2 months ago, they saw GDO growing by +3.8% in the same period...
