How Much Gold Do the French Own?

Published by Thomas Andrieu | Apr 16, 2024 | 21710

France is known for having the 4th largest stock of gold in the world, even though the country ranks 23rd in wealth per capita. In fact, over 2,400 tons of gold, or €146 billion at €60,000/kg, are stored in the vaults at 39 Rue Croix des Petits Champs in Paris. But do the French own so much gold pri...

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JP Morgan Forecasts a Gold Price of $2,500

Published by Thomas Andrieu | Mar 19, 2024 | 19372

In a January 2024 publication, JP Morgan unveiled its outlook for the gold price. The world's leading bank, with a market capitalization of over $500 billion, stated that “a cutting cycle is expected to be positive for bullion and supportive of a rally in prices in the second half of 2024”.

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Is the Price of Gold Correlated with the Markets?

Published by Thomas Andrieu | Nov 7, 2023 | 15917

Is the price of gold linked to other markets? Conversely, is the price of gold independent of market trends? This question is all the more important as gold is often perceived as a "safe-haven" asset, capable of behaving independently of other markets. In this paper, we will focus on the short-term,...

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Why Gold Remains a Safe Haven

Published by Thomas Andrieu | Aug 23, 2023 | 12380

A recent NBER study shows the close link between the price of gold and the level of real interest rates. This study has attracted criticism for gold, and a Bloomberg article entitled "Gold is no longer a safe haven" has caused quite a stir. In this article, we will demonstrate that the arguments put...

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A 16-Year Gold Cycle?

Published by Thomas Andrieu | Jul 11, 2023 | 17164

This article focuses on a complex property of the gold market: timing. The price of gold can sometimes stagnate for more than a decade, while at other times it can rise dramatically. Even so, gold remains an asset that is more difficult to determine by precise financial cycles.

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The Problem With Gold Production Costs

Published by Thomas Andrieu | Jun 7, 2023 | 19901

Gold mining companies have a significant influence on the price of the yellow metal. With demand for physical gold tending to run out of steam in the first quarter of 2023, the pressure on production costs raises questions about the outlook for the gold price.

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On What Criteria Should You Buy Gold?

Published by Thomas Andrieu | Mar 28, 2023 | 15792

When are economic conditions favorable for the price of gold? Are there technical configurations that are more favorable than others for buying gold? In this paper we propose to conduct an empirical analysis that is essential to any good investor in gold.

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Gold Price to New Heights ?

Published by Thomas Andrieu | Feb 24, 2023 | 17416

Central banks are buying at a historic pace, demand for physical gold is rising sharply, and gold mining production is stagnating due to rising costs. This trend is indicative of a new equilibrium that is, so far, a bullish factor for the gold price.

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Towards a Gold Reversal in 2023?

Published by Thomas Andrieu | Nov 1, 2022 | 54814

2022 will have confirmed our expectations. The price of gold has (so far) remained broadly stable with sharp movements linked in particular to the war in Ukraine. However, as we have shown, these movements are symmetrical with the past evolution of gold prices. Although the year 2022 is not over, th...

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Supply and Demand Sensitivity of Physical Gold

Published by Thomas Andrieu | Sep 13, 2022 | 13087

How does the price of gold coordinate the players in the gold market? Investors, miners, central banks, funds, individuals, etc. How has the behavior of each of these agents been historically influenced by the price of gold? This question is rarely asked by market specialists and yet deserves to be...

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Bond Market: The Threat of Public Debt in the Eurozone

Published by Thomas Andrieu | Jul 4, 2022 | 11117

As public debt in the eurozone approaches 12 trillion (95.6% of GDP), the single European currency has never been so threatened by structural instabilities. On the one hand, the ECB's key interest rate changes are increasingly inappropriate for such a differentiated monetary union. On the other hand...

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