Mining

Gold has played an increasingly important role in the international financial system. To better understand this dynamic and its implications, we turned to macro strategist Tavi Costa, focussing on the main forces driving the gold and silver markets today.

The gold market is becoming more physical, less manipulated and more transparent. The rush to buy physical gold is taking place against a backdrop of rising inflation.

For the third year running, our forecasts for the price of gold have come true. While a sharp fall in the gold price seems unlikely in 2025, attention is now focused on the intensity of the trend.

After breaking through the $2,074 resistance that held it back for four years, the price of gold seems to have been rising uninterruptedly since March. How can we explain this exceptional rise in gold?

This week, we will look at an index of major gold mining stocks, HUI, and see that while the index does a nice job of identifying gold peaks and bottoms, mining stocks generally have not provided the positive leverage to the metals that precious metals investors sometimes claim.

Gold will probably continue to rise until ETF outstandings reach their highest levels, which is still a long way off. Especially as demand for physical gold remains very strong. Despite the high price of an ounce of gold, central banks continue to buy precious metals on a massive scale.

China, the world leader in the production of photovoltaic panels, is driving up demand for silver metal, causing prices to rise. Silver stocks have fallen drastically, and forecasts indicate that industrial demand will far outstrip mining production, leading to a major deficit.

In 2024, with almost one in five ounces now dedicated to the photovoltaic industry, tensions on the silver market are mounting. Against this backdrop, the price of the grey metal would be headed for good prospects. While the breakout from the $26/oz level has now been confirmed, analysis of the b...

The New Gold Playbook reflects changing market dynamics driven by central bank actions, geopolitics, and the rising importance of noninflationary assets like gold and Bitcoin.

Gold is once again the preferred investment in Asia, to the detriment of the stock market and real estate. In the West, we're not seeing a gold rush, but rather a rush into technology stocks.