GLD - SPDR Gold Shares ETF

Gold is identified as the traditional place people flee to when fiat currency is being inflated, and record numbers of people are holding gold over US debt as the top reserve asset. However, he warns gold 'can trap your value for a long time' and can go down and stay there for years, so caution against overindexing.

Goldman's metals desk is bullish, calling the recent ~20% drop an 'elongated pause' with new record highs expected. Central banks have doubled purchases to over 1,000 tons/year (~1/3 of global mine supply) and are holding it, thinning available supply so small inflows move prices. Higher real rates no longer suppress gold because rate rises stem from government-finance fears. Goldman advises clients to scale into gold on dips, viewing $4,000 as a floor.

Central banks are buying gold and moving it out of the US; historically, gold leaving a country is a bad sign for that country and bullish for gold as the dollar system shifts.

Gold is forming a head-and-shoulders pattern. Gareth says it is imperative gold holds the ~$4,300 level; as long as it holds it's 'okay for now,' but a break opens the door down to ~$3,900. He notes continued rising yields would pressure precious metals, while a yield pullback could give metals a huge bid.

China added 20 tonnes of gold in August for its 22nd straight month of buying, driving gold-mining margins up 134% year-over-year to a record $3,076 per ounce; hard assets show continued momentum.

Tom states he believes China is building enough gold reserves to 'conceivably back' the yuan with gold and is actively divorcing itself from the US dollar. He frames this as a highly contested but recurring thesis he keeps watching the moves for — a bullish structural signal for gold amid de-dollarization.

Nick has held gold since 2013 and calls it an inflation hedge. He notes foreign central banks have shifted reserves from Treasuries to gold, making it a key protection against financial repression.

Felix recommends holding a 'sensible slice' of physical gold because it cannot be printed and historically preserves value when fiat currencies lose purchasing power. He points to global gold repatriation and record US gold exports as bullish signs.

Central banks continue to buy gold despite flat prices, and the US debt burden makes high interest rates unsustainable. Rate cuts or a pause in central bank accumulation should allow gold to resume its uptrend and attempt new highs. Long-term target is $10,000 per ounce over the next decade.

Bilyeu highlights that central banks the world over have been buying gold in 'absolutely historic amounts for years,' and that gold has now replaced US debt as the primary central reserve asset — an implicit bull case for gold as countries move away from the dollar system.