The gold is not changing.  Gold is gold.  What is changing is the amount of dollars it takes to buy that ounce..."

Fed easing bias and upside risks to inflation breakevens are the most important bullish drivers for gold...

...just like a QE but without the actual QE.

China leads global gold production with 380 tonnes in 2024, maintaining its top spot despite only an 8% increase since 2010...

...in regime shifts, as we are in now, extreme moves can persist longer than logical analysis would dictate.

“China’s trying to become a bigger and more influential part of the financial infrastructure,”

...the systemic, mathematical and historical “arcs” of this dying economic/financial/social sphere are becoming easier for all of us to both feel and see.

No other physical commodity comes close to gold’s low supply growth rate and resistance to debasement...

Higher prices may be beginning to deter demand for gold in Asia, which has been driving the rally...

$10,000 buys just 92 grams of gold but over 3,800 kg of aluminum...

The fate of the USD matters because all of our fates – and not just the gold price – are tied to it...

... the recent breakout reflects three conviction buyers stepping up purchases

Africa leads with 1,010 tonnes of gold, driven by Ghana, Mali, and South Africa...

Investors now see gold higher at a close to 8-to-1 ratio!

"The world is clearly over-levered, and there are going to be sovereign defaults left and right going forward... The only two monies that cannot default on the planet are gold and silver.”

If just 1 percent of the privately held U.S. Treasury market - worth more than $24 trillion - were reallocated into gold, prices could reach $5000...

"...what is happening now politically and socially is analogous to what happened around the world in the 1930-40 period..."

In today’s globalized and overleveraged economy, the ripple effects could be enormous. I wouldn’t be surprised to see gold surge to $5,000–$8,000 per ounce as markets scramble to adapt.

Gold Managed Money net length declined in the weeks prior to Jackson Hole, due primarily to liquidation...

... the gold price reflects the struggle between those who want to hold gold and those willing to part with it – who can force the bar from another's hand, and what it takes for them to let go.