DM Manufacturing PMI vs. Global Central Bank Decision Index This year’s key macro theme is a global growth rebound, fueled by two years of aggressive monetary easing that have set the stage for a fresh wave of economic momentum. Image: TS Lombard
Gold Price vs. Gold Composite FX Breadth Indicator Gold’s role is shifting: it’s no longer just a safe haven but a cornerstone of monetary stability as central banks keep adding to their reserves in an increasingly fragile global system. Image: J.P. Morgan Flows and Liquidity
Cumulative Gold Demand – Gold ETF vs. Central Banks Amid macro conditions, currency moves, and rising geopolitical tension, gold’s rally gathered pace in 2025 as central banks began competing with private investors for scarce bullion. Image: Goldman Sachs Global Investment Research
Cash Allocation by Non-Bank Investors Globally “Cash is king” is starting to sound like a relic. Non-bank investors globally are holding less cash than at any time since at least 1999, leaving financial markets exposed to sudden shocks. Image: J.P. Morgan
S&P 500 and Global Central Bank Rate Cuts With most central banks cutting rates or holding steady over the past six months, the easy policy mood has helped lift risk appetite and pushed markets like the S&P 500 higher. Image: Bloomberg
Global Central Bank Gold Reserves A striking 95% of reserve managers expect central banks to boost their gold holdings within 12 months, up from 81% a year ago—clear evidence of a sustained rush into the yellow metal. Image: Deutsche Bank
Gold – Global Central Bank Holdings Central bank gold demand cycles respond to global economic and political factors. Recently, demand has increased amid financial instability, currency trust concerns, inflation, sanctions, and geopolitical conflicts. Image: Goldman Sachs Global Investment Research
Returns – Magnificent Seven vs. European Banks Since January 2022, European banks have outperformed U.S. mega-cap tech stocks—a notable achievement considering the longstanding dominance of American tech giants in global markets. Image: Goldman Sachs Global Investment Research
Monthly Flow of G4 Central Bank Asset Purchases Global central banks are continuing to reduce their asset holdings at a robust pace, primarily through balance sheet runoff and measured non-reinvestment of maturing securities. Image: Deutsche Bank
Central Bank and Institutional Demand for Gold Goldman Sachs expects ongoing strong demand from central banks—especially those in emerging markets—to continue boosting gold prices through 2025. Central bank gold purchases have risen fivefold since 2022. Image: Goldman Sachs Global Investment Research
Central Bank Gold Purchases The freezing of Russia’s central bank assets has had a profound impact on global financial strategies, driving central banks to significantly increase their gold holdings as a safeguard against economic and geopolitical risks. Image: Goldman Sachs Global Investment Research