Gold Speculative Positions

Gold Speculative Positions Concerns arise as the stretched positioning in gold reflects excessive optimism, raising questions about the sustainability of the current market sentiment and the potential for a price correction in the near future. Image: J.P. Morgan

Gold Price vs. S&P 500 Index and Recessions

Gold Price vs. S&P 500 Index and Recessions Throughout history, gold has been considered a safe haven during market declines. Since 2015, its correlation with U.S. stocks has strengthened, making it more likely for gold to move in sync with U.S. stocks during market downturns. Image: Real Investment Advice

FMS Investors – Net % Saying Gold Overvalued

FMS Investors – Net % Saying Gold Overvalued According to FMS investors, gold is currently considered the most overvalued since August 2020, raising concerns about a potential market bubble. Image: BofA Global Fund Manager Survey

Annual Changes in Central Bank Gold Reserves

Annual Changes in Central Bank Gold Reserves The significant increase in gold reserves by China, Poland, and Singapore in 2023 reflects a broader trend of central banks expanding their holdings of bullion amid escalating geopolitical and economic risks. Image: BofA Global Research

Central Bank Gold Purchases

Central Bank Gold Purchases Gold remains a key focus for central banks, serving to fortify the stability and resilience of their reserves, especially amidst currency fluctuations or economic turbulence. Image: BofA Research Investment Committee

Price of Gold

Gold Annualized Returns and Volatility While gold has had periods of significant growth and can serve as a hedge against inflation, historical data suggests that equities have generally outperformed gold over the long term. Image: J.P. Morgan

Spot Gold

Spot Gold Gold prices often increase during periods of U.S. dollar weakness, and technical analysis indicates the potential for gold to reach 2500-2600. Image: BofA Global Research

Gold and U.S. 10-Year Real Rates

Gold and U.S. 10-Year Real Rates U.S. real interest rates have typically had an inverse relationship with the price of gold, as investors tend to shift their investments between gold and interest-bearing assets based on the opportunity cost of holding gold. Image: BofA Global Research

Gold Flows

Gold Flows There has been a renewed investor interest in gold, as indicated by the largest inflow to gold funds since May 2023. Image: BofA Global Investment Strategy