Gold vs. Other Asset Total Returns A performance rotation from stocks to gold is emerging. This may signal the beginning of a broader shift, as Trump’s efforts to weaken the dollar and lower rates coincide with a deteriorating outlook for equities. Image: Topdown Charts
Gold vs. U.S. M2 and U.S. Debt to GDP Historically, gold prices have tracked the expansion of the money supply and have responded to increases in U.S. government debt. Image: J.P. Morgan Commodities Research
Gold 10-Day Rolling Returns Given the exceptionally high 10-day rolling return and overbought technical signals, a short-term pullback in gold prices would not be surprising. Image: The Daily Shot
Gold vs. 30-Year U.S. Treasury Bond Gold is increasingly being positioned as an alternative to U.S. Treasury bonds. Image: Deutsche Bank
Gold Price Forecast Goldman Sachs raised its gold price forecast to $3,700 per ounce from $3,300, with a range of $3,650–$3,950, citing stronger-than-expected demand from central banks and ETFs as key drivers of the increase. Image: Goldman Sachs Global Investment Research
Monthly Fund Flows of Gold ETFs Gold funds have gained $12 billion in inflows over the past two months as record-high gold prices boost their appeal as a safe-haven asset in uncertain economic times. Image: Bloomberg
Gold Reserves As % of Total Holdings Emerging market central banks continue to hold significantly less gold than their developed counterparts, suggesting a potential for increased future allocations that could provide sustained support for gold prices. Image: Goldman Sachs Global Investment Research
Gold Adjusted for Inflation Despite gold’s recent rally to $3,000 per ounce in 2025, which happened more quickly than most analysts anticipated, it remains significantly below its all-time inflation-adjusted peak of approximately $3,800 per ounce, set in 1980. Image: Bloomberg
Performance – Gold vs. S&P 500 Warren Buffett has a skeptical view of gold as an investment, but apparently, gold didn’t get the memo and has been outperforming the S&P 500 this century! Image: Bloomberg
Gold / U.S. Average Worker’s Wage Despite a bullish outlook fueled by declining interest rates and ongoing central bank purchases, gold is seen as expensive relative to the average wage of a U.S. worker. Image: Gavekal, Macrobond
Annual Change in Gold Demand Central banks’ gold demand has grown by 11.5% annually since 2019, fueling the current price rally as they aim to diversify reserves. While gold excels as a crisis hedge, it hasn’t consistently delivered long-term alpha for investors. Image: J.P. Morgan Asset Management