London’s bullion market is under significant strain as large shipments of gold to the United States, paired with continued demand from China, are reducing readily available supplies. The current pressure on the market began when an uptick in US-directed gold shipments coincided with China’s steady accumulation. Together they have placed a two-way drain on London’s … Read more

President Trump’s call for the Federal Reserve to reduce interest rates by three percentage points has heightened investor concerns about “fiscal dominance,” a situation in which controlling government borrowing costs takes precedence over combating inflation. Following a recent budget bill that added trillions to the U.S. debt, and with Mr. Trump suggesting that lower rates … Read more

Australian gold miner Gold Road Resources has turned down a A$2.1 billion takeover proposal from South Africa’s Gold Fields, calling the offer “highly opportunistic” and asserting that it materially undervalues the company. The proposal from Gold Fields is aimed at increasing its stake in the Gruyere gold mine in Western Australia, which the two companies … Read more

Silver serves three distinct roles: an industrial metal, a monetary asset, and a jewelry staple. These functions overlap, and the balance between them has shifted meaningfully in recent years. The chart above illustrates how demand splits across these three sectors and highlights the notable change in silver’s demand profile since 2016. Silver Market Structure Silver … Read more

Gold is on a strong upward trajectory, reaching record highs as investors respond to rising geopolitical tensions, economic uncertainty, and significant purchases by central banks. While these price levels prompt comparisons to the 1980 peak—an era marked by runaway inflation and deep political instability—today’s macroeconomic backdrop is distinct. Current inflation and unemployment are comparatively lower, … Read more

Federal Reserve officials now expect a more gradual pace of interest-rate reductions in 2025, a noticeable change from the aggressive easing seen in 2024 when rates were cut by a full percentage point. That more cautious stance reflects several key considerations: inflation has not fallen to the Fed’s 2% target as quickly as officials hoped, … Read more