Gold MarketsThe Commitments of Traders report is the most underused tool in the precious metals analyst's toolkit. Here is how to read it without falling into the common traps.
GeopoliticsFrom Shanghai Gold Exchange withdrawals to the explosive growth of investment-grade bars, Chinese gold demand is reshaping the global market in real time.
Gold MarketsFrom Diwali through to the spring wedding season, Indian households absorb hundreds of tonnes of gold. The seasonality is real and it shapes global price action.
Gold MarketsNew York and London run the world's gold market with very different settlement systems. Understanding the mechanics explains a surprising amount about price action.
Gold MarketsThe terms sound technical but the legal distinction is enormous. Allocated gold is yours; unallocated gold is a claim. Here is what that really means.
InvestmentAllocation ranges sound arbitrary until you understand what each level is actually hedging. A practical guide to sizing gold by goal, horizon and risk tolerance.
GeopoliticsThe United States still tops the list at 8,133 tonnes, but the gap is closing. A country-by-country breakdown of the world's largest official gold holders.
Gold MarketsThe single most reliable headwind for gold is rising real yields. The mechanism is simple, the historical record is clear, and the recent exceptions are instructive.
Gold MarketsFrom 15:1 in the bimetallic era to 125:1 during the COVID panic, the gold-silver ratio is the most misunderstood signal in precious metals. Here is how to read it properly.
Gold MarketsWith sovereign bonds offering negative real returns through much of the last decade, allocators are asking whether gold deserves a permanent home in the fixed-income sleeve.