Gold demand is no homogeneous aggregate: it brings together jewellery, investment in bars, coins and exchange-traded funds, central-bank purchases and technological use, components with opposite drivers that a single figure conceals. TL;DR Four components with opposite price sensitivities structure gold…
China and India form the physical heart of the gold market, and local price gaps, a premium in Shanghai, a discount in Mumbai, signal the real intensity of demand, where the London price stays silent. TL;DR In 2026 one world…
Gold supply barely responds to its price: mine production stays nearly flat even at peaks, and the stock already extracted dwarfs the annual flow. It is this inertia, captured by the stock-to-flow ratio, that sets gold apart from ordinary commodities.…
The US fiscal trajectory, debt at records and interest exceeding the defense budget, ranks among the structural drivers of gold demand: a liability-free asset, sought when a state’s debt looks less safe. TL;DR U.S. interest payments now exceed the entire…
Announcing «gold at an all-time high» assumes a currency and a measure. The record differs depending on whether one counts in dollars, euros or yen, and on whether or not one adjusts for inflation. TL;DR Gold's record depends on two…
The copper/gold ratio sets the price of the most industrial metal against that of the most defensive one. Its direction works as a gauge: it rises when the market bets on growth, it falls when fear of a slowdown takes…
The gold/oil ratio measures how many barrels of crude one ounce of gold buys. It sets a monetary asset against an energy asset, and its level signals which of the two regimes, safe-haven or inflation, prevails at a given moment.…
Priced in ounces of gold rather than dollars, the S&P 500 sheds its monetary component and keeps only corporate value. Measured that way, an index at a dollar record can look far less stretched than it appears. TL;DR Between late…
Automotive palladium: how falling prices, hybrids and electric vehicles are reshaping a key market for industry and investors. Why supply concentration, real rates and substitution dynamics matter more than the EV narrative alone.
Copper prices have become a leading indicator of global reindustrialization and capex cycles, more than a simple proxy for China. How to read the metal without misinterpretation.
