James Steel, chief precious metals analyst at HSBC, expects increased volatility and frequent pullbacks ahead for gold with new money coming into the market as he sees geopolitical risk as the main factor driving the metal to record highs. ...

Core Viewpoint - The significant rise in gold prices, surpassing $5,000 per troy ounce, is primarily driven by increased central bank buying and a shift in investor sentiment towards gold as a hedge against dollar debasement [1][5][12]. Central Bank Activity - Central banks have historically been the largest holders of gold, purchasing around 500 tons annually before COVID-19 [2] - Post-COVID, central bank purchases surged to approximately 1,000 tons per year, effectively doubling their buying rate [3] - This trend has continued, with central banks maintaining high levels of gold purchases, contributing to the current price surge [3][12]. Retail and Institutional Investment - Retail and broader investors, particularly in the U.S., have increasingly engaged in gold investments, particularly in the context of the dollar debasement narrative [5][12] - Gold ETF inflows reached record highs last year, nearing the levels of central bank purchases, indicating strong retail interest [4]. Portfolio Allocation - Investment firms are recommending a structural increase in gold allocations within portfolios, suggesting allocations between 5% to 15% depending on investor risk tolerance [10][13]. - There is a notable shift in institutional strategies, with some large banks adjusting their portfolio allocations to include a higher percentage of gold [9]. Economic and Geopolitical Factors - The U.S. has printed approximately 80% of all dollars since 2020, contributing to inflation and a rush towards hard assets like gold [15]. - Elevated geopolitical risks, such as the situation in Ukraine and recent unrest in Iran, have shifted investor sentiment away from U.S. treasuries towards gold as a safer asset [16][18]. Future Outlook - The current environment suggests that the dollar's status as the global reserve currency may be diminishing, with gold potentially taking its place [18]. - The outlook for gold remains positive, although returns may not mirror the historic surge seen in 2025 [11].

Amy Gower, lead metals commodity strategist of Morgan Stanley. writes, Saying we don't think prices have peaked with geopolitical risk positive signals from central banks and ETF buying. We highlight our bull case 5700 for the second half.Amy joins us now for more. Amy, good morning. Just to clarify, start the second half of this week or the second half of this year is the second half of this year.Amy, let's get into that. We have moved so, so quickly on the precious metals. Have we got a new driver here gi ...

>> AFTER 20 YEARS OF FINANCIAL PRESSURE, WERE BACK TO LIVE MARKETS. >> THE MARKET IS PROBABLY GOING TO TAKE OFF AGAIN. >> WE SEE A LOT OF UPSIDE IN U.S. VOLATILITY MARKETS. >> THE U.S. BOND MARKET IS STILL THE PLACE TO REACT. >> THIS IS "BLOOMBERG BR WITH SURVEILLANCE, WITH JONATHAN FERRO, ANNMARIE HORDERN. SON PATRICK: GOOD MORNING. -- JONATHAN: GOOD MORNING."BLOOMBERG SURVEILLANCE" BEGINS RIGHT NOW. INTERVENTION RISKS AND GOAL. SMASHING THROUGH $5,000, BUILDING ON A RECORD-BREAKING RALLY, GOAL ON A SIX-DA ...

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Introducing Global Ship Lease Investor Presentation January 2026 January 2026 1 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation r ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Precious Metals (Gold and Silver) - **Key Focus**: Analysis of gold and silver market dynamics, central bank behaviors, geopolitical influences, and investment trends Gold Market Insights - **Price Forecast**: Gold has surpassed the $4750/oz forecast for the second half of 2026, with a bullish outlook projecting $5700/oz, indicating a potential 14% upside from current levels [1][4] - **Central Bank Behavior**: A structural shift in central bank gold buying occurred in 2022, with Poland increasing its gold target from 550 tonnes to 700 tonnes, indicating a reduced sensitivity to price changes [2][16] - **Geopolitical Influence**: Rising geopolitical risks have led to increased gold inflows, with the Geopolitical Risk Index rising 77% since early December, historically correlating with a 2.5% increase in gold prices for every 100-point rise in the index [3][25] - **ETF Demand**: ETF purchases of gold were the highest since 2020 in 2025, with expectations for continued buying as interest rates decline [3][21] Silver Market Insights - **Current Pricing**: Silver is trading at an all-time high of $100/oz, driven by strong ETF demand and limited inventories [5][39] - **Market Dynamics**: Shanghai silver prices are trading at a significant premium to CME prices, indicating physical tightness in the market [9][33] - **Demand Trends**: While solar demand for silver may have peaked, investment demand remains robust, with ETF holdings reaching a record of 95 tons by the end of December 2025 [32][60] - **Physical Demand in China**: Strong physical demand in China is evident, with SGE silver trading at a ~15% premium to COMEX prices, reflecting tight local supply [48][49] Central Bank and Investment Trends - **Continued Buying**: A World Gold Council survey indicates that 43% of central banks expect to increase their gold reserves over the next year, with no banks anticipating a decline [15] - **Poland's Strategy**: Poland's shift to target absolute tonnage for gold holdings rather than a percentage of reserves suggests a broader trend among central banks that may lead to increased purchases regardless of price [16][13] Geopolitical and Economic Factors - **Geopolitical Risks**: The current geopolitical climate is a significant driver for gold prices, with historical data showing gold's outperformance during periods of heightened geopolitical risk [25][28] - **Economic Indicators**: Expectations for Fed rate cuts in June and September 2026 are anticipated to support gold and silver prices, as economic momentum improves and inflation trends downward [22] Conclusion - **Investment Outlook**: The outlook for both gold and silver remains positive, with potential for price increases driven by central bank buying, geopolitical risks, and strong investment demand. The market dynamics suggest that any price pullbacks may be short-lived due to underlying demand factors [60][37]

Core Insights - Gold prices have reached a new all-time high, surpassing $5,000 per ounce, driven by increased demand amid geopolitical tensions and global fiscal risks [1][2] Group 1: Price Movement - Spot gold prices and U.S. gold futures for February have increased by 1.2%, trading at $5,042 and $5,036 per ounce, respectively [1] - Analysts at Union Bancaire Privée anticipate gold will continue to perform strongly, with a year-end target price of $5,200 per ounce [3] Group 2: Demand Drivers - The surge in gold prices is attributed to heightened geopolitical risks, particularly related to regions like Greenland and Venezuela, which enhances gold's status as a safe-haven asset [2] - Goldman Sachs notes that the demand for gold has expanded beyond traditional channels, with Western ETF holdings increasing by approximately 500 tonnes since the start of 2025 [4] Group 3: Central Bank Activity - Central bank purchases of gold are robust, averaging around 60 tonnes per month, significantly higher than the pre-2022 average of 17 tonnes, with emerging-market central banks increasing their gold reserves [6] - Goldman Sachs has raised its December 2026 gold price forecast to $5,400 per ounce, citing persistent hedges against global macro and policy risks [5][6]

🚨WORLD MARKETS ARE GOING TO COLAPSE🚨 GOLD AND SILVER GOING TO SURGEI warned you one week ago.Nobody listened.Everyone screamed“Supercycle”“BTC to 1M”Now look at reality.This is not a bull market.This is the start of a SUPER BEAR.Things are about to get REALLY ugly.Why 👇1️⃣ US vs IranUSA and Israel are preparing for direct military action.Bombing Iran risks breaking global oil supply.Markets HATE war and oil shocks.2️⃣ Total mess in the USGovernment shutdown probability is 80%.That alone can crush the econom ...

Group 1: Market Outlook - Gold futures are projected to potentially reach $5,500 by 2026, while silver futures could hit $11,520 due to market volatility [1] - Continued central bank buying and private investor ETF flows are driving demand for gold and silver, with expectations of two interest rate cuts by the Fed [2][4] - Poland has added 150 tons of gold to its reserves, while India is reducing its US Treasury holdings in favor of gold investments [3] Group 2: Investment Trends - There is a multi-year increase in gold ETF holdings as both individuals and institutions view gold as a strong portfolio asset for diversification against inflation and geopolitical risks [4] - The traditional 60/40 portfolio strategy is being replaced by allocations to strategic commodities like gold, silver, and copper [4] Group 3: Market Dynamics - The average true range for gold is currently $95 per day, while silver is at $5 per day, indicating potential for significant sell-offs during market corrections [7] - There are multi-year supply deficits in metals, coupled with strong industrial and investment demand, creating a scenario where demand outpaces supply [7] - The market for platinum is experiencing new highs, driven by supply constraints from South Africa and Russia, which together account for a significant portion of global production [10][11]