Group 1: Company Strategy - Tiffany & Co. is shifting its focus from silver jewelry to gold and high jewelry, as stated by LVMH executives [1][2] - The demand for high jewelry has quadrupled over the last four years, while demand for silver jewelry has declined by one-third since LVMH acquired Tiffany in 2021 [2] - This marks a significant change for Tiffany, which has historically specialized in silver jewelry since its inception in 1851 [3] Group 2: Financial Performance - LVMH's watches and jewelry division reported €10.5 billion in sales (approximately $12.6 billion) in 2025, reflecting a 1% decline from the previous year [4] - LVMH's stock price has decreased by about 22% over the past year [4] Group 3: Market Trends - Gold prices have surged to record highs, with spot gold trading around $5,240 per ounce, up about 20% this year and 73% in 2025 [6] - Silver prices have also risen significantly, currently trading around $115 per ounce, with a year-to-date increase of 56% and a 170% rise last year [9] - The gold-to-silver ratio has fallen to a four-year low, indicating that silver now "appears expensive" relative to gold [12]

Core Viewpoint - The ongoing bull run in gold is supported by historical patterns and macroeconomic factors, despite contrasting opinions from market commentators like Jim Cramer who suggest selling gold [1][4]. Group 1: Gold Market Analysis - Crescat Capital's Otavio Costa argues that the current gold price surge, nearing $4,000 per ounce, indicates that the bull run is not yet at its peak, primarily due to a historically high gold-to-silver ratio of 85, which suggests significant upside potential [1][2]. - Historical data shows that previous peaks in gold cycles occurred when the gold-to-silver ratio was much lower, specifically below 20 in 1980 and around 30 in 2011, reinforcing Costa's view that the current cycle has room to grow [3][4]. Group 2: Macro Factors Influencing Gold - Costa identifies a "trifecta of macro imbalances" as key drivers for the gold rally, including central banks accumulating gold, record levels of government debt, and unsustainable fiscal deficits [3][4]. - Geopolitical shifts, an ongoing inflationary environment, and challenges faced by major mining companies are also contributing to the strength of gold [4]. Group 3: Gold and Mining ETFs Performance - Gold Spot prices have risen by 0.61% to approximately $4,123.43 per ounce, with the previous record high at $4,381.6 per ounce, indicating a strong market for gold and related investments [5]. - Notable performances among gold mining companies include Harmony Gold Mining Company Ltd. with a year-to-date performance of 115.45% and Perpetua Resources Corp. at 133.39%, reflecting the positive sentiment in the gold sector [6][7].