Market Performance & Trends - Gold hit a fresh all-time high, marking its 26th record settle this year, closing just under $3,500 [1] - Gold is up more than 32% this year [1] - GDX ETF surged more than 70% in 2025 [1] - Miners are almost doubling the performance of bullion [2] - Bullion is expected to break out, with a setup for typically higher prices [3] Options Market Activity - December $3,700 calls were the most active, with just under 1,800 contracts trading at about $56.5 each [4] - Approximately $10 million in premium is betting on a potential 7% upside by the November expiration [5] Factors Influencing Gold Prices - Tariffs on gold from Switzerland and potential executive orders are impacting the market [6] - Geopolitical factors, such as rhetoric between BRICS nations and the US, influence gold demand [7][11] - Multiple core elements are driving gold to $3,400 [8] Gold Miners & Operational Leverage - Analyst community is behind in their spot gold price models, with most around $3,100 and some upgrading to $3,200 [8] - Gold miners' costs have stabilized, leading to significant profitability at current gold prices [9] - Gold miners should outperform, with long positions recommended for GDX, AIO, and Wheaton [10]

Wall Street is loading up on bullion. So are people in China and India https://t.co/8VXmVCoUYU ...