Core Concept: Metal Collectibles - Metal collectibles exist on two levels: the inner layer of the metal itself (bullion) and the outer layer of its form (jewelry, coins, etc)[2] - Bullion is valued for its weight and substance, not craftsmanship [3] - Historically, the value of coins was determined by their precious metal content, not face value [4] Forms of Metal Collectibles - Metal collectibles include artistically skilled forms, coins, and utilitarian-looking pieces [1] - Coins are mass-produced pieces of metal with a trusted brand name indicating their alleged value [1] - Jewelry and other treasures represent wealth transfers [2]

Market Trends - Gold dealers globally, including those in Singapore and the US, observed a surge in interest from bargain hunters seeking to purchase gold bullion following a price decline [1]

Market Trends - Gold-backed exchange-traded funds experienced a retreat in buyers [1] - Bullion faced steep losses this week [1] Price Analysis - Concerns arose that the price rally had gone too fast and too far [1]

Investor Behavior - Investor holdings of physically-backed gold exchange-traded funds reached a three-year high [1] Market Events - Bullion experienced its largest single-day drop since 2013 [1]

Market Trends - Thais are expected to increase gold purchases for the fifth consecutive year [1] - A rally in the Thai Baht is making gold cheaper for local buyers [1] Currency Impact - The central bank is facing challenges in controlling gold's impact on the Baht due to increased gold demand [1]

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]

Market Trends - Wall Street is increasing its investment in gold bullion [1] - Individuals in China and India are also accumulating gold bullion [1]