Gold Market Insights - Global gold ETF holdings increased by 27 tonnes on a single day, marking the largest daily increase since January 2022, which is double the daily average for the year [1] - 2025 is on track to be the best year for gold since 1979, with only one year in the past 50 years performing better [2][3] - Despite strong gold performance, 39% of fund managers have no allocation to gold, indicating a lack of widespread adoption [2][3] S&P 500 Financial Metrics - The free cash flow yield on the S&P 500 has fallen below 2.6%, the lowest level since 2008, reflecting a significant decline from its peak in 2009 [4][5] Investment Strategy Commentary - The commentary emphasizes that investing, even with poor timing, is preferable to holding cash, suggesting that time and compounding are crucial for investment success [5]