It's been a dismal year for the crypto market. Bitcoin (CRYPTO: BTC) is down 25% for the year, while Ethereum (CRYPTO: ETH) is down 36% (as of Feb. 19). With these two market bellwethers struggling to find their footing, almost no major cryptocurrencies are in the green. But there is one sector of the crypto market that is booming right now: gold-backed stablecoins. The two leaders here are Tether Gold (CRYPTO: XAUT) and PAX Gold (CRYPTO: PAXG). Together, they account for 90% of the gold-backed stablecoin ...

Gold (GC=F) April futures opened at $4,898.50 per troy ounce on Wednesday, down 0.2% from Tuesday’s closing price of $4,905.90. The gold price trended slightly higher in early trading. Gold declined last week after positive economic data lowered expectations for interest rate reductions this year. The next potential price catalysts to watch include the release of the FOMC minutes on Wednesday, PCE data on Friday, the Chinese holiday, and ongoing U.S.-Iran nuclear discussions, according to Ed Egilinksy, ...

Core Insights - The precious metal gold has shown strong performance in the previous year and has started 2026 even stronger [1] Group 1 - Gold is currently experiencing a favorable market environment, indicating potential investment opportunities [1]

Group 1: Gold Price Movement - Gold futures opened at $5,126.40 per troy ounce, marking a 1.9% increase from the previous day's closing price of $5,031, the first time gold has surpassed $5,100 since January 30 [1] - The increase in gold prices follows weaker-than-expected U.S. retail data, which showed December retail and food service sales were nearly unchanged from the prior month, contrary to analysts' expectations of a 0.4% growth [1][2] - Gold's price increase is supported by soft retail sales and weak hiring trends, which bolster the case for lower interest rates that benefit gold investments [3] Group 2: Economic Indicators - The Trump Administration indicated that the upcoming December jobs report is expected to be disappointing, with ADP's employment data showing the U.S. economy added only 37,000 private jobs in December and 22,000 in January, significantly lower than economists' expectations [2] - The one-year gain for gold as of January 29 was reported at 95.6%, with increases of 4.1% over the past week and 14.6% over the past month [4][8] Group 3: Investment Options in Gold - Various methods to invest in gold include physical gold, gold mining stocks, gold ETFs, and gold futures, each with distinct advantages and disadvantages [6][9] - Physical gold is tangible and easy to purchase, while gold mining stocks can be volatile due to their profits being tied to gold prices and exposure to geopolitical risks [12][18] - Gold ETFs track the price of gold and can invest in physical gold, mining stocks, or futures, with the largest being SPDR Gold Shares, which is backed by physical gold stored in vaults [19][23]

Group 1 - ETF investors are demonstrating resilience during bitcoin's recent drawdown, with only 6.6% of Bitcoin ETF assets exiting despite a more than 40% price drop [5] - ETF holders are structurally different from crypto-native traders, treating bitcoin as a small allocation in their broader portfolios, which have benefited from strong equity markets [5] - Historical parallels are drawn between bitcoin and gold ETFs, with both experiencing significant drawdowns but eventually recovering [3][5] Group 2 - Volatility in the bitcoin market is expected to persist, but ETFs may help anchor bitcoin's position in traditional finance [4] - The selling pressure in the bitcoin market is primarily driven by leveraged traders and long-time holders rather than ETF investors [5] - Bitcoin's 17-year history shows a pattern of recovery to new highs after major downturns, indicating that selloffs do not signify the end of the asset's viability [5]

Core Insights - The surge in gold prices is significant, but the next major buying trend may shift towards ETFs rather than physical gold [1][2] Group 1: Market Trends - SPDR Gold Shares stock is showing an upward trend, with Goldman Sachs predicting increased gold ETF purchases by private investors, which could drive gold prices higher [2][7] - Gold has experienced its largest monthly gain since the 1980s, nearing a record high of $5,600 per ounce before a slight retreat [2][8] Group 2: Consumer Behavior - Analysis of Google Trends indicates that Americans are actively searching for ways to invest in gold, challenging traditional views on buying patterns [3][4] - The term "buy gold" is more frequently searched than terms related to learning about gold, indicating immediate purchasing intent rather than casual interest [5][6] Group 3: ETF Demand - The search data suggests a natural demand for gold ETFs, especially as investors look to capitalize on price dips [6] - Major banks, including Goldman Sachs and JPMorgan, are positioning ETFs as crucial for the next phase of gold demand, with Goldman forecasting gold prices to reach $5,400 per ounce by the end of 2026 [7][8]

Group 1: Gold Price Trends - Gold futures opened at $4,966.10 per troy ounce, up 0.6% from the previous closing price of $4,935, and rose above $5,000 in early trading [1] - The gold price has been volatile in 2026, following a nearly 65% increase in 2025, with a peak above $5,500 on January 29 and a drop to $4,400 on February 2 [1][2] - As of January 29, gold's one-year gain was 95.6%, with a decrease of 6.3% over the past week, an increase of 14.1% over the past month, and a gain of 75.6% over the past year [4][9] Group 2: Factors Influencing Gold Prices - Key factors driving gold's historical rally include demand from central banks and ETFs, falling interest rates, and geopolitical tensions [2] - Investors are closely monitoring gold prices for opportunities, with profit-taking observed after the January high and opportunistic buying following the February low [2] Group 3: Investment Options in Gold - Common investment options in gold include physical gold, gold mining stocks, gold ETFs, and gold futures [10] - Physical gold is tangible and easy to purchase, while gold mining stocks can be volatile due to their profits being tied to gold prices and exposure to geopolitical risks [12] - Gold ETFs track the price of gold and can invest in physical gold, mining stocks, or futures, with SPDR Gold Shares being the largest ETF backed by physical gold [16] Group 4: Pros and Cons of Investment Options - Advantages of physical gold include easy accessibility and no ongoing fees, while disadvantages include risks of theft and lower liquidity [17] - Gold mining stocks offer greater liquidity and no storage requirements, but they are more volatile and lack utility as a medium of exchange [18] - Gold ETFs provide ease of storage and greater liquidity, but they come with fund fees that can dilute returns [22]

Core Insights - Gold is increasingly being viewed as a more favorable investment compared to bitcoin, with its price rising significantly while bitcoin has recently declined [1][3][7] Group 1: Gold's Performance - Gold's price has more than doubled over the last year, currently trading above $5,400, despite a recent profit-taking dip [2][5] - Analysts suggest that gold could reach prices between $8,000 to $8,500 if household gold holdings increase from 3% to 4.6% of overall portfolios [5][7] - Gold has outperformed bitcoin over the past five years, indicating a shift in investor preference towards the precious metal [3][7] Group 2: Bitcoin's Decline - Bitcoin has seen a significant drop, falling almost 7% to below $84,000, marking its lowest point since November [1][2] - There has been a noticeable outflow from bitcoin ETFs, contrasting with inflows into gold and silver ETFs, reflecting a shift in investor sentiment [4][6] - Retail investors are increasingly favoring precious metals over bitcoin, indicating a potential long-term trend [5][6]

Group 1: Gold Price Movement - Gold futures opened at $5,179 per troy ounce, marking a 1.1% increase from the previous closing price of $5,120.60, and surged over $5,300 in early trading [1] - The one-year gain of gold is 89.2%, representing its largest one-year gain in 2025 and 2026 [4][7] Group 2: Factors Influencing Gold Demand - A weaker U.S. dollar, which has declined over 2% in the last five days and nearly 11% in the last year, makes gold more affordable and boosts demand [2][3] - Evolving U.S. foreign relations and domestic political pressures, including tariff threats and investigations into the Federal Reserve Chair, may be contributing to a shift away from U.S. dollar reserves, benefiting gold [2] Group 3: Investment Options in Gold - Common ways to invest in gold include physical gold, gold mining stocks, gold ETFs, and gold futures [5][8] - Each investment option has its pros and cons, such as liquidity, volatility, and storage requirements [10][12][19][20]

Core Viewpoint - The comparison between SPDR Gold MiniShares Trust (GLDM) and iShares Gold Trust (IAU) highlights GLDM's lower expenses and shallower historical drawdown, making it potentially more appealing for cost-conscious and risk-averse investors [1][9]. Cost & Size - IAU has an expense ratio of 0.25%, while GLDM has a lower expense ratio of 0.10% [3][4]. - As of January 9, 2026, IAU's one-year return is 67.2%, compared to GLDM's 66.2% [3]. - IAU has assets under management (AUM) of $72.9 billion, whereas GLDM has $28.0 billion [3][10]. Performance & Risk Comparison - Both IAU and GLDM have a maximum drawdown of -20.92% over five years [5]. - The growth of a $1,000 investment over five years is $2,414 for IAU and $2,427 for GLDM, indicating slightly better performance for GLDM [5]. Fund Structure - GLDM offers pure gold exposure with 100% of its portfolio aligned to gold holdings, without equities or alternative assets [6]. - IAU follows a similar structure, providing exposure to gold bullion without sector tilt or equity exposure [7]. Investment Implications - Both IAU and GLDM provide direct access to gold, but GLDM's lower expense ratio and smaller historical drawdown may attract more cost-conscious or risk-averse investors [9][10]. - The larger AUM of IAU may appeal to some investors, but GLDM's cost advantages suggest it may be the wiser choice for long-term savings [10].