‌received $3.62 billion worth ‌of inflows, the highest since at least 2009.Cumulatively, these ETFs received a record $91.86 billion worth of inflows ‌in 2025, more than eight times the total in 2024.However, gold prices have fallen roughly 10% in the past two days after hitting record highs last week, as CME Group raised margin requirements following a sharp metals selloff that was triggered by ​Kevin Warsh's nomination as the next U.S. Federal Reserve ​Chair.Live EventsAnalysts at J.P. Morgan expect the ...

Core Viewpoint - Gold prices are experiencing a significant rally, nearing the $5,600 per ounce mark, driven by geopolitical tensions and the Federal Reserve's decision to maintain interest rates [1][2][3]. Group 1: Gold Price Movement - Gold has gained over 10% in just four sessions, reaching an all-time high of $5,595.44 [1][5]. - As of the latest check, gold spot is trading at $5,506.47, with technical resistance identified between $5,525 and $5,600 [5]. Group 2: ETF Performance - Five key gold ETFs have entered the top 10th percentile of momentum scores, indicating strong relative price strength and volatility [1][2]. - The ETFs include Goldman Sachs Physical Gold ETF, SPDR Gold Trust, SPDR Gold MiniShares Trust, iShares Gold Trust, and VanEck Merk Gold ETF, all showing positive momentum across three critical timeframes [2]. Group 3: Market Dynamics - The Federal Reserve's decision to keep interest rates unchanged at 3.50%–3.75% has lowered the opportunity cost for holding gold, reinforcing prolonged monetary support [2][3]. - Investors are increasingly moving towards tangible assets like gold due to rising geopolitical uncertainties, particularly tensions between the U.S. and Iran [3][4]. Group 4: Investor Outlook - The short-term outlook for gold is positive, with an upward trend observed over the last couple of months [5]. - The medium-term trend has also been sustained positively over the last couple of quarters, while the long-term outlook shows a sustained upward movement over the past year [5].

Core Viewpoint - Gold prices are experiencing a significant rally, nearing the $5,600 per ounce mark, driven by geopolitical tensions and the Federal Reserve's decision to maintain interest rates [1][2][3]. Group 1: Gold Price Movement - Gold has gained over 10% in just four sessions, reaching an all-time high of $5,595.44 [1][5]. - As of the latest check, gold spot is trading at $5,506.47, with technical resistance identified between $5,525 and $5,600 [5]. Group 2: ETF Performance - Five key gold ETFs have entered the top 10th percentile of momentum scores, indicating strong relative price strength and volatility [1][2]. - The ETFs include Goldman Sachs Physical Gold ETF, SPDR Gold Trust, SPDR Gold MiniShares Trust, iShares Gold Trust, and VanEck Merk Gold ETF, all showing positive momentum across three critical timeframes [2]. Group 3: Market Dynamics - The Federal Reserve's decision to keep interest rates unchanged at 3.50%–3.75% is interpreted as a sign of prolonged monetary support, reducing the opportunity cost of holding gold [2][3]. - Investors are increasingly moving towards tangible assets like gold due to rising geopolitical uncertainties, particularly tensions between the U.S. and Iran [3][4]. Group 4: Investor Outlook - The short-term outlook for gold is positive, with an upward trend observed over the last couple of months [5]. - The medium-term trend remains positive, sustained over the last couple of quarters, while the long-term outlook shows a sustained upward movement over the past year [5].

Core Insights - The Global X - Silver Miners ETF (SIL) and the SPDR Gold MiniShares Trust (GLDM) cater to investors interested in precious metals but differ fundamentally in structure and focus [2] Cost & Size Comparison - SIL has an expense ratio of 0.65% and assets under management (AUM) of $5 billion, while GLDM has a lower expense ratio of 0.10% and AUM of $25 billion [3] - SIL offers a one-year return of 186.7% and a dividend yield of 1.18%, whereas GLDM has a one-year return of 69.26% and does not pay a dividend [3][4] Performance & Risk Analysis - Over five years, SIL experienced a maximum drawdown of -56.79%, while GLDM had a maximum drawdown of -21.63% [5] - An investment of $1,000 would have grown to $2,094 in SIL and $2,473 in GLDM over the same period [5] Fund Composition - GLDM exclusively holds physical gold, providing 100% exposure to bullion prices, making it suitable for low-cost tracking of gold [6] - SIL consists entirely of silver mining companies, with top holdings including Wheaton Precious Metals, Pan American Silver, and Coeur Mining, which together represent over 40% of its assets [7] Investment Implications - Both SIL and GLDM provide access to the precious metals sector but with different risk and return profiles; GLDM offers stability through physical gold, while SIL exposes investors to the volatility of silver mining operations [9]

Core Insights - The comparison between Abrdn Physical Silver Shares ETF (SIVR) and SPDR Gold MiniShares Trust (GLDM) highlights significant differences in returns, volatility, and costs, with SIVR showing a higher one-year return and beta, while GLDM is noted for its lower fees and larger assets under management [2][9]. Cost and Size - SIVR has an expense ratio of 0.30% and assets under management (AUM) of $5.4 billion, while GLDM has a lower expense ratio of 0.10% and a larger AUM of $25.2 billion [4][5]. Performance and Risk Comparison - Over five years, SIVR has a maximum drawdown of -38.61% and a growth of $1,000 to $3,149, whereas GLDM has a maximum drawdown of -20.92% and a growth of $1,000 to $2,427 [6]. Fund Composition - GLDM is designed to track gold bullion performance, focusing on providing a low-cost way to gain gold exposure, while SIVR targets the price of physical silver, aiming to mirror the silver spot price closely [7][8].

Core Insights - Gold prices are under pressure due to reduced expectations for a U.S. interest-rate cut next month, with prices briefly falling below $4,000 an ounce before recovering slightly [1][3] - Central banks have significantly increased their gold purchases, with Goldman Sachs estimating a purchase of 64 tons in September, more than triple the amount in August [5] - Despite recent declines, gold is on track for its best annual performance since 1979, with a year-to-date increase of over 50% as of November 17, 2025 [4] Market Dynamics - Interest-rate swaps indicate less than a 50% chance of a December rate reduction, a notable drop from previous expectations of a quarter-point cut, negatively impacting gold's outlook [3] - The U.S. dollar has gained 1.3% over the past month, contributing to gold's underperformance, as SPDR Gold Shares (GLD) has lost approximately 7.8% in the same period [2] Central Bank Activity - The People's Bank of China (PBoC) has continued its monthly gold reserve additions, bringing its total holdings to 2,304.5 tons, indicating a bullish trend for gold [6] - India imported gold worth $14.7 billion in October, a nearly 200% year-over-year increase, with consumers purchasing an estimated $11 billion during a five-day festival [5] Investment Strategies - Bridgewater Associates' founder Ray Dalio recommends investors allocate up to 15% of their portfolios to gold, highlighting its role as a hedge against monetary debasement and geopolitical uncertainty [7] - Gold ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and SPDR Gold MiniShares Trust (IAUM) are suggested as potential investment opportunities for those looking to capitalize on the long-term bullish trend in gold [8]

Core Insights - Gold has experienced significant price increases, climbing 26.62% over the past six months and 61.51% year to date, with a notable 15.14% gain in the last month alone [1][2] - Market expectations of further Federal Reserve rate cuts and increasing demand for safe-haven assets are likely to support gold's price growth into 2026, with projections suggesting it could reach $5,000 [2][4] Market Dynamics - The weakening U.S. dollar, driven by anticipated interest rate cuts, has made gold more affordable for international buyers, contributing to its price rise [6] - Ongoing trade tensions between the U.S. and China are prompting investors to seek refuge in gold, further enhancing its appeal [5] Investment Strategies - A long-term passive investment strategy is recommended for gold ETF investing, allowing investors to capitalize on potential short-term price corrections as buying opportunities [8] - Investors are advised to consider allocating up to 15% of their portfolios to gold, as suggested by notable investors like Ray Dalio, which contrasts with traditional advice of limiting such allocations [10] ETF Options - For physical gold exposure, investors can consider ETFs such as SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and SPDR Gold MiniShares Trust (GLDM), with GLD being the most liquid option [13] - Gold miners ETFs, like VanEck Gold Miners ETF (GDX) and Sprott Gold Miners ETF (SGDM), provide access to the gold mining sector, which can amplify gains and losses compared to direct gold investments [15]

Core Viewpoint - The market is experiencing a rotation from technology stocks to defensive sectors, and there is potential for a shift from debt securities to precious metals, particularly gold, due to anticipated interest rate cuts by the Federal Reserve [1][2][3]. Market Reactions - Following Federal Reserve Chair Jerome Powell's speech, the S&P 500 rose by 1.52%, nearing its all-time high, while gold prices are expected to rise as investors move away from fixed income assets [2][3]. Gold Market Dynamics - Gold has been trading between $3,500 and $3,180 since reaching a record high in April, with expectations of a bullish trend as the Federal Reserve revises its monetary policy [4][5]. - The U.S. dollar has weakened by 10.69% from its year-to-date high of $109.98 to $98.22, which historically correlates with rising gold prices [5][6]. Geopolitical Factors - Ongoing geopolitical tensions, including stalled peace talks between the U.S. and Russia regarding Ukraine and military actions in Gaza, are expected to increase demand for safe-haven assets like gold [6]. Price Forecasts - UBS Group has raised its gold price target to $3,600, citing macroeconomic risks and strong investment demand for gold ETFs and central banks [7]. Gold-Backed ETFs Overview - **SPDR Gold Trust (GLD)**: The largest gold ETF with $102.72 billion in assets under management (AUM), has gained nearly 597% since inception [9][10]. - **iShares Gold Trust (IAU)**: Smaller than GLD with $48.41 billion in AUM, has outperformed GLD with a gain of over 648% since inception [13][14]. - **SPDR Gold MiniShares Trust (GLDM)**: Newer ETF with $16.3 billion in AUM, has gained nearly 168% since launch, offering the lowest expense ratio at 0.01% [15][16].

Core Viewpoint - Gold is experiencing a resurgence in momentum due to fears of a U.S. economic slowdown, weak labor data, and expectations of Federal Reserve rate cuts, leading to a rise of over 3% in gold prices over four days [1][5]. Economic Data - The U.S. economy added only 73,000 jobs in July, significantly below the expected 104,000, with prior months' job gains revised down by 258,000, raising recession fears [3]. - The services sector index fell to 50.1 in July from 50.8 in June, indicating a near standstill in business activity due to weak demand and rising costs [4]. Federal Reserve Rate Cuts - The weak economic data has increased the likelihood of the Federal Reserve lowering interest rates in September, with a 92% probability indicated by market tools [5]. - Lower interest rates enhance the attractiveness of gold as a non-yielding asset compared to fixed-income investments [5]. Tariffs and Safe-Haven Buying - The Trump administration's recent tariff hikes, ranging from 15% to 40% on various countries, have spurred safe-haven buying of gold [6]. - The inflationary pressures from these tariffs are expected to bolster gold's status as a hedge against rising prices [7]. Currency and Central Bank Activity - A weaker U.S. dollar and increased central bank purchases are contributing to the rise in gold prices, with 95% of central banks expecting to increase their gold reserves in the next year [8]. Gold Price Forecasts - Citigroup has raised its 3-month gold price forecast to $3,500 per ounce from $3,300, citing economic deterioration, rising inflation, and changing tariffs [9]. ETFs Performance - Gold ETFs such as SPDR Gold Trust ETF (GLD), iShares Gold Trust (IAU), and others are expected to perform well due to rising gold prices [2][10]. - SPDR Gold Trust ETF has an AUM of $103 billion and trades about 9 million shares daily, while iShares Gold Trust has an AUM of $33 billion with 6 million shares traded daily [11][12]. - Other notable ETFs include SPDR Gold MiniShares Trust (AUM: $16.2 billion), abrdn Physical Gold Shares ETF (AUM: $5 billion), and iShares Gold Trust Micro (AUM: $3.3 billion) [13][14][15]. Conclusion - Given the prevailing economic uncertainty and potential Fed rate cuts, interest in gold ETFs is likely to remain strong in the upcoming months [16].