Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

It's Raining Gold in Antarctica!

Fri, 31 Jul 2026 00:00:00 EST

If you want gold, you generally have to go to a place like https://www.moneymetals.com/buy/specials";>Money Metals and buy it. Or, if you’re adventurous, you could dig it out of the ground. Of course, mining gold is hard, expensive, dirty work. It's not for the faint of heart.

So, what if I were to tell you I know a place where gold is literally blowing out of the ground and raining from the sky?

There is such a place!

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But before you start packing your bags, I should tell you that it’s in Antarctica.

The Ross Sea is more of a deep bay in Antarctica, about 840 miles from the South Pole. In the Ross Sea, you’ll find Ross Island. And on Ross Island stands Mt. Erebus.

Mt. Erebus is an active volcano. It’s not so much erupting as bubbling. Inside the volcano sits a permanent lake of blazing, molten rock. This hot lava emits a lot of gases. Mixed with the steam bubbling out of Mt. Erebus are microscopic particles of crystalline gold.

Mt. Erebus has been belching gold for decades. In 1991, researchers estimated that the volcano spews around 80 grams (A little over 2.5 troy ounces) of microscopic gold dust into the sky every single day. That comes to about 900 ounces of gold every year. At today’s gold price, we’re talking about some $3.6 million worth of gold.

Good luck collecting it, though.

As I mentioned, the gold is microscopic. As it blows into the atmosphere, wind currents carry the particles as far as 1,000 kilometers from the volcano before it falls to the ground like a soft rain.

It’s not unusual to find gold in volcanic emissions. For instance, scientists have https://www.moneymetals.com/news/2025/06/20/the-earth-is-leaking-gold-004139";>detected gold around a volcano in Hawaii. However, Mt. Erebus is the only volcano known to spew high levels of crystalline gold into the air at this volume.

As https://www.yahoo.com/news/science/articles/worlds-southernmost-active-volcano-spewing-130000618.html"; target="_blank" rel="noopener">a Yahoo News article put it, it makes sense.

“A volcano is basically a hole in Earth's crust, through which molten material from deep below the ground seethes upward.”

There are thousands of miles of nearly impenetrable rock between the core and the Earth’s surface, known as the mantle. It extends from about 22 miles below the Earth’s surface and crust to the core. The boundary between Earth’s center and the mantle lies about 1,800 miles deep.

The Earth’s molten outer core holds about 99.9 percent of the planet’s gold and other precious metals. Scientists estimate there is as much as 1.6 quadrillion tonnes of gold locked up in the Earth’s center. That’s enough gold to coat the entire surface of the Earth with a 20-inch-thick layer of the yellow metal.

Unfortunately, it is impossible to mine the core; however, Mother Nature sometimes pushes some of that gold to the surface.

As hot as lava is, it can’t vaporize the yellow metal. The boiling point of pure gold is far hotter than volcanic temperatures. That means gold coming out of the Earth is generally in a liquid state. Scientists think gold hitches a ride to the surface in volatile chlorine- or sulfur-bearing compounds that exist in hot volcanic gases.

The crystalline structure of the gold blowing out of Mt. Erebus is unique. According to Yahoo News, “Under an electron microscope, the particles appeared as intricate, faceted, almost perfectly geometric crystals rather than irregular specks, some measuring up to about 60 micrometers across.”

One theory is that under the environmental conditions around Mt. Erebus, gold crystallizes out of these chlorine and sulfur compounds as the gases cool. However, these compounds typically only contain small amounts of gold, and it is unclear how the large crystals can form.

Another theory is that the gold gradually deposits in a crust on the surface of the lava lake before being blown aloft by rising gases.

As Yahoo News put it, “Something about Mount Erebus – whether it's the chemistry, the ambient temperature, the geology, or something else – appears to give it a unique ability to sprinkle the snow with gold dust like a mischievous pixie.”

I’d be OK with sending that mischievous pixie my way!

Paulson: We're Still in the Early Stages of a Gold Bull Market

Thu, 30 Jul 2026 00:00:00 EST

Remember the gold bull market of 2025?

According to billionaire hedge fund manager John Paulson, it’s still going on.

https://www.moneymetals.com/gold-price";>Gold peaked just over $5,500 an ounce in January, before sharply correcting. After a brief surge of safe-haven demand in the early days of the U.S.-Iran conflict, it has traded range-bound between $4,000 and $4,500 for the last few months.

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Some analysts say the sell-off was the end of the gold bull market; however, in https://youtu.be/gTOicU2plyk?si=CNsrIjJpENVA_786"; target="_blank" rel="noopener">an interview on CNBC, Paulson said the bull run is just getting started because the world is losing faith in fiat currencies – especially the dollar.

“I do think we’re in the beginnings or the early stages of a long-term bull market for gold."

Paulson famously won big in the early 2000s when he bet against subprime mortgages even as the mainstream insisted there was no problem in that sector. After the 2008 financial crisis, Paulson turned his attention to gold, arguing that unprecedented fiscal and monetary stimulus would ultimately weaken the dollar.

He was correct.

Based on the CPI, the dollar has lost about 35 percent of its value since 2008. And of course, https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>the CPI understates the reality of inflation. In that same period, the price of gold has nearly quadrupled.

Why?

Paulson said the world is losing faith in fiat money.

"As people lose faith in paper currencies, gold as an alternative will continue to grow.”

He went on to explain that this growing preference for gold over dollars is reflected in both central bank and investor demand.

“Gold is becoming the most apt reserve currency in the world, replacing fiat currencies. The demand from central banks, for instance, has continued to grow, as has the private sector.”

In fact, the European Central Bank confirmed earlier this year that gold has https://www.moneymetals.com/news/2026/06/02/ecb-confirms-gold-has-overtaken-treasuries-as-top-global-reserve-asset-004959";>passed Treasuries, becoming the world’s top reserve asset.

Last year was the fourth-largest expansion of central bank gold reserves on record, at 863 tonnes. That was down 21 percent year-on-year, but still well above the 2010-2021 annual average of 473 tonnes.

The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

Paulson said that given this https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization and the growing distrust of fiat currencies in general, the long-term trajectory for gold is up despite current headwinds.

"I think the trend of gold will continue to be on the upside."

We can also see worries about fiat currencies reflected in https://www.moneymetals.com/news/2026/07/18/the-ramifications-of-a-long-term-bond-bear-market-005079";>an increasingly bearish bond market. Despite rate cuts in 2024 and the Fed’s more recent reluctance to hike despite persistent inflation, yields on the long end of the curve continue to creep higher. This signals investor reluctance to loan more money to fiscally irresponsible governments.

As Reuters recently reported, “Inflation, heavy government borrowing, policy uncertainty and bouts of stocks and bonds falling in tandem have weakened bonds' role as a ballast, prompting some investors to look for more diversification.”

Paulson is not the only institutional investor bullish on gold. Last year, Morgan Stanley CIO Michael Wilson recommended https://www.moneymetals.com/news/2025/10/07/seismic-shift-morgan-stanley-recommends-602020-portfolio-with-20-allocated-to-gold-004389";>an aggressive portfolio rebalancing, suggesting investors should cut their bond allocation to 20 percent and swap half of the bond portfolio to gold to serve as a “more resilient” inflation hedge.

"Gold is now the anti-fragile asset to own, rather than Treasuries. High-quality equities and gold are the best hedges.”

Could China's Gold Reserves Surpass the U.S. Within Five Years?

Thu, 30 Jul 2026 00:00:00 EST

Could China’s gold reserves surpass the United States’?

On the surface, this seems like a tall order, but analysts at BMO Capital say it could happen in the next five years given China’s unreported gold buying.

The U.S. officially holds just over 8,133 tonnes of gold in its reserves. However, we don’t know for sure how much gold the U.S. really has because https://www.moneymetals.com/news/2026/07/24/looks-like-we-dont-need-to-worry-about-that-fort-knox-gold-audit-anymore-005090";>the government refuses to do a comprehensive audit.

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The Chinese officially have 2,346 tonnes of gold. However, China likely holds significantly more gold than it publicly admits.

Last year, Money Metals’ researcher Jan Nieuwenhuijs parsed the data and determined that https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>the Chinese central bank covertly bought 570 tonnes of gold in 2024.

The People's Bank of China only reported a 41-tonne increase in its gold reserves that year.

Mainstream analysts have finally started to catch on to this phenomenon. Late last year, the Financial Times ran a report on unreported Chinese gold buying. More recently, https://www.moneymetals.com/news/2026/07/25/goldman-sachs-picks-up-on-chinas-secret-gold-reserve-expansion-005095";>Goldman Sachs analysts estimated that China bought more than 48 tonnes of gold in May via the London over-the-counter (OTC) market. The People’s Bank of China only reported a 10-tonne increase to its gold reserves.

Given the lack of transparency, it’s impossible to say just how much gold the Chinese are sitting on. Nieuwenhuijs’s analysis of formal and informal sources indicated that as of the end of 2024, the People’s Bank of China was sitting on more than 5,000 tonnes of monetary gold – more than TWICE what they publicly admit.

If that’s true, then China isn’t trailing the U.S. in the gold department by nearly as much as official data would indicate.

Analysts at BMO Capital estimate the People’s Bank of China holds 5,200 tonnes of monetary gold. That represents about 13 percent of the total above-ground gold supply.

Given the accelerated pace of buying, China could surpass the U.S. in gold reserves in less than five years, according to BMO analysts.

“China has another ~5 years of buying at current rates for the PBoC to reach the USA's level of treasury reserves, but in total gold terms could surpass the U.S. much sooner.”

BMO analysts say this combination of aggressive central bank buying and Chinese investment demand will give China “more leverage in global pricing, enabled by its sheer scale of demand and growing futures and OTC market liquidity.”

As far as China’s broader strategy, BMO analysts say it’s difficult to determine the endgame.

“Unsurprisingly, China hasn't disclosed its ultimate gold accumulation targets. But given its stated ambitions for economic expansion and RMB internationalization, our view is that achieving the U.S.'s level of holdings is an absolute minimum target, implying another ~2,500-3,000 tonnes of purchases, achievable in two to five years depending on method. Yet aspirations are likely higher still given the need to establish RMB credibility globally, with ongoing acquisitions (~$18bn to date) of overseas assets a key pillar of its strategy.”

BMO analysts noted that U.S. gold reserves represent around 5 percent of the M2 money supply. For China to reach that ratio, it would need to accumulate around 18,000 tonnes of gold.

Along with its central bank gold reserve aspirations, BMO analysts noted China is positioning itself to become a bigger player in the global gold market. Earlier this month, Hong Kong launched https://www.moneymetals.com/news/2026/07/09/hong-kong-launches-gold-settlement-system-to-challenge-western-dominance-005050";>trial operations of its gold clearing and settlement system, putting the region in a position to challenge Western dominance of the global gold market.

A spokesperson said the government-owned clearing system will reportedly “mirror” the financial infrastructure used by the LBMA in London.

He said the company will offer “a comprehensive suite of services ranging from gold deposits and withdrawals to transaction settlements in the over-the-counter market in Hong Kong,” adding that a new gold price ticker – HAU – would be introduced to “ensure that Hong Kong gold prices are fully accessible to global market participants.”

BMO analysts said China hopes this initiative will attract more international gold trading activity and that it could shift more global gold pricing power from traditional Western centers toward China.

Interest Rates Unchanged After Fed Family Fight

Thu, 30 Jul 2026 00:00:00 EST

It appears a Kevin Warsh-led Federal Reserve will at least provide a bit of drama.

The Fed family fought, but it amounted to a lot of yelling and no punches thrown.

In what was anything but a foregone conclusion, the Fed elected to hold the federal funds rate steady at between 3.5 and 3.75 percent. However, the decision wasn’t unanimous. In what Warsh described as “a good family fight,” three committee members split from the 9-person majority to push for a quarter-point rate hike.

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In summary, the Federal Reserve is talking a lot about fighting inflation, but it isn't doing a lot to fight inflation.

Less Guidance, More Guessing

Warsh has indicated he will provide much less “forward guidance” than Jerome Powell. In other words, he doesn’t want the central bank to signal its intentions. So far, he has stuck to that commitment. There was genuine uncertainty in the market as to what the Fed would do. Some analysts even forecast a rate hike.

Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed head Lorie Logan all voted for a rate hike.

“I asked for a good family fight, and I got one,” Warsh said in his post-meeting press conference.

“Most of our discussion was on the big questions that matter to the conduct of monetary policy. We didn’t sort of hide from them. We weren’t scared of them. There was a lot more interaction between and among my colleagues. It was a real family fight.”

The https://www.federalreserve.gov/newsevents/pressreleases/monetary20260729a.htm"; target="_blank" rel="noopener">official FOMC statement did little to signal how the Fed plans to move forward. The first statement issued by the Warsh-led committee dropped from more than 300 words under Powell to just 130. At the time, Warsh said forward guidance was “not well suited for the current policy conjuncture.”

“It’s a bit shorter, a bit simpler and it dispenses with some older language,” Warsh said of the first statement of his regime. “That statement just gives you the facts, as best we can judge it.”

Other than information about the vote, the July FOMC statement was identical to June’s.

“As before, the policy statement conveys just the facts. It’s steering clear of forecasting, a choice we consider especially prudent at these uncertain times,” Warsh said. “Uncertainty, however, does not mean a lack of clarity.”

This new lack of transparency has already frustrated some Fed observers. Capital Economics analysts criticized Warsh’s “vague” responses, saying they “make forecasting the Fed’s next move even trickier than it already was.’'

Warsh doesn’t seem to care.

“I understand the desire for rolling forecasts and commentary from this committee, but for our part, we need to observe market reaction to developments direct and unfiltered. I want to stress, of course, that decisions by this committee matter a great deal, and where necessary and appropriate, we will not hesitate to act.”

Still Talking Tough on Inflation

While the Fed didn’t deliver any policy changes, Warsh continued to insist the Federal Reserve is committed to returning inflation to the mythical "2 percent target."

“You’ve heard this before, but we will deliver price stability.”

He emphasized that it won’t be a quick or easy fix.

“We have no magic wand. This isn’t something we’re going to be able to carry out in days or weeks.”

Warsh bristled at calling the Fed’s decision to hold rates steady “a pause.”

“I would characterize what we did as a review of the big hard questions, and I’d characterize it as a view of what our own homework is to try to resolve those questions in the period ahead.”

He went on to say that this is just the “beginning of the story,” not the end.

“We have begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks, or by a single month of modest price decreases. This Fed will not waver. Our credibility rests on performing our duties and delivering on our responsibilities.”

The Markets Have Their Doubts

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The markets don’t seem to put much faith in Warsh’s rhetoric. They are looking for action. Having gotten none, interest rates on the long end of the Treasury yield spiked yet again after the policy announcement.

The rate on the 10-year Treasury yield rose 5 basis points to 4.657 percent. Meanwhile, the 30-year Treasury bond yield surged 9 basis points to 5.193 percent.

This indicates that investors have little faith in the central bank’s willingness or ability to anchor price inflation at 2 percent. As a CNBC report put it, “We think you’re going to keep short-term policy rates in check, and it’s going to create a ton of inflation later.”

Some analysts believe we are in the early stages of https://www.moneymetals.com/news/2026/07/23/bond-market-regime-change-could-reshape-gold-investing-for-years-ahead-005085";>a secular bear market in bonds with higher yields on the long end of the curve no matter what the central bankers at the Fed do.

Over the last several weeks, Warsh has repeatedly said that “inflation is a choice.” FWDBOND chief economist Chris Rupkey said it appears to him the central bank is choosing inflation.

“If inflation is a choice, the Federal Reserve meeting today shows no sign of taking steps to bring it under control with its primary monetary tool, which is interest rates.”

This is indicative of https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>rhetoric running face-first into reality. Warsh would undoubtedly love to drive price inflation back to 2 percent. But he must reckon with a massive https://www.moneymetals.com/news/2025/11/15/debt-black-hole-putting-increasing-stress-on-american-consumers-004483";>Debt Black Hole dominating the global economy. High levels of debt don’t play nicely with higher interest rates. The central bankers at the Fed are in https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>a Catch-22, and it isn’t going to resolve any time soon.

Ultimately, the Fed will have to choose. It can tackle inflation and risk popping the debt bubble and toppling the economy, or it can try to keep the economy limping along by looser monetary policy.

It can’t do both.

Historically, when push comes to shove, central bankers pick inflation when the rubber meets the road.

The Federal Reserve Is Still Running Quantitative Easing

Underscoring the difficulties facing Warsh and Company, even as he talks tough about slaying inflation, his central bank continues to run modest quantitative easing operations (QE). This is indicated by the balance sheet, which is once again creeping upward.

When the Fed started hiking rates in 2023, it also began quantitative tightening (balance sheet reduction). The balance sheet hit its low at $6.54 trillion on December 1, 2025.

At the October 2025 meeting, the Fed announced it would end balance sheet reduction effective December 1. At the time, https://www.moneymetals.com/news/2025/11/01/is-the-fed-about-to-restart-quantitative-easing-004455";>I wondered out loud if the central bankers were about to restart QE.

Sure enough, they did.

At the December meeting, the FOMC announced it would purchase $40 million in Treasury Bills on Friday (Bills are short-term Treasuries that mature in one year or less). From that point, purchases will “remain elevated for a few months” before they are “significantly reduced.”

Since then, the balance sheet has grown to $6.75 trillion.

https://www.moneymetals.com/uploads/content/fed-balance-sheet-july-26.png"; width="700" height="554" class="mx-auto p-3" alt="" />

Of course, you will not hear any central banker or mainstream pundit utter the words "quantitative easing."

In fact, if pushed, they’ll almost certainly deny that they’re doing it. They’ll call it “reserve management,” or tell you they’re engaged in “technical operations” to keep the financial system’s plumbing moving.

However, an expansion of reserves is an expansion of reserves. You can call it QE. You can call it reserve management. You can call it tap dancing with unicorns.

In practice, the Fed is purchasing Treasury bills with money created out of thin air. This increases the money supply and puts downward pressure on Treasury rates. The balance sheet is growing; liquidity is increasing; risk asset bubbles are getting more air. This is exactly what QE does. So, call it what you want. If it walks like a duck...

By the way, https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925";>it is also inflation – by definition.

So much for that commitment to fight inflation. Based on the central bank's actions, it appears Warsh & Company are more committed to keeping the debt bubble inflated and the economy limping along.

Fort Knox vs. China: The Global Gold Race Nobody Discusses

Thu, 30 Jul 2026 00:00:00 EST

The United States officially reports holding 8,133.5 metric tons of gold, equivalent to roughly 261.5 million troy ounces. According to government figures, approximately 147.3 million ounces are stored at Fort Knox, while the remainder is held at the Denver Mint, the West Point Bullion Depository, and the Federal Reserve Bank of New York.

On the surface, the question of how much gold America possesses appears settled. However, Money Metals Midweek Memo host Mike Maharrey argues that the more important question is whether those official figures have ever been independently verified through a comprehensive audit.

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The Case for a Full Fort Knox Audit

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During a recent interview on Fox News with Jesse Watters, Treasury Secretary Scott Bessent stated that Fort Knox's gold is "present and accounted for," explaining that members of his staff and the U.S. Treasurer have visited the facility. Maharrey contends that while such assurances may reassure some observers, they https://www.moneymetals.com/news/2026/07/24/looks-like-we-dont-need-to-worry-about-that-fort-knox-gold-audit-anymore-005090";>do not replace the need for an independent audit.

Drawing on his accounting background, Maharrey explains that audits exist to detect honest mistakes, verify records, and provide accountability. Virtually every business that manages valuable assets relies on regular external audits to ensure transparency and maintain public confidence.

He argues that any institution responsible for billions of dollars in assets should welcome independent verification rather than discourage it. In his view, resisting routine audits raises more questions than it answers.

Why the 1974 Inspection Doesn't Qualify as an Audit

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Government officials have often pointed to inspections conducted during the 1970s as evidence that America's gold reserves have already been examined. Maharrey argues that these events fall far short of accepted auditing standards.

In 1974, the Treasury opened only one of Fort Knox's 15 vault compartments to members of Congress and the media during what Maharrey characterizes as a https://youtu.be/JRZc7YEV8rU?si=F9vcUie6ZJFkIeAx"; target="_blank" rel="noopener">public relations event rather than a legitimate financial audit. Visitors observed stacks of gold bars and briefly handled some of the bullion, but no meaningful verification took place.

According to Maharrey, none of the bars were matched to serial numbers, weighed, assayed for purity, or reconciled against official inventory records. A true audit would require every bar to be counted, tested, documented, and independently verified before the results were released publicly.

Transparency Questions Continue Decades Later

Following the 1974 event, the Treasury conducted inventory procedures and installed tamper-evident seals on vault compartments. Maharrey argues these actions still did not meet accepted auditing practices.

He points to missing reports, the absence of publicly available assay records, incomplete transactional histories, and evidence that some vault seals have been broken and later replaced without new comprehensive audits. In his view, these shortcomings would not satisfy the standards expected of a https://www.moneymetals.com/silver-gold-storage";>professionally managed private bullion depository.

Rather than opposing an audit, Maharrey believes the government should embrace one. If the reported gold reserves are accurate, he argues, an independent examination would strengthen public confidence instead of undermining it.

Money Metals Emphasizes Independent Verification

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Maharrey contrasted the government's approach with the auditing procedures used at the Money Metals Depository in Eagle, Idaho.

According to Maharrey, the depository conducts both continuous internal audits and regular external audits performed by independent firms. Customer holdings are routinely verified, inventory is spot-checked, and clients may request an annual photograph of their segregated holdings to confirm that their precious metals remain securely stored.

He argues that transparency, accountability, and routine verification should be considered standard practice whenever valuable assets are entrusted to a storage facility.

Governments Continue Holding Gold Despite Fiat Currency

Although modern monetary systems are no longer backed by gold, Maharrey notes that governments continue maintaining substantial bullion reserves.

He argues that this creates an interesting contradiction. Public officials often emphasize that fiat currencies make large gold reserves unnecessary, yet central banks around the world continue accumulating physical bullion. According to Maharrey, their actions suggest that gold still plays an important strategic role within the global financial system.

China's Official Gold Holdings May Be Only Part of the Story

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China officially reports holding 2,346 metric tons of gold and has now increased its reported reserves for 21 consecutive months. In June, the People's Bank of China announced a 15-tonne increase following a 10-tonne purchase in May, representing a noticeable acceleration in official buying.

Maharrey argues that these official figures likely understate China's actual gold accumulation.

He cites research from Goldman Sachs estimating that China acquired more than 48 tonnes of gold through London's over-the-counter market during May alone, despite officially reporting only a 10-tonne increase. Goldman ultimately adopted a more conservative estimate, concluding that China has likely accumulated approximately 80 tonnes of gold during 2026 so far—roughly double its reported purchases.

Evidence Suggests China Holds Far More Gold

Additional research cited by Maharrey indicates China's actual reserves may be significantly larger than official disclosures suggest.

Money Metals researcher Jan Nieuwenhuijs previously estimated that China's central bank quietly acquired approximately 570 tonnes of gold during 2024 while officially reporting purchases of only 41 tonnes. His research suggests that, since the Ukraine war began, China has been acquiring roughly five times more gold than it reports to the International Monetary Fund. Based on multiple sources, he estimates China's monetary gold holdings could already exceed 5,000 tonnes.

The Financial Times later reported that China's undisclosed purchases could exceed ten times its official figures, highlighting the country's continued efforts to diversify reserves away from the U.S. dollar while supporting global gold demand.

China's Gold Strategy Has Been Building for Years

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Maharrey also referenced longtime analyst Jim Rickards, who argued more than a decade ago that China deliberately keeps large quantities of gold outside its officially reported central bank reserves.

Rickards wrote that after China announced a 604-tonne increase in 2015, much larger holdings remained under the control of the State Administration of Foreign Exchange (SAFE), with only gradual transfers appearing in official People's Bank of China reserve reports. Maharrey says this strategy allows China to satisfy international reporting requirements while concealing the true scale of its gold accumulation.

Recent analysis has even suggested that, if current trends continue, China could surpass the United States in total gold holdings within the next five years.

Central Banks Continue Diversifying Into Gold

According to https://www.moneymetals.com/news/2026/07/25/goldman-sachs-picks-up-on-chinas-secret-gold-reserve-expansion-005095";>Goldman Sachs, China's purchases are part of a broader multi-year trend among central banks worldwide.

The bank continues forecasting gold to reach $4,900 per troy ounce by the end of 2026, arguing that sustained central bank demand should provide long-term price support even if higher interest rates create short-term headwinds. Goldman also believes private investment demand could expand further if geopolitical risks continue increasing.

Maharrey notes that central banks have increasingly diversified reserves away from U.S. Treasuries and toward physical gold, reinforcing what he sees as gold's enduring role as a reserve asset.

Federal Reserve Policy Remains a Near-Term Headwind

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As the July Federal Open Market Committee meeting concluded, Maharrey observed that most investors expected Federal Reserve Chairman Kevin Warsh to leave interest rates unchanged, although some market participants had speculated about the possibility of another rate increase.

He argued that additional tightening could accelerate debt problems that have accumulated following years of quantitative easing, historically low interest rates, and nearly $5 trillion in pandemic-era monetary expansion.

While acknowledging that gold and silver prices may continue trading sideways in the near term, Maharrey believes the underlying monetary environment remains favorable for precious metals over the longer term.

Chinese Investors Continue Buying the Dip

Beyond central bank purchases, private Chinese demand has also strengthened.

https://www.moneymetals.com/news/2026/07/25/chinese-gold-imports-surged-to-2-year-high-in-june-005094";>China imported 173 tonnes of gold during the previous month, marking a two-year high. Maharrey cited Jinrui Futures analyst Zijie Wu, who said investors viewed recent price weakness as an attractive buying opportunity, while Chinese banks also increased purchases to utilize import quotas and replenish bullion inventories.

Maharrey concluded that regardless of near-term Federal Reserve policy, https://www.moneymetals.com/news/2026/07/28/inflation-pain-is-worse-than-the-cpi-indicates-005097";>inflation continues reducing the https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>purchasing power of fiat currencies over time. As central banks continue expanding their gold reserves and investors increasingly seek tangible assets, he argues that physical gold and silver remain important long-term stores of wealth.

Conspiracy Theory: How Much Gold Do the U.S. and China Really Have?

Wed, 29 Jul 2026 00:00:00 EST

Officially, the U.S. has far more gold than China.

But does it really?

In this week's Midweek Memo podcast, Mike Maharrey explains why there is reason to doubt this claim. In fact, we don't really know how much gold the U.S. or China holds. We have official claims, but the U.S. refuses to audit its reserves, so there could be far less than advertised. And it's evident China is accumulating gold faster than it claims.

Why this dichotomy? And what are the ramifications?

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Mike opens the show with a question: How much gold does the U.S. have?

"Simple question, right? We can just look it up.

"So, the US has 8,133.5 metric tons of gold. That’s roughly 261.5 million troy ounces. About half of that (147.3 million ounces according to the U.S. Mint) is stored at Fort Knox. The rest is spread out between the Denver Mint, the West Point Bullion Depository, and the Federal Reserve vault in New York.

"So, there ya go. Case closed. End of podcast. Or is it? I mean, that’s how much gold the government says it has. But we don’t really know, do we? Because for some reason, they absolutely do not want to do a proper audit.

"OK, so now, let’s do China. How much gold does China have? That should be pretty easy too.

"I looked it up. 2,346 tonnes.

"But can we trust the Chinese gold accounting any better than America’s?

"Yeah. No. It’s not so much that the Chinese haven’t done an official audit. I have no idea what their audit situation is. But I do know that it’s almost certain the Chinese have a lot more gold than they claim.

"So, to sum it up, the US may well have less gold than advertised, and China may have a lot more.

"I want to dig into this a little more deeply today."

Starting with U.S. gold reserves, Mike says he has good news.

"We don’t need to worry about that Fort Knox gold audit anymore. Treasury Secretary Scott Bessent assured us all the gold is there.

"There you have it. The fox guarding the henhouse says the hens are all accounted for.

"Case closed!

"Or maybe not."

Mike points out that despite Bessent's assurances, we don't really know because the government refuses to audit its gold reserves.

"Consider this: would you trust a bank that never conducted an external audit?"

You shouldn't.

Mike notes that audits serve several functions. They catch honest mistakes, and they hold those in control of an organization's financial dealings accountable and ensure they are operating above-board.

Despite the lack of a formal audit, the U.S. government insists the gold is all there and accounted for, and they claim they've audited it.

They have not.

However, in the 1970s, the government put on a made-for-TV spectacle in the name of an audit. They invited reporters and politicians to look inside Fort Knox and hold gold bars.

"So, yeah. That's not an audit. It's political propaganda. In a proper audit, every bar would be counted and inspected. Serial numbers would be matched to records. The gold would be assayed to verify its weight and purity. And the details of the audit would be published and available for public inspection. None of that has happened."

Since then, the government claims it conducted a multi-year process of opening and inventorying vault compartments and affixing new tamper-evident seals to the doors of each compartment upon completion. They call these audits. They are not.

Some reports have since gone missing, and there is no record of comprehensive assaying, weighing, or transactional history available to the public.

"Furthermore, there is evidence that seals on vault compartments have been broken over the years, bars have been moved for unknown reasons, and seals have been re-affixed without fresh auditing. Subsequent annual reviews of the schedules of compartment seals simply whitewash prior discrepancies. In sum, the U.S. Treasury's management of U.S. gold reserves is replete with audit "no-nos" that would never pass muster at a https://www.moneymetals.com/silver-gold-storage";>responsibly run private depository."

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Mike raises a question. If the government doesn't have anything to hide, why are people so resistant to an audit?

"Maybe it’s just me, but when somebody gets all upset when I suggest checking their work, I suspect their work might not be up to par."

Mike turns to the Chinese, noting that it has increased its official gold reserves for 21 straight months. But it appears they have accumulated far more gold than reported.

"Here’s the rub. While there is reason to believe the US might not have as much gold as it claims, the Chinese almost certainly have far more."

Some analysts have speculated that the Chinese are accumulating gold much faster than they claim for years. However, the mainstream has shown little interest in the story. Last year, Money Metals analyst Jan Nieuwenhuijs parsed the data and determined that https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>the Chinese central bank covertly bought 570 tonnes of gold in 2024. The People's Bank of China only reported a 41-tonne increase in its gold reserves that year.

Since then, a few mainstream players have taken notice. Last fall, the Financial Times reported on Chinese gold accumulation, and more recently, Goldman Sachs noted that China bought nearly five times more gold in May than it reported.

Mike notes that Goldman analysts said they expect central bank gold accumulation to provide a price floor for the yellow metal, even as gold continues to face downward price pressure due to https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>a hawkish Federal Reserve.

Speaking of the Fed, Mike pointed out the July meeting was ongoing as he recorded the show. Most people expect the Fed to stand pat on interest rates, but a few analysts forecasted a rate hike.

"I’ll say this. If they do hike, I think it will hasten the debt crisis and an economic collapse. A global economy dominated by a debt black hole can’t operate in a higher interest rate environment. Anyway, that’s a topic for next week. In the meantime, I’m still near-term bearish. I think the gold and silver prices will continue to languish until the markets figure out that Warsh’s inflation war is more propaganda than actual war."

Mike wraps up the show noting that Chinese investors are also buying gold, with imports into China hitting a 2-year high last month. Jinrui Futures Company analyst Zijie Wu told Bloomberg investors buying the price dip were “an important driver of recent demand.”

"Might not be bad advice for American investors. Because remember, no matter how many hawkish words that pour out of Warsh’s mouth today, no matter what the Fed does in terms of monetary policy, we know one thing for certain. The dollar will be worth less a year from now than it is today. That’s by design. Stealing 2 percent of your purchasing power every year is the plan. That means you need to plan accordingly."

Mike ends with a call to action -- call 800-800-1865 and speak with a Money Metals' precious metals specialist today.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2026/07/25/chinese-gold-imports-surged-to-2-year-high-in-june-005094";>Chinese Imports Surged to a 2-Year High in June

https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>Fed Chair Warsh's Will vs. Economic Reality

Inflation Pain Is Worse Than the CPI Indicates, But You Already Knew That!

Tue, 28 Jul 2026 00:00:00 EST

We all intuitively know that prices are rising faster than the Consumer Price Index (CPI) indicates. We feel the pain every time we go to the grocery store or gas station. But just how much is price inflation impacting us here on Main Street?

I started pondering this question the other day when I ran across a graph tracking the price of a can of Campbell’s Tomato Soup since 1895.

https://www.moneymetals.com/uploads/content/campbells-soup-price.png"; width="600" height="383" class="mx-auto p-3" alt="" />

You’ll notice an interesting phenomenon. The cost of a can of soup remained relatively stable until around 1973, when it suddenly started to climb more rapidly.

And https://www.moneymetals.com/news/2024/06/28/what-in-the-world-happened-in-1971-003286";>what happened in the early 1970s?

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In 1971, President Richard Nixon severed the dollar's last connection with the gold standard, making it a purely free-floating fiat currency.

When he announced the closing of the gold window, Nixon said, “Let me lay to rest the bugaboo of what is called devaluation,” and promised, “Your dollar will be worth just as much as it is today.”

Well, Campbell’s begs to differ.

Since that fateful day, the U.S. government, supported by the Federal Reserve, has aggressively devalued the dollar by printing more and more of them. This would have been impossible with the monetary discipline imposed by a gold standard (which is exactly why Nixon did away with it).

According to the Consumer Price Index data released by the Bureau of Labor Statistics, the dollar has lost around 88 percent of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to about $4,000.

Of course, salaries have gone up as well, but inflationary boosts to income always lag behind prices, meaning this inflationary pressure is decimating the middle class and creating significant socio-economic shifts.

The Current Inflation Picture Is Much Worse Than Advertised

If you go shopping, you’re keenly aware of price inflation. Since January 2021, prices are up between 23.6 percent and 27.1 percent, depending on which metric you choose to use.

https://www.moneymetals.com/uploads/content/cpi-since-2021.png"; width="500" height="486" class="mx-auto p-3" alt="" />

According to https://www.moneymetals.com/news/2026/07/14/the-rest-of-the-inflation-story-005063";>the latest CPI data, price inflation ran at 3.5 percent over the last year. That’s well above the mythical 2 percent target.

This paints a pretty bleak inflation picture, but the situation is worse than these dreary government numbers suggest.

How can this be?

Because the CPI formula is constructed to understate price inflation.

In fact, the https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>government revised the CPI formula in the 1990s so that it understated the actual rise in prices even more.

However, the Bureau of Labor Statistics also collects and aggregates data on actual price increases. Using these numbers without all the formulaic manipulation and hedonic adjustments built into the process gives us a better sense of how much more we’re paying at the store.

I had an AI agent take 25 common items from the BLS data and calculate the price increase for that basket of goods over the last five years.

Based on this basket, price inflation is running at 29.3 percent.

https://www.moneymetals.com/uploads/content/everyday_price_index_item_changes.png"; width="700" height="579" class="mx-auto p-3" alt="" />

The largest price increases were on the following items.

Ground coffee: 105.4%
All-purpose flour: 52.8%
Ground chuck: 52.8%
White sugar: 50.8%
Long-grain rice: 40.0%

The only price on the list lower than five years ago was bacon.

The bottom line is price inflation is worse than they’re telling you. And they’re telling you it’s pretty bad.

There are all kinds of ways to slice and dice data. We can debate the minutiae, but the trend is undeniable. You’re losing purchasing power at a rapid rate. And no matter how much Fed Chairman Keven Warsh screams about tackling price inflation, nothing will change. Even if they do get it under control (and they can’t), they will continue to devalue the dollar by 2 percent per year as a matter of policy. That means you lose more than 10 percent of your purchasing power every five years.

That’s the plan.

Therefore, you need to plan accordingly. If you’re trying to save and preserve your wealth in dollars, you’re making a huge mistake. You need to save in sound money – gold and silver.

With a Struggling Bond Market and Persistent Inflation, Investors Are Turning to Tangible Assets Like Gold

Tue, 28 Jul 2026 00:00:00 EST

The bond market has been struggling for the last year-plus, with some analysts saying we’re in the early stages of https://www.moneymetals.com/news/2026/07/18/the-ramifications-of-a-long-term-bond-bear-market-005079";>a secular bear market. This has forced investors to reconsider the role of bonds in a balanced portfolio, with some pivoting to tangible assets with value – like gold.

Over the last couple of years, there has been persistent upward pressure on long-term bond yields. The 10-year Treasury spiked in 2022, rising from around 1.5 percent in late 2021 to a high of nearly 5 percent in the fall of 2023. Since then, yields have remained at those elevated levels despite the Fed cutting rates and geopolitical events that would have historically created significant safe-haven demand for Treasuries.

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Reuters recently reported that “inflation, heavy government borrowing, policy uncertainty and bouts of stocks and bonds falling in tandem have weakened bonds' role as a ballast, prompting some investors to look for more diversification.”

Osaic chief market strategist Phil Blancato told Reuters that bonds only work as insurance in a portfolio when inflation is low. He said the wealth management firm has cut its fixed-income ratio from the traditional 40 percent to 31 percent with a 6 percent allocation to commodities.

Inflation certainly isn’t low. It has run well above the mythical 2 percent target for years. And while the https://www.moneymetals.com/news/2026/07/16/cpi-cools-but-inflation-isnt-gone-the-story-behind-the-headlines-005070";>CPI had cooled in recent months, the oil shock due to the U.S.-Iran war has restoked price inflation worries.

More significantly, the money supply has been on the rise for over a year, and despite the hawkish talk about slaying inflation once and for all, the Federal Reserve is currently expanding its balance sheet with a modest https://youtu.be/ipaQAgOCJBk?si=ou_ydjjePJ2S6rlM"; target="_blank" rel="noopener">quantitative easing (QE) operation. This is inflation, https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925";>by definition.

Last year, Morgan Stanley CIO Michael Wilson recommended https://www.moneymetals.com/news/2025/10/07/seismic-shift-morgan-stanley-recommends-602020-portfolio-with-20-allocated-to-gold-004389";>an even more aggressive portfolio rebalancing, suggesting investors should cut their bond allocation to 20 percent and swap half of the bond portfolio to gold to serve as a “more resilient” inflation hedge.

"Gold is now the anti-fragile asset to own, rather than Treasuries. High-quality equities and gold are the best hedges.”

Northern Trust analyst Grant Johnsey told Reuters that bond returns are eroded over the long-term by persistent inflation, a weakening currency, and bond supply outpacing demand.

"Many investors are worried that one or more of these variables will play out in the coming years. The issue with the bonds is that when you go out past five years, there are too many potential downside headwinds and not enough tailwinds behind it."

Johnsey’s observation underscores the fact that it is crucial to consider “real interest” rates when evaluating investment options. Conventional wisdom holds that higher inflation necessitates tighter monetary policy from central banks, meaning higher interest rates. Higher rates are considered a headwind for gold because it is a non-yielding asset. However, even as nominal interest rates rise, inflation suppresses the real rate.

In simplest terms, the real interest rate is the stated rate you see on the news, adjusted for price inflation. To calculate the real interest rate, you take the quoted nominal rate and subtract CPI. This tells you how much your investment will yield in real purchasing power over time.

For example, the 10-year Treasury bond is currently yielding just over 4.6 percent. That seems like a pretty good return. However, the CPI is running at 3.5 percent. That means the real interest rate on a 10-year Treasury is only 1.1 percent (4.6-3.5=1.1).

As the CPI increases, that real rate continues to fall.

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Sagard Wealth Management CIO Stephen Harvey called the current economic environment “pro-growth and pro-inflation” and emphasized that fiscal policy now matters more than monetary policy.

In other words, investors are paying less attention to what the Fed and other central banks may do with interest rates and more attention to the rampant borrowing and spending by the world’s governments – https://www.moneymetals.com/news/2026/07/16/us-government-runs-another-big-deficit-in-june-as-interest-expense-climbs-005073";>particularly the U.S. Given America’s fiscal malfeasance, many investors have become reluctant to lend Uncle Sam more money. This is one of the primary drags on the bond market.

Harvey said Sagard is moving investors away from developed-market fixed income assets (bonds) and into a “preservation bucket” that includes commodities, gold, real estate and infrastructure. He called fixed income “the inflation loser.”

Central banks are also spurning Treasuries and upping their gold reserves. Earlier this year, the European Central Bank confirmed that gold has https://www.moneymetals.com/news/2026/06/02/ecb-confirms-gold-has-overtaken-treasuries-as-top-global-reserve-asset-004959";>passed Treasuries to become the world’s top reserve asset.

The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

State Street global market strategist Jenn Bender told Reuters that "real assets, tangible assets valued for their intrinsic physical qualities," have gained appeal since the post-COVID inflation shock. She emphasized that the case continues to strengthen as "the bond outlook clouds and soaring equity markets appear vulnerable."

"The worry is that there is some downside risk in equities. Fixed income is not the place that people want to move their equity allocations over to. Basically, real assets is kind of where you end up."

Goldman Sachs Picks Up on China's Secret Gold Reserve Expansion

Sat, 25 Jul 2026 00:00:00 EST

Goldman Sachs has picked up on the fact that China is expanding its gold reserves far faster than the official data indicates.

This probably comes as a surprise if you only follow mainstream financial news. Goldman is one of the few major financial actors to report on this phenomenon, but we've known about it for a long time.

In a recent note, Goldman analysts estimated that China bought more than 48 tonnes of gold in May via the London over-the-counter (OTC) market. The People’s Bank of China only reported a 10-tonne increase to its gold reserves.

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In other words, it appears the Chinese increased their gold reserves by 4.8 times the officially reported amount in May.

Based on official numbers, the Chinese central bank added 40 tonnes of gold to its holdings in 2026. This includes a 15-tonne increase in June, the largest official monthly purchase in over two years.

Goldman applied a more conservative 2.0 times multiplier and estimated the Chinese have accumulated closer to 80 tonnes of gold so far this year. If we use the 4.8 times multiplier extrapolated from the May data, Chinese gold reserves have grown by 192 tonnes.

Based on Goldman’s nowcast tool, China bought 67 tonnes of gold per month on a three-month seasonally adjusted average through May.

Faster Than Advertised Expansion of Chinese Gold Reserves No Surprise

It may seem surprising that China is accumulating far more gold than they publicly admit, but it shouldn’t be. People who are paying attention have known this for a long time.

Nieuwenhuijs’s numbers dovetail with Goldman’s.

“Since the Ukraine war began, data show, China’s central bank has been buying roughly five times more gold than what it discloses to the International Monetary Fund (IMF).”

His analysis of formal and informal sources indicated that at the time, the People’s Bank of China was sitting on more than 5,000 tonnes of monetary gold – more than TWICE what the Chinese publicly admit.

The mainstream media has all but ignored this story for years. However, it is starting to see the light of day. Last November, https://financialpost.com/financial-times/chinas-secretive-gold-purchases-fuel-rally"; target="_blank" rel="noopener">the Financial Times of London reported on the secret expansion of its gold reserves.

“China’s unreported gold purchases could be more than 10 times its official figures as it quietly tries to diversify away from the United States dollar, say analysts, highlighting the increasingly opaque sources of demand behind bullion’s record-breaking rally.”

Now Goldman has joined the party.

However, this secretive Chinese gold accumulation dates back much further than the last three or four years. Analyst Jim Rickards speculated that Chinese gold reserves were far larger than reported in this article published https://mises.org/mises-wire/can-us-dollar-face-down-chinese-yuan"; target="_blank" rel="noopener">more than a decade ago.

“In mid-2015, China suddenly announced that its gold reserves had increased by 604 tonnes. The total rose from 1,054 tonnes to 1,658 tonnes. Since then, China has updated its gold reserve position monthly (in keeping with IMF criteria). All of these figures are misleading because China keeps several thousand tonnes of gold 'off the books' in a separate entity called the State Administration for Foreign Exchange (SAFE). Small amounts are transferred from SAFE to PBOC monthly, and that becomes the basis for the official reserve reports.”

Goldman noted that Chinese gold buying is part of a broader trend of central banks globally expanding reserves. Investing Live summed up the Goldman position.

“Goldman continues to frame elevated central bank accumulation as a multi-year structural trend tied to reserve diversification away from dollar assets, anchoring its $4,900 per troy ounce end-2026 price forecast. With private portfolio allocations to gold still low, the bank sees room for demand to broaden beyond central banks to private investors if geopolitical risks continue to build, keeping the medium-term price skew to the upside.”

Goldman analysts said they expect central bank gold accumulation to provide a price floor for the yellow metal, even as gold continues to face downward price pressure due to https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>a hawkish Federal Reserve.

Chinese Gold Imports Surged to 2-Year High in June

Sat, 25 Jul 2026 00:00:00 EST

Chinese gold imports rose to a two-year high in June as lower prices sparked a resurgence in demand.

According to the latest customs data, China imported 173 tonnes of gold last month, the highest monthly total since March 2024. That follows gold imports of 151 tonnes in May and 157 tonnes in April.

China ranks as the world’s largest gold market.

The https://www.moneymetals.com/news/2026/07/07/despite-correction-gold-remains-one-of-the-top-performing-assets-in-the-last-12-months-005046";>international gold price dipped by 7 percent in H1. The price was down even more – 10 percent – in renminbi terms, reflecting yuan strength.

https://www.moneymetals.com/uploads/content/yuan-gold-price-june-26.png"; width="700" height="402" class="mx-auto p-3" alt="" />

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Jinrui Futures Company analyst Zijie Wu told Bloomberg investors buying the price dip were “an important driver of recent demand.” He also noted that Chinese banks were motivated to use up import quotas and stock up on bullion.

"Commercial banks need to build up their inventories to provide the physical backing for retail bullion sales and gold accumulation plans, as well as preserving some safety reserve for when demand spikes."

A new import licensing regime went into effect June 1, incentivizing importers to exhaust existing quotas.

There has also been a persistent domestic premium for gold in China. That means it’s cheaper for banks and jewelry producers to source gold from the international market.

A Tug of War in Chinese Gold Demand

Chinese gold demand has been bifurcated, with resilient investor buying and a struggling jewelry sector.

Wholesale gold demand rebounded in June, with gold withdrawals from the Shanghai Gold Exchange (SGE) rising 36 percent month-on-month to 87 tonnes.

According to the World Gold Council, the month-on-month recovery was primarily driven by opportunistic restocking across the supply chain as the gold price fell, along with healthy coin and bar investment.

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However, there is ongoing weakness in the gold jewelry sector, creating headwinds for overall Chinese gold demand.

Through the first half of 2026, wholesalers withdrew 598 tonnes of gold from the SGE. That was down 12 percent year-on-year and 27 percent below the 10-year average. According to the World Gold Council, “While bullion demand remained robust, sustained weakness in jewelry consumption made manufacturers and retailers cautious about replenishing, weighing on overall wholesale gold demand.”

Chinese investors tend to favor physical bullion; however, there has been growing interest in gold ETFs over the last few years.

Despite a large outflow of gold in June, Chinese ETFs added 29 tonnes of metal in H1, the second-strongest start to a year on record. Total assets under management (AUM) rose slightly by 1 percent.

https://www.moneymetals.com/uploads/content/china-gold-etf-flows.png"; width="700" height="383" class="mx-auto p-3" alt="" />

The World Gold Council called Chinese ETF demand “robust amid growing geopolitical and economic uncertainties.”

“Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these products.”

Total AUM by Chinese ETFs stood at 277 tonnes valued at ¥243 billion ($36 billion) at the end of June.

ETFs are a convenient way for investors to play the gold market, but https://www.moneymetals.com/news/2024/03/08/paper-gold-vs-real-gold-its-important-to-know-the-difference-003038";>owning ETF shares is not the same as holding physical gold.

Looking ahead, there is potential for more demand resilience with the gold price being lower. It could boost the jewelry market.