In 2026, scarcity is being repriced through narratives, market access and financial structures rather than simple supply limits. Bitcoin's scarcity is increasingly mediated by ETFs and derivatives, reshaping how it is accessed and priced in financial markets. Gold's scarcity is tied less to mining output and more to trust, neutrality and reserve management. Silver's scarcity reflects its dual role as both an investment metal and an industrial input.
Despite yesterday's pullback in gold, we have to remember that growing geopolitical tension, economic uncertainty, expectations of further interest rate cuts, a weak dollar, and strong interest from central banks could send gold prices screaming even higher. In fact, as we noted just yesterday, Bank of America is targeting $5,000 by 2026. JPMorgan is targeting $5,055. HSBC analysts are targeting $5,000 by early 2026, too.
The S&P 500 closed up 0.46% yesterday to hit a new record of 6,909.79. The index is now up 17.48% for the year. With only the quiet Christmas week left before the end of the year it's likely that investors will mark this down in their spreadsheets as a very good year.Unless, of course, they have a friend who bought gold at or before the beginning of 2025.
Gold prices remained close to the level seen during the last few trading sessions ahead of this week's economic releases and amid the latest geopolitical developments. The metal has struggled to gain traction after the rapidly changing interest rate expectations. However, the probability of a December move jumped to around 71%, up from roughly 40% last week following remarks from New York Fed President John Williams, which could limit downside risks for gold.
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Gold has doubled in price in the past two years. Gold dividend ETFs like and have been major beneficiaries. This isn't just a fluke or speculation. Central banks and individuals worldwide are actively piling into gold as they see it as the safest asset to put their money into. Markets are healthy at the moment, and we are amidst an AI rally, so why are investors still choosing gold?
The futures are trading higher on Tuesday after a strong start to the week on Wall Street. Traders were buoyed by positive news on the potential for a trade agreement with China and the potential resolution of the TikTok issue. With Wall Street ready for a deluge of earnings this week, the most important of which come from technology giants in the Magnificent 7, it may remain a task for the momentum-driven rally to keep moving higher. Still, with strong retail participation and new money pouring into the market from overseas, the run to 7000 on the S&P 500 is on and humming.
Gold rose on Wednesday, snapping a three-day losing streak as investors bought the dip ahead of the Federal Reserve's policy announcement later in the day. After briefly touching USD 3,885 on Tuesday, its lowest level in nearly a month, bullion rebounded sharply and regained the USD 4,000 threshold, as traders positioned for the widely expected 25-basis-point rate cut. Market participants will focus on Fed Chair Jerome Powell's guidance regarding the pace of additional easing, with another reduction in December already priced in.
The precious metal has managed to regain some positive momentum after a period of decline, benefiting from the slight weakness in the U.S. dollar and renewed demand for safe-haven assets. However, the picture is far from one-sided; behind the scenes lies a mix of conflicting factors that make forecasting gold's future path a delicate task-one that requires a careful reading of monetary, political, and economic developments altogether.
Gold steadied around USD 4,100 on Thursday, finding support after a sharp two-day slide, as investors weighed renewed geopolitical tensions and upcoming US inflation data. The metal paused its decline despite lingering headwinds, including a firmer dollar and this week's largest single-day outflow from gold-backed ETFs in five months. On the geopolitical front, Washington announced new sanctions on Russia's two largest oil companies after the planned Trump-Putin meeting was shelved, while cross-border strikes intensified near Russia's Belgorod region.
Global stock markets fell sharply and gold hit a record high after two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud. Signs of credit stress rattled markets across Europe and Asia. In London the FTSE 100 fell 1.5%, Germany's Dax fell 2%, the Ibex in Spain was off 0.8% and France's Cac 40 dropped 1.5%, before recovering some ground.
Two dozen eggs, a gallon of milk, 30 rolls of toilet paper - and one ounce of 24 karat gold. While that might be one of the more expensive grocery runs a Costco shopper might make, it is one that could realistically happen. Costco sells hundreds of millions of dollars' worth of gold and silver each month. There are two ways to buy bars and coins from the wholesale club: online and in-store at certain warehouses. Here's what that looks like.