What I find most interesting here is who the real buyer has been. Central banks bought around 860 tonnes in 2025, and they buy as reserve policy rather than as a trade, mostly to diversify away from the dollar since 2022. That structural demand is a side of the gold story worth keeping in mind.
A timely reminder that markets can stay detached from fundamentals longer than expected. When valuation becomes narrative-driven rather than cash-flow-driven, the real question is not whether it’s irrational — but who is left holding the risk when sentiment turns.
Great read. The key question is whether current prices are being driven by narrative or by future value creation. Markets can remain euphoric or pessimistic for long periods, but over time fundamentals tend to win. That's why I always come back to Growth, Valuation, Quality, and Momentum rather than trying to predict the next macro headline.
What I find most interesting here is who the real buyer has been. Central banks bought around 860 tonnes in 2025, and they buy as reserve policy rather than as a trade, mostly to diversify away from the dollar since 2022. That structural demand is a side of the gold story worth keeping in mind.
A useful reminder that valuation, sentiment, and fundamentals don’t always move together.
That SpaceX valuation says it all. A company burning billions a year worth more than Amazon. The fundamentals always send the invoice eventually.
A timely reminder that markets can stay detached from fundamentals longer than expected. When valuation becomes narrative-driven rather than cash-flow-driven, the real question is not whether it’s irrational — but who is left holding the risk when sentiment turns.
Great read. The key question is whether current prices are being driven by narrative or by future value creation. Markets can remain euphoric or pessimistic for long periods, but over time fundamentals tend to win. That's why I always come back to Growth, Valuation, Quality, and Momentum rather than trying to predict the next macro headline.