Timeless value retention in uncertain times
Investment: Gold
gold
Overview — Gold
All time high 2025: 3,500 U.S. dollars
The price of gold reached a historic high at 3500$ per ounce on 22.04.2025 and has had a strong upward trend in recent years. The main reasons for this increase are rising inflation and continuing uncertainty on world markets, which make gold attractive as an inflation hedge and safe haven.
Geopolitical tensions, particularly within the BRICS countries, and the growing demand for alternatives to the US dollar have further fuelled demand.
Central banks worldwide, particularly in emerging markets, are increasingly buying gold to diversify their reserves and reduce dependence on the dollar.
Historically speaking, gold has proven to be a reliable asset in times of crisis.
Geopolitical tensions, particularly within the BRICS countries, and the growing demand for alternatives to the US dollar have further fuelled demand.
Central banks worldwide, particularly in emerging markets, are increasingly buying gold to diversify their reserves and reduce dependence on the dollar.
Historically speaking, gold has proven to be a reliable asset in times of crisis.
overview
Physical gold demand
in key markets (2023)
Aggregate demand
Global gold demand was 4,448 tons, which represents a decline of 5% compared to the previous year.
Central Bank Purchases
Central banks acquired 1,037 tons of gold net, slightly less than the record 1,082 tons in 2022.
Investing in ETFs
Gold ETFs recorded outflows of 244 tons, marking declines for the third year in a row.
Demand for jewelry
Demand for gold jewelry remained stable at 2,093 tons, with slight growth in China.
overview
Development in 2024
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First quarter
Overall demand rose by 3% to 1,238 tons, the strongest first quarter since 2016.
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Second quarter
Demand reached 1,258 tons; an increase of 4% compared to the previous year.
Third quarter
Total demand rose by 5% to 1,313 tons, a record for a third quarter.
Fourth quarter
Total demand rose in the 4th quarter, by 1% compared to the same quarter of the previous year, to 1,297 tons. In 2024, total gold demand reached an unprecedented record for one year.
First quarter 2025
There were strong ETF inflows of 226 tons. Although the price of gold has risen significantly in the last 12 months, there is still room for further price growth, as the share of gold in globally managed assets is still only 1% (sic!) amounts to.
Second quarter 2025
Total gold demand in the second quarter was 1249 tons. As a result, gold demand rose by 45% in value over the year to 132 billion US $. The drivers of gold demand were strong demand for bars and coins; this was the entire first half of 2025, the strongest half of the year in over ten years. Central banks' gold purchases also continued.
Gold Bars — S&P 500 TR Index — US Treasury Bonds
Performance comparison
by Gold bars
Source: Bloomberg
“Debtors fail, markets collapse, but gold, as the highest form of safe money, aims upwards.”
