Commodities aren’t dead, they’re just out of favor.

While no forecast is guaranteed, the general argument is that we are in the later stages of a low price cycle and may be entering the next bullish cycle

Top Gold Producers in Q4 2024 In Q4 2024, Newmont led gold production at 1.9 million ounces, followed by Barrick Gold with 1.08 million ounces. #GOLD

Largest gold mines worldwide In 2023, the Muruntau mine in Uzbekistan was the largest gold producer, yielding 1.8 million ounces, about 1.7% of the 104.49 million ounces produced globally #GOLD

Is he right?

Total Gold Demand Growth: Steadily increased from ~4196 tonnes (2010) to ~4553.7 tonnes (2024), peaking in 2023-24 with a modest ▲1% year-on-year rise. 💎Jewellery Sector Dominance: This is the Largest demand driver but is declining—it peaked in 2013 (2,735 tonnes), plummeted

What's next for #GOLD?

#Silver long way to go