As Beijing halts retail paper trading, forcing a pivot to physical gold; the West still trades promises.
USD · LBMA reference4 metals · 11 ETFs · 25 miners
The Indicators
03 CardsRefresh ~60 minNo. 01 · Macro
Macro Overview
Five signals that drive precious-metals prices: rates, real yields, the dollar, money supply, credit stress.
Fed Funds3.63%
10y Real Yield1.88%+0.02 pp
DXY101.51+0.23
M2 YoY5.6%+0.9 pp
HY OAS279 bps+2 bps
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No. 02 · Demand
Central Bank Buying
The world's most patient gold buyers — heavy accumulation is risk-off, deglobalising, and a quiet vote against reserve currencies.
+184t
+92t
+82t
+81t
+57t
+53t
Total: +549t across 6 countries
IndiaDe DollarizationNo change year-over-year at 0 tonnes in provided data, though actual holdings are substantial with ongoing accumulation trends.[2][user data]
6 buyers · 30d flowTap · Country data →
No. 03 · Miners
Miner Sentiment
Gold-to-miner ratio (XAU / GDX or GDXJ). High = miners cheap vs the metal they dig — historically a strong setup. Low = miners frothy.
CheapNeutralExpensive
53.4
47%
Fair Value
+24% · +18%
$75.73
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