The Physical Gold price chart looks surreal, with the price breaching $ 3,300 per oz. level today for the first time ever:

Gold price development 2010 - 2025

‍

The big catalyst was the Russia/Ukraine conflict in February 2022, and the ensuing freeze of around $ 600bn in Russian assets held in foreign banks.

Gold has no counter-party risk and thus it has become a safe haven for countries/investors fearing an ongoing weaponization of USD.

In this process, Gold prices have also completely decoupled from their inverse relationship with long-dated US real rates. The 10-year US real rates remain above +2% with a peak at 2.5% in October 2023.

Gold remains a core allocation within our portfolios.  

‍