Gold alone at the topGold, the only asset class with a Sharpe of...

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0	Column 1 0 Gold alone at the topGold, the only asset class with a Sharpe of >2 YTD. NASDAQ? A paltry 0.4 and does not even make it to the list. However, current gold rally barely registers when compared to the largest degree of spot up/vol up moves in gold historically. The long gold trade still has a lot of positive structural things going for it. GS

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0	Gold - what if?UBS playing with numbers: "...if all central banks especially in emerging markets had a minimum of 10% of their reserves in gold (compared to the Fed and the Euro area who have 76% and 57% of their reserves in gold respectively), the increase in gold demand would be 75% of global supply".

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0	Structural Gold supportCentral bank diversification. We can see that central bank buying of gold has accelerated since 2022. UBS

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0	Allocations to goldStill relatively depressed levels when zooming out. UBS

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0	Gold positioningGold CFTC net buy side positioning has shot up, but we are still not at all time highs. UBS

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0

Xi's gold long......is very long and looking strong. TS Lombard on why China is loading up on gold: 1. A strong political imperative to build financial self-reliance, which in practice means conversion of USD and EUR assets into gold (among other investments). 2. Bottom-up desire by Chinese households to find a store of value away from real estate, equities and other RMB denominated assets. TS Lombard

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0	but the PBoC gold has room to growInteresting chart to say the least... TS Lombard

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0	China beating IndiaWhen it comes to gold consumption..and the lead is extending. TS Lombard

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0	Gold price still 40% below previous peak in real termsGold is still 40% below its previous peak in inflation adjusted terms and is inexpensive relative to other real assets such as equities. UBS UBS

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0	Got GDX?Gold stocks have abnormally lagged the gold price -normally gold stocks have a beta of 2X to the gold price. This implies gold miners could be up 45% from current prices (UBS). Refinitiv

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0	Gold volatilityGold trades with an "upside skew", i.e gold up means gold volatility moves higher. We have the GVZ move higher lately, but looking at the GLD call/put open interest, we see there is little excitement, still... Refinitiv UBS

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0	Physical is physicalInteresting to see the crowd chasing gold while "abandoning" BTC. JPM

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