Overview

• Spot bullion recently traded around $3,678 per ounce, holding near multi-year highs on continued safe-haven demand.
• Mirabaud analysts cite five supports for further strength: likely Federal Reserve cuts, potential inflation from tariffs, a weaker dollar, persistent official-sector purchases, and ongoing geopolitical risks.
• Ray Dalio advised keeping roughly 10%–15% of portfolios in gold, pointing to rising U.S. debt loads and broader market fragilities discussed at an Abu Dhabi panel.
• Investor access spans physical bars and coins with storage costs, gold-focused ETFs for liquid exposure, mining stocks with added company risk, and derivatives suited to experienced traders.
• Country rules and flows matter, with Spain granting VAT exemptions to high‑purity investment gold and Ámbito reporting ETF gold holdings roughly equal to 65% of Argentina’s GDP.