No Time For Bull

Judge value with less noise. Price everything in gold.

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A free weekly letter on macro, value and risk, with gold as the constant.

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Tom Lobsiger

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Featured Issue

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Who Is Selling Gold

Central banks bought steadily through the 2024-2026 run-up, but private investors drove it, through bars, coins and ETFs. Now ETFs, futures funds and some central banks are selling, and the volumes and motives are not the same.

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