Gold retreats as Iran tensions spike oil, reinforcing hawkish Fed outlook; sovereigns continue swapping Treasuries.
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 Funds3.64%−0.08 pp
10y Real Yield1.88%+0.02 pp
DXY99.22−0.21
M2 YoY4.9%+0.6 pp
HY OAS275 bps+4 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.
+132t
+92t
+82t
+81t
+57t
+53t
Total: +497t across 6 countries
No 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
54.4
44%
Fair Value
+24% · +18%
$79.37
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