The gold price is breaking new all-time highs!

In this monthly letter, we discuss the gold price breaking a new ATH, the continued strong buying pressure from central banks around the world, and the recent mini-crash that shook the world's stock markets.

Key insights from our monthly letter | Elements, August 2024

• The gold price surged to $2,481 in July, reaching a new all-time high. By the end of the month, it dropped to $2,448, resulting in a total increase of 4.99%. On the other hand, Silver climbed to $31.69 at the beginning of July but dropped to $29.04, ending the month with a decrease of 1.4%. Data as of 24-07-31.
• Retail investors in the West and strong demand from China and India are boosting the gold market. Central banks continue to buy in record quantities, setting a new record of 483 tonnes in the first half of 2024, reinforcing the long-term bullish momentum.
• Japan’s interest rate hikes have prompted a reevaluation of the yen-carry trade, affecting global markets. Anticipated US rate cuts are expected to drive investment rotations toward interest rate-sensitive sectors, benefiting smaller companies and sectors like mining.

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