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Analysis

Deep-dive intelligence on gold, silver, mining, and the macro forces moving resource markets.

Sound Money
June 21, 2026
Turkey’s Gold Sale Warning: When Reserves Become Fuel
GoldNotes analyzes Jay Martin’s argument about Turkey selling reserves and why oil, Treasuries and gold can become one liquidity story.
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Sound Money
June 21, 2026
Why Gold Moves: The Real Mechanics Behind the Gold Price
GoldNotes explains how spot prices, London OTC trading, COMEX futures, ETFs, central banks, real yields, the U.S. dollar, and mining supply interact to shape the gold price.
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Price Analysis
April 25, 2026
Gold Breaks $3,300: What the Charts Are Telling Us Now
Gold's decisive break above $3,300/oz this week signals a structural shift, not just a momentum trade. The weekly RSI is elevated but not yet in extreme overbought territory. Key levels to watch: $3,280 support, $3,400 next resistance. A close above $3,350 on heavy volume would be technically significant. We examine the technicals, the macro backdrop, and where prices could go from here.
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Macro
April 24, 2026
De-Dollarization Accelerates: Central Banks Added 1,136 Tonnes in 2025
Global central banks purchased gold at a record pace for the third consecutive year in 2025, according to World Gold Council data. China, India, Turkey, and Poland led buying. This structural demand from sovereign buyers is providing a persistent bid under gold that retail and institutional investors underestimate. We break down who's buying, why, and what it means for the long-term gold thesis.
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Mining
April 22, 2026
All-In Sustaining Costs Are Rising — And That's Bullish for Gold
The average AISC for major gold producers reached $1,380/oz in 2025, up 8% year-over-year. Energy, labour, and permitting costs are all trending higher. This creates a floor under the gold price and argues for continued margin expansion at $3,300/oz — a boon for producers and a structural argument for higher prices. We examine cost trends across major miners.
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Geopolitics
April 20, 2026
BRICS+ Gold Settlement: Threat to the Dollar or Paper Tiger?
Renewed BRICS discussions about a commodity trade settlement mechanism backed by gold or a gold-linked currency basket have resurfaced. We examine what's realistic, what's geopolitical posturing, and why even a partial de-dollarization of commodity trade would be a significant long-term catalyst for gold. Analysis based on IMF data, SWIFT transaction flows, and central bank reserve disclosures.
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Silver
April 18, 2026
Silver: The Most Undervalued Asset of 2026?
At a 99:1 gold-to-silver ratio, silver has rarely been this cheap relative to gold. Combined with surging industrial demand from the solar and EV sectors, the Silver Institute projects a fourth consecutive annual deficit in 2026. Physical supply is tightening. Keith Neumeyer of First Majestic has publicly argued for a $100+ silver price. We examine the supply/demand case in detail.
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Sound MoneyJuly 18, 2026
Gold’s split-screen market: physical demand, futures positioning and the slow dollar transition
GoldNotes refreshes the July sound-money draft with July 17 LBMA pricing, July 14 CFTC gold positioning, Fed balance-sheet context and World Gold Council demand data.
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