Jan. 28 at 11:53 AM
#SPMNOTES
$AAAU
$B
Since March 2023, GOLD and its related assets continue to be a major component of SPM cash reserves account, averaging 55% of total portfolio assets.
Gold prices in early 2026 are experiencing significant gains, having surged past
$5,200 per ounce, driven by intense safe-haven demand from geopolitical tensions (e.g., in the Middle East), central bank buying, and expectations of Fed rate cuts.
^^^ Following a 64% surge in 2025, SPM tag forecast gold prices could reach
$6,000 by year-end 2026 due to the current events: (1) Geopolitical Uncertainty: Ongoing conflicts, such as the war in Ukraine and tensions in the Middle East, along with worries over U.S. trade policy, have increased demand for gold as a safe-haven asset.
(2) Central Bank Purchases: Emerging market central banks have been buying gold in record amounts to diversify their reserves, reducing reliance on the U.S. dollar. (3) The "Debasement Trade": Investors fear that high inflation and massive government debt loads (particularly in the U.S., Japan, and Europe) are eroding the value of fiat currencies, causing them to move funds into hard assets. (4) Interest Rate Expectations: Anticipation that the Federal Reserve will continue cutting interest rates, which lowers the opportunity cost of holding non-yielding gold, is a major driver. (5) Market Momentum: Following a record-breaking 2025, the momentum has persisted into 2026.