Other Endorsements

A. Even the “Experts” Are Now Recommending Gold

Goldman Sachs has publicly recommended investing in gold, particularly as a hedge against inflation, geopolitical risk, fiscal uncertainty, and a weakening U.S. dollar.

What Goldman Sachs Has Said

• In May 2025, Goldman highlighted the underperformance of U.S. bonds in volatile markets and recommended gold and oil as alternative safe-haven assets. It specifically advised an overweight allocation to gold for long-term investors with a horizon of five years or more.
• The bank also reaffirmed gold as a key hedge against three major market risks: growth shocks, persistent inflation, and U.S. dollar depreciation.

Gold Price Forecasts and “Go for Gold” Messaging

• In early 2025, Goldman raised its year-end gold price forecast to $3,100 per ounce, up from $2,890, citing strong central-bank demand and increasing exchange-traded fund inflows. Under elevated uncertainty, it saw gold potentially reaching $3,300 per ounce.
• In April 2025, it further increased its target to approximately $3,700 per ounce, assuming central-bank purchases averaged 80 tonnes per month. Scenario-based estimates suggested possible prices of $3,880 or more if speculative positions increased.
• For 2026, Goldman predicted a rise to $4,900 per ounce.
• Its “Go for Gold” recommendation emphasized gold’s importance as a portfolio hedge during uncertain conditions.

B. Bank Regulators Declare Gold a “Tier 1” Investment

What Is Basel III?

Basel III is a global set of banking regulations developed by the Basel Committee on Banking Supervision. It is intended to strengthen bank capital requirements, improve risk management, and increase transparency so the financial system is more stable and resilient, particularly in response to lessons from the 2008 financial crisis.

What Does Basel III Say About Gold?

1. Gold as a High-Quality Liquid Asset: As of July 1, 2025, allocated physical gold held by banks in the United States can qualify as a Tier 1 asset, provided it is unencumbered and held in the bank’s own vaults or in a trusted third-party vault.
2. Reclassification of Risk: Gold previously carried a higher risk weighting, making it less attractive on bank balance sheets. Basel III treats properly held physical gold more like cash or government bonds in terms of risk weight, increasing its appeal to banks.
3. Unallocated or “Paper” Gold: Unallocated gold does not receive the same favorable treatment because it is not fully backed by specifically identified physical metal and is subject to counterparty risk.