Barclays-Barclays Metals Mining Mined Matters–Putting the gold bull market in historical context-20251017

Our weekly briefing covering top news flow in the space,chart of the week, latest positioning data, commodity price moves, sound bites from the supply chain, recent global research, upcoming events, and corporate access.

Chart of the Week

FIGURE 1. The acceleration in the price of gold this week (RSI now 85...) has triggered investors to ask how much more upside there is left to play for. We highlight that the move so far is relatively modest compared to historic gold bull markets. Gold is up 110% since 1 Jan 2024. In comparison since 1 Jan 2007 to peak in Sept 2011 it rallied 200%; from 1972 (end of the gold standard) it rallied 300%; and from Jan 1978 to peak in Jan 1980 it rallied 400%.