Adam Rozencwajg, managing partner at Goehring & Rozencwajg, discusses the factors driving gold’s current price run and why he thinks it will continue.
‘I think that this rally is sustained. I think that it’s going on until I see otherwise,’ he said.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (‘Valeura’ or the ‘Company’) has been ranked No. 1 on the Report on Business magazine’s 2025 ranking of Canada’s Top Growing Companies, as published on September 26, 2025.
Valeura achieved the top position among 400 candidate companies across all sectors, based on three-year revenue growth. The Company’s revenue increased from US$3 million in 2021 to US$689 million in 2024, representing a 20,064% increase. This recognition follows the Company’s No. 8 ranking in 2024, reflecting sustained momentum in value creation and operational execution.
Dr. Sean Guest, President and CEO commented:
‘We are honoured to receive this exceptional recognition from the Report on Business magazine. Achieving the No. 1 position among 400 companies across all industries validates our disciplined approach to creating value through growth.
Since launching our growth strategy in 2020, our team has demonstrated top tier operational and financial performance. At the same time, we have remained highly discerning in selecting which opportunities to pursue. Our revenue growth of 20,064% over three years underscores the fact that our strategy is working.
As we continue to actively pursue organic and inorganic opportunities to create value for all stakeholders, I extend my sincere gratitude to the many individuals who have supported our journey.’
About the Ranking
The Report on Business magazine is published by The Globe And Mail, widely regarded as Canada’s foremost news media company. Their annual editorial ranking of Canada’s Top Growing Companies measures businesses on three-year revenue growth. The complete 2025 ranking is listed here.
About the Company
Valeura is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries)
+65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor and Media Enquiries)
+1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Altech Batteries (ATC:AU) has announced UPS Batteries For Explosive (EX & ATEX) Environments
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After the Giants fired Bob Melvin on Monday, Sept. 29, speculation grew about whether they might look at the four-time World Series-winning manager. The 70-year-old became available Monday after he and the Texas Rangers agreed he would end his tenure in the dugout there.
Giants president of baseball operations Buster Posey said Wednesday he talked to Bochy a couple days ago, but he doesn’t view him as a candidate for manager.
‘I don’t even know what Boch’s plans are, if he wants to continue to manage or not,’ Posey told reporters. ‘The door’s always open here for some sort of role, but the way I think things are coming into picture in my mind with where we want to go next, I don’t see us going that route with Boch.’
Bochy won championships with the Giants in 2010, 2012 and 2014. He also won the 2023 World Series with the Rangers.
Bochy has been offered a front office role with Texas.
After winning their MLB postseason opener, the Chicago Cubs had the opportunity to advance to the National League Division Series with a victory over the San Diego Padres at Wrigley Field on Wednesday. They came up short, getting shut out by the Padres.
The Padres used four pitchers, including each of their three-headed monster in relief — Adrian Morejon, Mason Miller, and Robert Suarez. The three of them allowed only two Cubs’ baserunners over the final 5.1 innings of relief, and one of them only reached base via hit by pitch.
Here are the highlights from this thrilling Game 2.
Although Xander Bogaerts stumbled on a sharply hit ground ball by Seiya Suzuki, he was able to recover and start a game-ending double play.
The Padres may have used a lot of their best bullpen options, but they forced a Game 3 on the strength of four outstanding pitchers resulting in a shutout.
On offense, all it took was a first inning sac fly and a two-run shot by Manny Machado to secure the win.
Game 3 will be tomorrow at 3:08 p.m. ET.
Mason Miller was untouchable for the first 1.2 innings he pitched in Game 2. He’d struck out every batter he faced in the series and each of the last 11 batters he’d face in total. The streak finally snapped when Miller grazed Michael Busch’s foot with a pitch. That broke Miller’s strikeout streak, gave the Cubs their first baserunner since the fourth inning, and prompted Shildt to move to Robert Suarez for the final four outs of the game.
Suarez faced some trouble against Nico Hoerner though, throwing two balls to lead off the at-bat and then surrendering a hard line drive to right field. Luckily, Fernando Tatis Jr. was there to make a great running catch to end the inning. We head to the ninth; Padres still lead 3-0.
The Padres’ not-so secret weapon, Mason Miller picked up right where he left off after striking out the side in his lone inning of relief in Game 1.
He dazzled in the seventh inning, picking up another three strikeouts, even getting Carson Kelly on a 104 mph fastball.
Oh, he then threw three 103 mph fastballs to Pete Crow-Armstrong. How are the Cubs supposed to mount a comeback against filth like that?
In Game 1, the Cubs broke the game open with two home runs in the fifth, today though, it’s Manny Machado launching a two-run home run in the fifth to help the Padres.
Coming into today’s game, Shota Imanaga had struggled with surrendering home runs. He’d given up 12 in his last six games coming into tonight. That issue got him today. As the Cubs offense struggles to get going, every run counts.
Padres lead 3-0.
After 3.2 strong innings, Cease was unable to finish off the Cubs in the fourth, giving up a two-out double to Seiya Suzuki and walking Carson Kelly to put two runners on with two outs.
Padres manager Mike Shildt had seen enough, going to his bullpen likely much sooner than he would have liked, but in a win-or-go-home Game 2, anything is on the table. He chose lefty Adrian Morejon to face PCA. Crow-Armstrong would bounce out to first base to end the inning.
Morejon pitched one inning in Game 1, surrendering two hits but not letting up a run.
It was crickets on the scoreboard since the first inning with Shota Imanaga dealing for the Cubs. Then the fourth inning rolled around. After a walk to Jackson Merrill to lead off the inning, Imanaga threw 15 pitches to Xander Bogaerts and Ryan O’Hearn, the latter of whom pulled a single into right field.
Jose Iglesias was unable to drive the runners home, but he did smoke a line drive right at Pete Crow-Armstrong in center field. So, the onus fell to Jake Cronenworth, who hit a hot shot, but right at Dansby Swanson. Though the Padres threatened, they could not do any damage, the same situation they faced yesterday.
If history does in fact repeat itself, the Cubs don’t have to worry about their one-run deficit.
Kittredge only lasted one inning. Now, it’s Shota Imanaga’s turn. Normally a starter, this is Imanaga’s first ‘relief’ appearance of the season, as he’ll likely be in for multiple innings. He sent the Padres down in order in the second inning, capping off the frame with a strikeout against Jake Cronenworth. Padres still lead 1-0.
It seems Craig Counsell’s plan to go with an opener backfired a bit, as both Fernando Tatis Jr. and Luis Arraez would lead off the game with singles. After a double steal, both runners would move into scoring position.
Jackson Merrill would then drive Tatis home on a sacrifice fly, marking the first time in Andrew Kittredge’s postseason career that he’s surrendered a run.
Padres lead 1-0.
First pitch is scheduled for 3:08 p.m. ET at Wrigley Field.
Tuesday’s game will air on ABC and can be streamed with Fubo.
Watch Cubs vs. Padres MLB playoffs on Fubo
The Cubs got the win by a 3-1 final yesterday, putting them just one win away from reaching the division series. However, Game 1 could have very easily gotten out of hand early for Chicago if not for a few key pitches and defensive plays.
In both the second and fourth innings, San Diego threatened, putting runners on third base with one or fewer outs. However, two terrific defensive efforts from Cubs’ shortstop Dansby Swanson kept the runs from scoring. Paired with timely pitching, resulting popouts and strikeouts from starter Matthew Boyd, the Padres were unable to do much with runners in scoring position.
The fifth inning is where the Cubs started to turn it around. After Padres’ starter Nick Pivetta set down 11 straight Cubs entering the frame, Seiya Suzuki took Pivetta deep. The very next batter, Cubs’ catcher Carson Kelly did the same, giving the Cubs the lead.
From then on, the Cubs bullpen dominated, rarely allowing the Padres to reach base. In the end, the Cubs ended up with more hits and more baserunners, but for a moment near the start of the game, there was concern that the Padres would leave Chicago in the dust.
After finishing fourth in Cy Young voting a year ago, Cease did not live up to lofty expectations coming into 2025. Albeit he has still been serviceable.
His only start against the Cubs this year didn’t exactly go according to plan though. Cease surrenedered seven hits and three runs (only two earned) across just 5.2 innings. Fortunately, the Padres would go on to win that game 10-4. For his career, Cease holds a 4-2 record with a 2.47 ERA and 61 strikeouts in eight games against the Cubs.
Cubs manager Craig Counsell had been very shy about revealing his Game 2 starter. Now we know it’s because he was planning on using an opener all along. Kittredge is a reliable veteran, with a track record of success in the postseason. In fact, he’s never allowed a run in the postseason, albeit only across 5.1 innings.
He was also fantastic in Game 1, pitching a scoreless eighth inning. Instead of vying for one of his starters to take the bump, it’s clear Counsell is trying to win Game 2 outright, using his team’s strong suit to do so and hopefully giving his bullpen some much needed rest should they win.
NEW YORK — After nine taut innings of epic playoff baseball and one wild sprint around the basepaths, the New York Yankees survived to play a winner-take-all game against their bitterest rivals.
Jazz Chisholm scored the go-ahead run all the way from first base on Austin Wells’ single to shallow right field, and the Yankees finally cracked the code against an indomitable Boston Red Sox bullpen to claim Game 2 of the wild card series with a 4-3 victory at Yankee Stadium Oct. 1.
No, it doesn’t quite have the same ring as Game 7. But Game 3 of this sprint of a playoff series – winner goes to Toronto, loser chooses between 3-wood and driver – should make for delicious theater when the two meet Oct. 2 in the Bronx.
Yet it’s a tall order to live up to the first two games of this donnybrook.
In Game 2, it was Chisholm who saved the Yankees on both sides of the ball.
With the score tied 3-3, two men on and Game 1 hero Masataka Yoshida looking to repeat his pinch-hitting heroics from a night before, Chisholm ranged up the middle, dove and gloved Yoshida’s grounder by the thinnest of margins. No, he could not throw him out at first, but the Gold Glove-caliber play kept the game level and the bases loaded.
Barely: Trevor Story, whose RBI single and two-run single accounted for all of Boston’s runs, nearly sent the Red Sox to the ALDS with a 393-foot, 102-mph drive to center. But that’s where balls go to die in Yankee Stadium. Inning over.
After starter Brayan Bello was lifted after 2 1/3 innings, five Boston relievers held the Yankees to one run, on an Aaron Judge RBI single that was dropped by left fielder Jarren Duran.
But manager Alex Cora hoped to get two innings out of set-up ace Garrett Whitlock. He fell one out shy of pulling it off.
Whitlock issued a two-out walk to Chisholm and then engaged Wells in a full-count battle. Wells prevailed, lining a pitch just down the first base line. It trickled off the slanted side wall in short right field and back toward the infield.
Chisholm did not break stride, capping his 270-foot journey with a long headfirst slide into home ahead of Nate Eaton’s throw and Carlos Narváez’s tag.
The Stadium erupted. David Bednar worked a tireless ninth, and the stakes were set:
Yankees-Red Sox. Loser goes home.
– Gabe Lacques
In the bottom of the eighth with two outs, Boston reliever Garrett Whitlock walked Jazz Chisholm, then Austin Wells laced a single to right field, and Chisholm scored all the way from first, just beating the tag at home plate with a head-first slide to give New York a 4-3 lead and leaving them three outs away from tying up the best-of-three wild card series.
Rodon is finished after 91 pitches in six innings. He gave up three runs on four hits, walking three and striking out six. He was relieved in the top of the seventh by Fernando Cruz after Nate Eaton walked and advanced to second on a wild pitch and hitting Jarren Duran with a pitch.
Cruz escaped the damage by retiring Ceddanne Rafaela and Nick Sogard, but Masataka Yoshida, pinch-hitting for Rob Refsnyder, had an infield single to load the bases before Trevor Story flied out to deep center to end the inning.
The Red Sox won’t go away, tying up the score at 3 when Trevor Story sent a 2-0 slider from Carlos Rodon 381 feet in the left field seats for his second career postseason homer. Alex Bregman walked, but was erased when Romy Gonzalez grounded into an inning-ending double play.
After Anthony Volpe flied out to center and Ryan McMahon grounded out to the pitcher to start the fifth inning, Trent Grisham worked a walk and advanced to second on Justin Slaten’s wild pitch. Reigning AL MVP Aaron Judge then singled to right, scoring Grisham to give New York the lead back 3-2.
Boston starter Brayan Bello was replaced with one out in the third by left-hander Justin Wilson. Bello threw 28 pitches, allowing two earned runs on four hits, walking one, and didn’t strike out a batter. Wilson got the final two outs of the frame, leaving Yankees stranded on 2nd and 3rd.
Carlos Rodon’s smooth ride through the Boston lineup ended in the third. After needing six pitches to get through the second, Rodon allowed a single to Jarren Duran, walked Ceddanne Rafaela, and his errant throw to first on Nick Sogard’s sacrifice loaded the bases. Rob Refsnyder struck out swinging before Trevor Story’s single plated Boston’s first two runs.
After getting the first two batters with only five pitches, Brayan Bello allowed a single to Cody Bellinger and then served up a 95 mph sinker that didn’t sink to Ben Rice, who put it over the right field porch to give New York the early lead.
Carlos Rodon is dealing early, striking out Rob Refsnyder and Trevor Story swinging before Alex Bregman flied out to left to end the inning. Rodon needed only 15 pitches to get through the first; 11 were strikes.
NEW YORK – Chisholm is back in the starting lineup and batting sixth for the must-win Game 2 wild card against the Red Sox. Yankees manager Aaron Boone said he saw Chisholm’s reaction after the Game 1 loss when he spoke to reporters.
‘Every player is not going to agree with every decision that I make,’ Boone said. ‘I try and help make them understand my thought process and what I am thinking.
‘I did that with Jazz. He is a guy who wears his emotions on his sleeve. So, it wasn’t necessarily how I handled it, but I don’t need him to put a happy face on. I need him to go out and play his butt off for us tonight. That’s what I expect to happen.’
Season-ending injuries for a pair of star wide receivers, plus the first round of bye weeks, makes this a critically important time for fantasy football managers to fortify their rosters.
The devastating news that Tyreek Hill of the Dolphins and Malik Nabers of the Giants will miss the rest of the season with knee injuries will make wide receivers a top priority on the fantasy waiver wire heading into Week 5.
In addition, the Falcons, Bears, Packers and Steelers are off this week – depriving fantasy teams the services of WRs Rome Odunze (WR3 through four weeks) and DK Metcalf (WR17) among others. Running backs Bijan Robinson and Josh Jacobs will also be absent in fantasy lineups due to the bye.
Due to the wide variance in types of leagues and individual team needs, the players listed here include their availability rates in Yahoo leagues, which may or may not match rates on other platforms. (Suggested bid values based on $100 free agent acquisition budget for the season.)
Marks was one of our featured pickups last week, so hopefully you got him at a discount before his breakout game against the Titans. He tallied 17 carries for 69 yards and a touchdown, while adding four receptions for 50 yards and another score. Nick Chubb may still be the nominal starter, but Marks is set to go. (Recommended FAAB bid: $19)
The addition of starting running back Bucky Irving to this week’s injury report puts White in position to be the lead back on Sunday at Seattle. White played a season-high 30 snaps in Week 4, though he only rushed for 17 yards on six carries and caught four passes for 29 yards. However, he does have experience in the role — with 990 rushing yards and six TDS in 2022. And he’s been effective as a pass-catcher as well. In deep leagues, Sean Tucker (6% rostered) could be a worthwhile stash. (FAAB bid: $11)
Similarly, Trey Benson going on injured reserve Wednesday elevates Demercado’s fantasy profile. Mostly a third-down weapon behind Benson and James Conner (out for the season), Demercado caught a 7-yard touchdown pass in Week 4. But can he handle the rushing workload on early downs? We should find out this week. Fortunately for him, it will come against the lowly Tennessee Titans defense. (FAAB bid: $10)
Although he had just three catches for 14 yards in Week 4, Robinson (who we first mentioned as a Week 3 pickup) stands to see the biggest increase in targets with Nabers out for the year. In deeper leagues, Darius Slayton (3% rostered) would be another potential pickup. Without Nabers, the Giants are also more likely to be playing from behind the rest of the way. (FAAB bid: $9)
Doubs won’t be able to help you this week since the Packers are off. However, he has become QB Jordan Love’s go-to receiver so far. He certainly boosted his fantasy stock on Sunday night with three TD receptions in Dallas – even though he’s only averaging 3.3 receptions and 44.8 yards through four games. If you can wait a week, Doubs could be the best available option to replace Nabers’ or Hill’s production. (FAAB bid: $8)
The oft-injured third-year back showed why he should still be in the fantasy conversation in Sunday’s surprisingly close loss to the Bills. Recalling his huge outing in Week 18 last year (you do remember that, right?), Miller looked better than starter Alvin Kamara on the gound with 11 carries for 65 yards and a TD. With the Giants and Bears coming up in the next three weeks, he may have additional opportunities to shine. (FAAB bid: $7)
With the Ravens playing catch-up against the Chiefs, Hill saw the field for a season-high 31 snaps. He caught a touchdown pass among his five receptions for 41 yards and added a 71-yard TD run in the fourth quarter to top off a fantastic fantasy performance that put him as the RB4 on the week. It’s hard to see him duplicating those numbers as long as Derrick Henry remains healthy. But as far as backups go …. (FAAB bid: $6)
If not for Dak Prescott’s monster game on Sunday night, Stafford would have been the week’s No. 1 fantasy quarterback on the strength of his 375-yard, 3-TD effort against the Colts. Having the top overall fantasy performer in Puka Nacua on the receiving end certainly helps Stafford’s prospects going forward. If you could be without Lamar Jackson, Brock Purdy or a QB on bye this week and need a streamer, Stafford faces the 49ers on Thursday. (FAAB bid: $6)
Looking for the hot hand? Mims fits the bill. He caught all six of his targets for 69 yards and scored on a 16-yard run against the hapless Bengals defense on Monday night. But don’t be too quick to dismiss Mims’ efforts because of the opposition. Denver lines up against the Eagles, Jets, Giants and Cowboys over the next four weeks – all of which are in the bottom half of fantasy defenses against wide receivers. (FAAB bid: $6)
With Tyreek out for the season, Washington figures to see considerably more targets going forward. Jaylen Waddle is likely to take over the role as No. 1 receiver, but as defenses adjust to limit him, Washington should have more room to operate. He does have big-play ability – as evidenced by his 74-yard punt return touchdown in Week 2. (FAAB bid: $4)
After missing all of last season and coming out of retirement, the veteran returned to the league with a bang on Monday night, catching a pair of touchdown passes. His presence as a legitimate receiving threat looms large for the Dolphins in the wake of Hill’s injury since they got almost nothing out of the tight end over the first three weeks. (FAAB bid: $4)
More of a long-term play than a weekly streaming option, Dart was both a fantasy winner and loser this week. Yes, his first NFL start was a successful one, but he lost his best weapon in Nabers. Dart’s rushing ability (12 carries, 54 yards, TD vs. the Chargers) will give him a decent floor. But the rookie will be challenged to put up the passing numbers necessary to make him an every-week fantasy starter. (FAAB bid: $4)
Normally a player who rushed for 99 yards and a pair of touchdowns (with six catches for another 35 yards) would put him at the top of the waiver wire options, not the bottom. However, Gainwell’s performance in Ireland only came because starter Jaylen Warren was inactive. With Pittsburgh on bye this week, Warren is likely to be back at full strength for Week 6. Still, if you need depth at running back, Gainwell has shown he can produce if called upon. (FAAB bid: $3)
(This file has been updated with new additions.)
Cleveland Browns quarterback Deshaun Watson never went to trial for any of the 27 lawsuits that accused him of sexual misconduct during massage appointments in 2020 and early 2021. But now one of those cases actually has a trial date in Houston – Feb. 18.
That was the date assigned by a judge in Harris County, Texas, for one of the last two pending civil cases against Watson, according to court records obtained this week by USA TODAY Sports.
Of the 27 lawsuits, 24 were resolved with confidential settlements. The other three include one that was withdrawn shortly after being filed in Match 2021, another one that is pending but has been dormant for years and the one that is now assigned for trial.
The latter case was filed in October 2022 and was described by Watson’s attorney, Rusty Hardin, as a “sham lawsuit.” Hardin has aggressively denied allegations made by the woman who filed it, which stated Watson pressured her into oral sex during a massage session at the Houstonian Hotel in December 2020.
The women’s attorney also recently has been trying to compel Watson to testify for another deposition in the case, but Watson’s legal team has been fighting it by saying it’s far too late for that after Watson previously sat for a deposition in the case on June 9, 2023.
‘He really has not done what they alleged he did,’ Hardin told USA TODAY Sports on Wednesday. ‘I think a jury will agree with us and that’s why we have courthouses… It’s just so sad he has to live with this five years later.’
It was one of the last two lawsuits filed against Watson and was the only lawsuit not filed by the law firm of Houston attorney Tony Buzbee.
Of the first 25 lawsuits filed against Watson, starting in March 2021, 23 reached confidential settlements by August 2022, one was withdrawn in 2021 and one remains dormant.
The lawsuit set for trial in February was the 26th filed against Watson in Harris County and came after the NFL suspended Watson for 11 games in August 2022 based on similar allegations made by other women.
The plaintiff in the case is represented by attorney Anissah Nguyen, who didn’t return a message seeking comment.
The 27th lawsuit against Watson was filed by Buzbee’s firm in September 2024 but was settled shortly after that.
The other pending case that has been dormant for years also could go to trial in 2026, Hardin said Wednesday. The plaintiff in that case, Lauren Baxley, filed suit in March 2021 and was one of the first to go public with allegations against Watson in the news media.
In Watson’s defense in the other cases, Hardin said Watson sometimes had consensual sexual encounters during massage sessions but denied wrongdoing. Watson never was arrested or charged with a crime.
The incidents described in all the lawsuits allegedly came in 2020 and early 2021, when Watson was a member of the Texans. That team also reached confidential settlements with 30 women with claims related to Watson after being accused of enabling his behavior and failing to prevent it. In March 2022, the Texans traded him to the Browns, who gave him a five-year contract worth $230 million guaranteed.
But because of the suspension and injuries, Watson only has played in 19 games for the Browns since then. This year, Watson, 30, hasn’t played at all after undergoing a second surgery in January to repair a ruptured Achilles tendon.
Follow reporter Brent Schrotenboer @Schrotenboer. Email: bschrotenb@usatoday.com
Gold’s momentum has price predictions heading upwards of US$4,000 per ounce by the year’s end.
Rising by more than 44 percent since the start of the year, in 2025 the price of gold has hit highs once unthinkable. Aggressive central bank buying, US Federal Reserve rate decisions, ongoing geopolitical conflicts and US trade policy uncertainty have weakened the US dollar and escalated federal debt concerns. The resulting increase in demand for safe-haven assets is pushing investors toward gold, from physical bars to gold exchange-traded funds.
This week, the US government shutdown drove the price of gold even higher, approaching the US$3,900 level as it reached US$3,896.30 early in the morning of Wednesday (October 1) before pulling back.
Let’s take a look at what’s driving the gold price in the final stretch of 2025.
Gold traditionally has had an inverse relationship to the dollar, and has benefited greatly this year as the dollar has weakened. Many agree that this trend is set to continue feeding the gold price in the months ahead.
While China has been the focal point of gold buying this year, the World Gold Council’s Joe Cavatoni said western investors looking for risk diversification are helping to drive the latest surge in the gold price.
In his view, the Fed has how begun signaling to investors that economic deterioration — and a possible move into a stagflationary environment — is imminent.
Strong central bank buying is another key catalyst for gold’s record price streak.
Although the rate at which the world’s central banks are scooping up the precious metal has slowed somewhat in 2025 compared to the last few years, governments are still set to be net buyers this year.
For a fourth year in a row, Cavatoni sees central banks continuing to buy gold despite higher prices, although he noted that they may make price-sensitive adjustments to buy more strategically. According to the World Gold Council’s latest annual central bank survey, conducted in June, 95 percent of the 73 respondents expect to increase their gold holdings over the next 12 months. At the same time, 73 percent expect to lighten their US dollar reserves.
Countries are building up their strategic reserves of gold as security. Just look at the top two buyers of gold recently: China and Poland. Both are at the center of rapidly escalating geopolitical conflicts.
China has responded to escalating US trade tensions by taking a defensive stance economically, and that has included significantly boosting its gold reserves by 36 metric tons over nine months as of this past July.
Poland is the largest net purchaser of gold this year at 67 metric tons. No doubt, the European nation views the metal as a critical safeguard against escalating hostilities with neighboring Russia.
“Everybody has to build up their gold reserves, because the road that all these countries are on is the road of increasing global stress,” explained Chambers, adding that global leaders understand that “paper is no good when you’re fighting a war.’ This is driving the gold price higher as demand comes up against supply.
“There’s only 3,200 tonnes of it mined every year,” he said, “and the price is only going to go one way.”
However, both Gareth Soloway of VerifiedInvesting.com, and Steve Barton of In It To Win It said gold is likely to trade sideways and even pull back to as low as US$3,500 before making another go at the US$4,000 target.
So will it get there this year?
Nothing is for certain, but there are a few signals gold investors should watch. The World Gold Council’s Cavatoni said he’s keeping a close eye on what the money markets are doing as interest rates start to move, as well as investor sentiment in western markets, the US in particular.
“Pay attention to how people are responding to that risk and uncertainty that we talked to, and economic conditions that are getting clearer, and I think you’ll find that this case for gold is well supporting the price predictions you’re hearing from analysts in the markets,’ he suggested.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.