One of my favorite researchdes extensive big‑picture data. The report’s “Market Thermometer” chart is especially compelling, displaying seven key metrics and their positions within the past 20‑year range
I appreciate this chart because it condenses a great deal of elevated.
Gold has experienced a robust rally in recent years. After a 25 % rise in 2024, it jumped nearly 70 % in 2025. By the end of January 2026, the metal peaked at over $5,400 per ounce. This surge was partly fueled by central banks worldwide purchasing gold as they “de‑dollarize” reserves, alongside investors seeking safety amid macroeconomic turbulence and geopolitical risk.
Since then, gold prices have retreated modestly, reflecting expectations of higher bond yields and a stronger U.S. dollar. By September’s end, gold was trading around $4,261 per ounce—about 25 % below its previous high.
Even with the pullback, gold remains at a relatively high level, indicating that caution may still be prudent. Academic researchers Campbell Harvey and Claude Erb
