Gold has continued to rise due to Trump’s extensive import tariffs, which has led to market turmoil and the weakening of the dollar.
The tariffs affected about 60 trading partners, including China, which was subjected to a 104% “surcharge.” Gold acts as a safe haven for investors amidst uncertainty, and its price is expected to rise further, especially if central banks ease their monetary policy.
Below is more on the matter, no wall:
The price of gold has risen again, as buying interest, especially in daily auctions, has intensified.
The Blumma article below reports how on Thursday, over 400,000 ounces in bids were registered in the opening round of the auction, which is the largest amount since 2019. Active buying by central banks and ETFs has been a key driver of the rise.
Gold mining stocks have significantly broken out against the S&P 500 in recent days. This has not happened in years. It appears the rotation into gold stocks has accelerated in recent days. And certainly not without reason, as no one knows what will happen next. The price of gold indeed dipped when leveraged players’ margin calls went off and cash had to be realized from somewhere - meaning also from gold. That is now over, and we are back at record highs. There was significant volume for Newmont on Friday. Big players are probably on the move now. It could be that soon there will be a buzz similar to that in defense companies.
In the Bloomberg article below, it is reported how Goldman Sachs and UBS raised their gold price targets for 2025.
Goldman predicts gold will rise to $3,700 per ounce by the end of the year and even to $4,000 by mid-2026. UBS estimates the price to be $3,500 in December 2025.
According to the article, the rise is supported by strong demand from central banks, recession risks, and geopolitical uncertainty.
EDIT:
In Johannes Ankelo’s article, the same topics are discussed as in the Bloomberg article, albeit in Finnish, and it also contains other information not present in the Bloomberg article.
JPMorgan believes demand will accelerate as the US shifts from Pax Americana to Pax Trumpiana.
India’s growing influence, China’s rise as a global power, and Russia’s increasing assertiveness all point to a shift where US hegemony is declining.
Amidst these changes, a new emerging world order redefines international relations, focusing on regional security, resource availability, the pursuit of national interests, maintaining a balance of power, and avoiding direct conflicts.
Diversification away from USD reserves is moderate for now, but accelerating.
China’s purchase volumes are truly massive; can these explain how large a portion of the gold price increase? At least some of the strong rise can be explained by China’s purchases, but how big a role do they play? And what happens when China completes its “purchase program”?
This year (as in 2024), Poland has been at the top of the addition statistics even before today’s news. So, this isn’t solely dependent on China. Last year, major accumulators also included Turkey, India, Azerbaijan, etc.
Central banks usually determine the direction of many markets. This was also the case last decade, when the Western market was eased with zero interest rates, and valuations rose in real estate and stock markets. Now, times have simply changed.
2024 Addition Statistics: Central bank gold statistics December 2024 | Post by Krishan Gopaul,Marissa Salim | Gold Focus blog | World Gold Council
2025 Situation Update from March: China’s central bank gold reserves hit a record high, but Poland remains the biggest buyer | Kitco News
In a historical light, central banks still have a lot of catching up to do in purchases to regain the position gold lost to the dollar and the euro.
Gold has had an almost unstoppable rise this year. Looking at the options markets, the volatility of gold call options is currently priced at the 99th percentile.
Practically all market participants believe that the price of gold will continue to rocket. In the short term, it’s a pretty good sell signal, but when thinking a bit longer term, central bank purchases are unlikely to stop anytime soon if the world continues at the same pace.
Also, small investors have not yet jumped into the sector, which is only a matter of time. Financial markets have become such a casino over the past 5 years that if investors’ allocation to the sector does not reach previous highs in the coming years, I will be disappointed.
It’s also good to consider what the endgame is in all of this? Will China or the United States revalue the gold in their state assets? If US debt experiences a failed auction soon, it could act as a catalyst. However, there have been no signs of that in recent weeks.
In that situation, Bessent could indeed revalue the gold on the state’s balance sheet.
https://discoveryalert.com.au/news/gold-revaluation-us-history-2025/
In practice, this would mean that 261 million ounces of gold, valued at the old price - $422, would be replaced with a fresher price; $3400. Then Bessent could use that asset as collateral for taking out a loan and finance nearly a year of state expenditures with it.
There are various opinions on what kind of vote would be required to approve the measure. For example, the article I linked mentions that congressional approval would be needed, but this guy says no.
Mention at 37:25.
Nobody knows 
. Republicans will probably lose the midterm elections, so before that might be the best opportunity if there is a real need for it.
I agree that changing the book value of gold would give the United States more room to maneuver. At this price of 3500 USD per ounce, it is not yet a significant enough sum (because the deficit is so large). It would have to rise to around 20000-30000 USD to solve something bigger or, rather, to be felt in the lives of voters.
But as the 47th president said in his inaugural address, a “new golden age for America” is dawning. Perhaps this should be taken literally (?).
During Easter, there was also some gold-themed social media message (who knows how to interpret this, whether figuratively or not – of course, the United States has the world’s largest gold reserves): https://truthsocial.com/@realDonaldTrump/posts/114372102982066647
The latest figures for Switzerland’s most important export product, namely gold, are stunning. Current statistics show that after the 47th president took office, practically all export volume has gone to the United States.
This might be at hand.
More money is starting to flow into Gold ETFs:
Physical gold is also attracting interest.
*"But interest in physical gold has also picked up, said Stefan Gleason, chief executive of the online marketplace Money Metals. *
The number of people buying and selling gold on the site started rising in February, Gleason said, as stocks began their long declines. Transaction volume then doubled in the week after Trump made his “Liberation Day” announcement increasing tariffs across the globe.
“It’s no longer that bonds are the alternative to stocks,” Gleason said. “It’s gold.”"
Similarly, investor popularity is surging in China, according to Bloomberg.
(Bloomberg) --Gold’s record-setting rally is making ever-larger waves in China by stoking retail demand, fanning unprecedented trading volumes on the Shanghai exchange and drawing warnings from the authorities. As prices gyrate, there have been signs of a ferocious spike in day-trading, and record moves in yuan-priced futures with traders navigating trade-war twists. Flows into exchange-traded funds, meanwhile, have surged, retail activity has ballooned, and local premiums gapped out. Asia’s largest economy — and the main target of President Donald Trump’s ire — has plenty of clout as it’s the largest gold consumer, as well as being a leading producer.*"
What then would be a good (without investment advice 
) gold ETF?
This looks pretty good (EUR & backed by physical holdings):
Xetra-Gold
ISIN DE000A0S9GB0 | WKN A0S9GB | Ticker 4GLD
LINK:
Christa N’dure has written a good article about gold. 
Subheadings:
In Japan, it has been stated at a ministerial level about their trump card in tariff negotiations and the potential sale of government debt. This is quite bold talk, considering the country owns the most U.S. government bonds. Such an event has been long awaited by gold investors (or even slightly feared; the dollar would fall sharply in value, but of course the price of gold would rise accordingly and significantly more). Are we going back to the 70s with the dollar (meaning it lost half its value and there was very, very little trust)?
The Bloomberg article below reports how gold rose slightly after the dollar weakened, but is still heading for its first two-week losing streak of the year.
Demand for the so-called safe-haven metal has waned as investors’ risk appetite has increased due to strong economic figures and potential trade negotiations between China & the United States.
An alternative view could be that the rise potentially repeats old patterns, but in slow motion. That is, this long rise that began in 1999-2000 repeats the development of the boom period that started in 1970 (which ended in a price peak in 1980). According to this, the price of gold will rise to the level of 9000 USD by 2027 (the short video below illuminates the matter). So, there would still be a bull market left, and we would be seeing strong returns for about a couple of years.
This would fit well with the current US presidential term, meaning perhaps in 2027, the overall picture in these trade wars and geopolitics will begin to resolve. Elections are ahead in 2028, and there will be a hurry to turn greatness into economic benefits for voters.
Below is a tweet about how central banks have benefited from the rise in gold prices.
The value of gold reserves in developed markets has risen by 600 billion dollars, and in emerging markets, it has doubled to 800 billion.
Gold demand is historically strong.
Gold has started a new sprint phase, or rather, a surge. This means it has gained almost 180 USD in price in just a few days. It just broke through 3400 USD, and next up are the all-time highs (once again), i.e., 3509.9 USD. Incredible flexing, and I guess the 3800-4000 USD level will now be tackled (?).
The strong rise in gold easily makes one wonder if it’s already too late to buy. Why I myself am still buying at these prices;
I believe it’s not, even though downward corrections will inevitably continue. Where does one actually set an upper limit for the price of gold if the euro and dollar continue to weaken at an accelerating pace?
The dollar cost averaging strategy works particularly well during times of high volatility. My own buying program started in 2022 and will continue as long as euros come into the account from the paycheck.
And my own interest in gold is not so much gold itself, but rather a lack of confidence in the euro and dollar. At the same time, the portfolio’s risk-adjusted return and volatility decrease if one also hodls gold.
I wouldn’t be surprised if the price of gold were to double again in the next 3 years.
SP500 is still expensive relative to gold.
An ounce of gold currently buys over 100 ounces of silver, and this has only happened a few times in history, so it’s worth looking into silver as well if gold interests you or the price is daunting.
I’ve also considered it a rule of thumb that gold is a bad investment when the prevailing policy in the United States and some other key economies is to significantly cut public spending, aiming for a budget surplus.
Then a good place to keep savings is cash and interest rates. 
Waiting for that situation.
