Trump Team Seeks To Toughen US Chip Curbs Over China; Bitcoin Slides
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Gold is more like Manhattan real estate than oil, according to Goldman Sachs
Gold's price is driven by ownership changes, not traditional supply-demand dynamics. Gold isn't consumed but accumulated and kept in vaults, reserves, and jewelry. Conviction and opportunistic buyers drive it — like Manhattan real estate. Gold may be a commodity, but its price moves more like prime Manhattan real estate than barrels of oil, Goldman Sachs analysts wrote in a Sunday note. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation That's because, unlike oil or gas, gold isn't consumed. It's accumulated. Buyers have been flocking to the precious metal in recent months, pushing gold to ever-higher price records. Nearly all gold ever mined — about 220,000 metric tons — still exists, mostly locked in vaults, central bank reserves, or jewelry boxes. New annual production adds just over 1% to the existing stock and is capped by operational and technical constraints. "You can't pump gold — but you can bid it out of someone's hands. Gold doesn't get used — it changes hands and gets repriced," wrote Goldman Sachs' analysts. "The gold price reflects who is more willing to hold it and who's willing to let go," they added. That makes gold very different from other commodities, where traditional supply-demand dynamics apply and higher prices could choke off demand. "Its market clears through changes in ownership, not production-versus-use balances," wrote Goldman's analysts. Goldman identifies two groups of buyers: "conviction buyers" such as central banks, ETFs, and speculators, who buy regardless of price, and "opportunistic buyers" — households in emerging markets like India and China — who step in only when the price is right. The second group provides a floor under gold prices during sell-offs, but it's the conviction buyers who set the trend. That's where the Manhattan real estate analogy comes in. "The total number of apartments is largely fixed, and the small amount of new construction each year is not what drives prices. What matters is the identity of the marginal buyer," wrote the analysts. In Manhattan, there are also two groups of buyers: conviction buyers — those with deep pockets who will live there at any cost — and opportunistic buyers — those who will buy only at the right price and are otherwise content to live in New Jersey or Brooklyn, they wrote. In both markets, prices shift not because of new supply, but because of who takes the keys. Goldman's analysis finds conviction flows explain about 70% of gold price's month-to-month moves. As a rule of thumb, every 100 tons of net buying by conviction buyers pushes prices up by about 1.7%. The investment bank's analysis comes during a volatile year for gold. Prices surged to a record above $3,500 per ounce in April after President Donald Trump announced sweeping new tariffs on trade partners and amid concerns over the Federal Reserve's independence. Spot gold is now trading around $3,330 per ounce and up about 27% year to date. Goldman Sachs forecasts spot prices will reach $3,700 per ounce by the end of 2025 and $4,000 per ounce by mid-2026. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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KindlyMD acquires 5,744 BTC in its first Nakamoto Bitcoin treasury purchase since merger
KindlyMD (NAKA) announced the acquisition of 5,743.91 BTC through its subsidiary Nakamoto Holdings, marking its first purchase since completing the merger that created its Bitcoin treasury vehicle. The transaction raises the company's total holdings to 5,764.91 BTC. The Bitcoin was bought at a weighted average price of $118,204.88 per coin, for an aggregate cost of approximately $679 million. The purchase was funded using proceeds from a recent private investment in public equity. CEO and Chairman David Bailey stated that NAKA's long-term mission is 'accumulating one million Bitcoin.' Enjoying the read? Get our newsletter directly to your inbox on all things Bitcoin-equities by clicking here. NAKA closed a $200 million convertible note offering on August 15, with proceeds earmarked for additional bitcoin time of publication, NAKA is up 6% during pre-market hours. Sign in to access your portfolio
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8 minutes ago
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How Coinbase, Robinhood and Circle will come out on top of unusual crypto rally
Coinbase, Robinhood and Circle will come out on top as crypto heads into an unusually long bull run. That's according to wealth management firm Bernstein, whose analysts estimate that not only will Bitcoin hit $200,000 over the next 12 months, but that this crypto rally will outlast usual four-year cycles. 'We believe we are in the middle of a digital assets revolution,' Gautam Chhugani and three other Bernstein analysts wrote in a Tuesday note to investors. The key driver behind the rally? The Trump administration's goal to transform 'the US into the crypto capital of the world.' Under President Donald Trump, the US government has rubberstamped new stablecoin rules into law with more crypto bills waiting in the wings, appointed industry-allies into key government positions, seen regulators halt actions against crypto companies, and paved the path towards integrating blockchain projects with traditional finance. The Federal Reserve is also widely expected to cut interest rates in September, which is seen as a boon to crypto markets as lower rates tend to intensify investor appetite for risk-on assets like cryptocurrencies. Bernstein's optimism also comes as Bitcoin surged to a new record trading at over $124,000 on last week. Altcoins like XRP and BNB also notched new records recently while Ethereum has edged towards all-time highs. Robinhood Bernstein gave Robinhood stock the sharpest upgrade with its price target raised to $160. That would put it make worth almost 40% more than today. The trading platform's 'diversified services model offers crypto upside without the volatility,' the analysts said. Robinhood is among a wave of fintech companies that have muscled into crypto services over the past few years. It has ramped up those efforts in 2025. For instance, in June its CEO Vlad Tenev unveiled a rollout of its crypto services across the European Union, tokenised stocks, and launched crypto staking services in the US. Apart from benefitting from the market upswing, Bernstein said Robinhood will also grow thanks to it broadening its services to include banking and wealth management. Coinbase Leading public crypto exchange Coinbase will also benefit from the rally driving up trading volumes in the second half of 2025, Bernstein said. It gave Coinbase a price target of $510, an almost 60% increase from its current price. Coinbase revenues will climb from $6.6 billion in 2024 to $14.1 billion in 2027, driven by trading volume, derivative market growth and US market dominance, according to Bernstein estimates. Coinbase will also benefit from its partnerships with the likes of JPMorgan, eToro, and Revolut, the analysts said. Circle Stablecoin issuer Circle's successful initial public offering in June is seen as one of the key signals that the crypto industry is climbing towards new heights. Bernstein said Circle''s USDC stablecoin will be a key winner from this rally. Its supply will grow by 260%to $220 billion by 2027, according to Bernstein estimates. 'USDC is positioned to capture a significant share of the $4 trillion digital dollar market,' the report said, adding that Circle is best placed to turn stablecoins into the primary money-rail of the internet. Crypto market movers Bitcoin is up 0.4% over the past 24 hours to trade at $115,530. Ethereum is up 0.4% to trade at $4,306. What we're reading Bitcoin at $140,000? Traders load over $1bn into bets that price will surge in September — DL News Citigroup Explores Stablecoin and Crypto ETF Custody Services — Unchained New York's top lawyer said Ethereum is a security. A crypto lawyer is coming for her job— DL News Can PumpFun Be Dethroned? — Milk Road Monero hashrate tug-of-war eases as Qubic loses 51% dominance — DL News Lance Datskoluo is DL News' Europe-based markets correspondent. Got a tip? Email at lance@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
