2025-08-29
Between September 2023 and mid-2025. gold staged a remarkable rally—soaring from $1.800 to $3.500 in under two years. But behind the headline gains were deeper currents: shifting investor sentiment, price signals amid volatility, and broader trends in asset rotation. These forces not only shaped the recent bull run but also offer clues about where the market may be headed next.
To help investors make sense of it all, EBC Financial Group, in collaboration with the U.S.-based CPM Group, has brought together top analysts and industry experts. The result is the Gold Yearbook—a data-driven, forward-looking report that distills the key developments of the past year and highlights where the opportunities may lie in the year ahead.
Get the 2025 EBC Gold Yearbook for free—contact online support and stay ahead of gold market trends.
EBC's Gold Yearbook isn't just another outlook report—it's built on hard data that cuts through the noise to reveal what really drives gold. Key insights include:
Central Bank Buying Trends: 54 years of historical data shed light on long-term accumulation patterns by global central banks.
Gold ETF Flows: Live tracking of the SPDR Gold Shares ETF—an early indicator of shifting investor sentiment.
Coin Sales from National Mints: A lens into gold's role as a store of value, based on real-world demand.
Industrial and Fabrication Demand: On-the-ground data from manufacturers that often signals pricing pressure before it hits the headlines.
Gold Supply Pipeline: Production and development data from the world's top 30 miners, helping forecast supply changes 12–18 months ahead.
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With this data-driven foundation, EBC's Gold Yearbook helps investors spot patterns early, anticipate volatility, and position ahead of the curve.
Gold prices don't just reflect investor sentiment—they're also anchored by production costs. But for years, a lack of reliable mining data meant analysts had to lean on indirect signals like ETF flows or jewellery demand.
The Gold Yearbook changes that. Backed by deep data and institutional research, it breaks down the real economics of gold production—covering everything from upfront mining costs and ongoing operating expenses to all-in sustaining costs, recycled supply trends, and how ore grade impacts margins.
The result? A sharper view of gold's true price floor—and a better sense of where value begins.
Physical gold flows move slowly—and are better suited for long-term outlooks. But when it comes to short-term price action, positioning tells the real story.
That's where COMEX data comes in. Shifts in futures and options positioning, trading volume, and open interest often signal turning points before they show up in the price. For active traders, this is essential intel.
The Gold Yearbook digs into decades of COMEX data to uncover the relationship between positioning and price swings. The goal? To spot cycles, identify momentum shifts, and help investors stay one step ahead.
Gold is one of the oldest assets known to mankind—timelessly synonymous with wealth and value.
During moments of upheaval and change, when markets reset and assets are reshuffled, gold often emerges stronger once the dust settles. Its true role in these times can't be summed up in a few words.
That's why EBC Financial Group has crafted the Gold Yearbook—to offer a deeper, clearer perspective. Because at EBC, we believe serious investors deserve serious insight.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
