Quentin Webb

We've had this long spate of elevated buying by global central banks because in many cases they would like to reduce their dollar dependence and put more of their reserves into another

alternative assets.

So these things are all together combining to help support gold and to create this upward push in gold prices.

In the last few years, we've seen the emergence of gold ETFs, which now manage many billions of dollars.

And you can effectively buy those at the click of a button in your brokerage apps.

So certainly people are not just buying gold bars and stashing them in vaults.

People are increasingly buying gold ETFs or alternatives such as buying shares in gold miners, of course, but that's a less pure exposure to the gold price.

And Quinton says that an unlikely crossover with crypto is adding to gold's luster, too.

Tether has emerged as a significant buyer of gold, partly for a recently launched gold-backed stablecoin that it has.

But also, you know, don't forget that Tether commands a huge sum of assets because of its major stablecoin, which is tied to the dollar.

So that extra buying in the past month is probably another reason that's helping sustain the gold price.

Well, where this ruling leaves things is we already have this extraordinary level of uncertainty there. created by tariffs and the trade war. And if anything, that has just become even more complicated. So this could potentially end up in the Supreme Court. We don't know. We know that this is a Supreme Court that has generally been sympathetic to a slightly broader...

Well, where this ruling leaves things is we already have this extraordinary level of uncertainty there. created by tariffs and the trade war. And if anything, that has just become even more complicated. So this could potentially end up in the Supreme Court. We don't know. We know that this is a Supreme Court that has generally been sympathetic to a slightly broader...

interpretation of executive power, so potentially some of this could be reinstated. We also don't know whether the Trump administration could look to use other tools to work on the same tariffs. This decision effectively says that some of this is in the purview of Congress rather than the executive, but there are other methods that can be used for the executive to introduce tariffs.

interpretation of executive power, so potentially some of this could be reinstated. We also don't know whether the Trump administration could look to use other tools to work on the same tariffs. This decision effectively says that some of this is in the purview of Congress rather than the executive, but there are other methods that can be used for the executive to introduce tariffs.

And we also don't know exactly how this will affect all of these ongoing trade negotiations with counterparties like the European Union and China.

And we also don't know exactly how this will affect all of these ongoing trade negotiations with counterparties like the European Union and China.

One of the reasons that markets are rallying is that investors think this effectively gives others a bit more leverage in negotiations with the Trump administration, because why would you rush to do a deal that could disadvantage you when you know that potentially the tariffs won't hold at the end of the deadline that the Trump administration has imposed for talks.

One of the reasons that markets are rallying is that investors think this effectively gives others a bit more leverage in negotiations with the Trump administration, because why would you rush to do a deal that could disadvantage you when you know that potentially the tariffs won't hold at the end of the deadline that the Trump administration has imposed for talks.

So there's already this kind of like unpredictability, which people in the Trump administration say is part of the negotiation strategy, part of Trump's art of the deal. And then to that, you add this second layer of uncertainty, which is that there are other actors within the US system who The states, small business, the courts that are pushing in a different direction.