H1 2025 Market Review & Outlook
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Focused on: Gold

H1 2025 Market Review & Outlook - Focused on: Gold
Key Takeaways
  • Central bank gold buying remains historically elevated
  • U.S. fiscal concerns are driving investor demand
  • Gold is holding strong despite high real interest rates
  • The fund remains defensively positioned with quality exposure

Despite a volatile start to the year, gold has shown remarkable resilience— benefiting from real rate pressures, U.S. debt sustainability concerns, and continued de-dollarization by central banks. Nawojka outlines how these factors are shaping the demand outlook and how the Ninepoint Gold & Precious Minerals Fund is strategically positioned for the second half of 2025.

Key Topics Covered:

  • Central Banks Driving Gold Demand – Net purchases remain strong, reinforcing gold as a reserve asset.
  • U.S. Deficits & Real Rates – Concerns about fiscal sustainability are supporting gold even with elevated real yields.
  • Inflation & Geopolitical Risks – Persistent price pressures and global instability are reviving gold’s safe-haven appeal.
  • Fund Positioning – Maintaining strong exposure to high-quality gold producers, with select mid-tier opportunities.

Historical Commentary

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  • Ninepoint Precious Metals & Resource Strategy
    Gold has been one of the few asset classes which has benefited from the tariff turmoil and, as investors in this space, we are excited by the opportunities and performance this has provided.
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