To The Moon

Gold has been on a tear this year—and it’s not just a technical bounce. We’re talking about a full-on bull market. Since January, gold has surged over 35%, recently pushing past US$3,680/oz for the first time in history. And unlike past rallies that fizzled out, this one is being fueled by a complex mix of macro fears, central bank strategies, and a growing distrust of traditional fiat systems.

So, what’s really driving this move?

To begin with, rate cut expectations from the Fed are back on the table. Slowing growth in the U.S. economy and a cooling job market have pushed markets to start pricing in a series of rate cuts by early 2026. That’s weakened the dollar and slashed real yields—textbook conditions for gold to thrive.

At the same time, we’ve seen geopolitical uncertainty spike again. The conflict in the Middle East, prolonged tensions in Eastern Europe, and trade frictions in Asia have all added to the “fear premium” embedded in the gold price.

But perhaps the most underappreciated force is this: central banks are buying gold like never before. China, in particular, has been aggressively boosting its gold reserves, a move many interpret as a hedge against the weaponization of the dollar. This isn’t just about inflation hedging anymore—it’s about trust. Or rather, the lack of it. When Goldman Sachs openly warns that U.S. political interference in Fed policy could push gold toward $5,000, you know we’re in a new paradigm.

Now the question becomes—where do we go from here?

Most analysts agree that we’ve entered a higher gold regime. Even if we don’t continue straight up, the $3,500–$4,000 range may become the new normal. In a world increasingly defined by uncertainty and political dysfunction, gold is no longer just a defensive asset. It’s a vote of no confidence in the system.

If you’re looking for more than just a hedge, gold miners might be where the real upside is. Especially those based in Australia.

Let’s start with the big name: $NORTHERN STAR RESOURCES LTD(NST.AU)$ This is the blue-chip of Aussie gold miners—strong balance sheet, global operations, and consistent dividends. In FY2025, Northern Star reported revenue of A$6.4 billion, with profits doubling year-on-year to A$1.34 billion. Free cash flow was robust, and management rewarded shareholders with a record dividend payout. With its recent acquisition of De Grey’s Hemi project, Northern Star is setting itself up for long-term growth while still paying you to wait.

Another name you can’t ignore is $EVOLUTION MINING LTD(EVN.AU)$ . They’ve had an incredible year as well, with production hitting 750,000 ounces and cost control that rivals the best in the business. What makes Evolution interesting is its exposure to both gold and copper. As copper demand surges with electrification trends, this gives the company an additional growth lever. Cash flow reached record highs in Q4, and they’ve now paid 24 consecutive dividends. Evolution is lean, efficient, and diversified—it’s no wonder the stock has nearly doubled this year.

Then there’s $REGIS RESOURCES LTD(RRL.AU)$ —more of a turnaround story. This one’s smaller, but after years of underperformance, FY2025 finally saw it post a net profit of A$254 million, reversing prior losses. Production came in at the high end of guidance, and they ended the year debt-free with over A$500 million in cash and bullion. It’s not the safest play, but it’s definitely leveraged to gold prices—and when things are this hot, a little risk can go a long way.

Today’s Topic

👉 If you had to choose today, would you put your money into physical gold, ETFs, or Australian gold stocks? Why?

Disclaimer: This material is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Past performance is not indicative of future results. All investments carry risk, including the possible loss of principal. You should conduct your own research and consult a licensed financial adviser before making any investment decision.