Five charts that caught the attention of Goldman Sachs trading desk this week! Three of them are related to gold.

This week, there are five cross-asset charts that have caught the attention of Goldman Sachs, three of which all point to the same asset - gold. Goldman Sachs stated that due to President Trump's continued challenge to the independence of the Federal Reserve, investors may sell US Treasury bonds and turn to gold as a safe haven, causing the price of gold to potentially further increase by 40% from the current record high of $3,600 per ounce to $5,000. 1. According to a Goldman Sachs client survey in September, trading in gold and US steep curve trades are the most favored trades by the end of this year. 2. Central bank gold purchases rose seasonally in September, with different years (2023, 2024, 2025) showing different trends in gold purchases by month. 3. USDTHB vs. Gold - Does Thailand have so much gold to sell? It feels like the model is driving this trend. 4. INDOGB - Foreign holdings did not decrease significantly during the protests last week, and it does not seem to have dropped significantly this week either. 5. SPX - The price return vs. realized volatility ratio ("dirty Sharpe ratio") has just reached one of the highest levels in 30 years. Looking back at 100 days, has the "easy money" been earned? All charts and data come from Goldman Sachs Global Banking and Market Department, as of September 10, 25 years ago. Please note that past performance does not guarantee future performance. In other reference: Goldman Sachs estimates that due to the much larger size of the US Treasury bond market compared to the gold ETF market, only a 1% transfer of private holdings of treasury funds to gold is enough to achieve this target. As of 2025, driven by risk aversion sentiment, gold has risen by 36%, far outperforming the US stock market. With the continuous new highs in gold prices, as well as the long-term confirmation of the upward trend of gold prices, the screening criteria for gold stocks in the Chinese market are also changing. In the past, more weight may have been given to current performance and future two-year capacity growth rate, but since this year, more weight has been given to gold reserves. This is also why some gold stocks have underperformed in terms of performance but their stock prices can lead the way. Gold futures prices have broken historical highs, here is a list of listed companies with gold reserves that have been compiled by an institution: 1. Zijin Mining Group owns 3,973 tons of gold reserves in its mines. 2. Shandong Gold Mining owns 2,058 tons of gold reserves in its mines. 3. ZHAOJIN MINING owns 1,446 tons of gold reserves in its mines. 4. Zhongjin Gold Corp., Ltd owns 891 tons of gold in its mines. 5. Pengxin International Mining owns 650 tons of gold in its mines. 6. Chifeng Jilong Gold Mining owns 424 tons of gold in its mines. 7. Shanjin International Gold owns 240 tons of gold in its mines. 8. Shandong Humon Smelting owns 150 tons of gold in its mines. 9. Hunan Gold Corporation owns 143 tons of gold in its mines.