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Dear reader, welcome to the latest GoldRepublic newsletter! In just five minutes, we will fully inform you of the current precious metal prices and the most relevant news that affects your investment in precious metals. Don't miss out on these valuable insights!
Market sentiment is crumbling. Stocks, bitcoin, crypto and gold have taken a hit in recent days. Only gold managed to recover somewhat. The cause? A mix of uncertainty and growing doubt.
The Federal Reserve recently hinted that rate cuts are not off the table, but certainly not guaranteed. Several policy makers complain that inflation is still too persistent. And because the US government was down for a long time, many official data were missing, making it more difficult for the Fed to determine the economic path. Private data sources, meanwhile, suggest a weakening labor market. But according to Fed Chairman Jerome Powell, recent interest rate actions are primarily intended not to stifle growth, not to stimulate it.
Another concern in the markets is the valuation of US tech companies in particular. Investors are wondering if all those billions in AI investments will ever pay off. There are a lot of deals between AI-related companies, which strengthens the momentum, but sometimes makes it look artificial. In addition, there are increasing reports that Chinese companies are delivering similar performances with fewer resources.
From a historical perspective, it's not that bad: the AI capex stands at around 0.8% of US GDP, while previous major technology cycles peaked at 1.5% or more over the past 150 years.
There are increasing concerns about private loans to companies. Some of them have been depreciated recently, and there are fears that this is just the tip of the iceberg. The “private debt” segment, in which investors outside banks lend money directly to companies, and its larger brother “private equity” are under pressure as a result. Investors are getting nervous, especially now that many of these loans are poorly tradable.
Bitcoin lost more than 30% since its peak a month ago and even dipped below $100,000 this week. Although slight recovery movements followed, sentiment appears to have tilted. Long-term holders sold around 400,000 bitcoin in recent weeks, an outflow of more than 45 billion dollars. As a result, the market has temporarily become out of balance.
Yet another remarkable message: the Czech central bank is starting a trial with bitcoin. Not immediately as a reserve, but to analyse how it behaves in different scenarios. It remains partly symbolic, but interesting.
The UK is heading for a crucial date: November 26, when the Labour government presents its first budget. The market is watching tensely. The room for error is small, because debts are high and economic buffers are minimal. Prime Minister Keir Starmer has already announced that it will be a budget “based on Labour values”. That sounds like higher taxes for wealthy people.
According to Bloomberg, Treasury Secretary Rachel Reeves may have to propose a “smorgasbord” of smaller measures to close a budget gap of around 20 billion pounds now that she has dropped an earlier tax increase on workers.
The UK's inflation rate fell to 3.6% in October, mainly due to lower energy prices. However, economists doubt whether this is sufficient for a rate cut in December. Core inflation, particularly in the service sector, remains at too high levels. Interest rates in the UK have now risen, and the pressure is increasing towards November 26.
Dutch households are investing more than ever, although it is still relatively little. Total investments crossed the 200 billion euro mark for the first time in the third quarter of 2025, De Nederlandsche Bank reported. Remarkable: ASML is now the most popular stock among Dutch investors and has overthrown Shell.
But let's put this into perspective. As Jeroen Blokland points out: “The Dutch invest far too little! That should be the headline of the DNB message. Because compared to those 200 billion in investments, no less than 518 billion are in savings accounts and 108 billion in current accounts. Only 24% of the assets are invested. The rest is ruining at an interest rate of barely 1%, while inflation is well above that. In this way, the Dutch will continue to structurally destroy purchasing power.”
Most of these investments are in stocks and investment funds, but hardly in gold or bitcoin. A painful blind spot in a world where inflation, debt and geopolitical risks don't just disappear.
Markets are under pressure due to persistent inflation, falling crypto, and growing doubts about AI valuations. In an uncertain world, investors are looking for guidance again — with gold as the notable exception.
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