According to the Zhitong Finance APP, five cross-asset charts have caught the attention of Goldman Sachs this week, three of which point to the same asset—gold. Goldman Sachs stated that due to U.S. President Trump continuously challenging the independence of the Federal Reserve, it may trigger investors to sell U.S. Treasury bonds and turn to gold for safety, with gold prices potentially soaring further from the current record high of $3,600/ounce to $5,000, an increase of 40%.
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<li>According to Goldman Sachs' September client survey, gold and the steepening U.S. yield curve trade are the most favored trades by the end of this year.</li>
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<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550631157057.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550631157057.png"/>
Source: Marquee MarketView
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<li>Central bank gold purchases saw a seasonal rebound in September, with different trends in gold purchase volumes by central banks for the years 2023, 2024, and 2025 varying by month, and September typically shows an increase in purchase volume.</li>
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<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550644673805.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550644673805.png"/>
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<li>USDTHB vs Gold - Does Thailand have that much gold to sell? It feels like a model is driving this trend.</li>
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<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550658770817.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550658770817.png"/>
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<li>Foreign holdings of INDOGB saw almost no decline during last week's protests and seem to have not dropped significantly this week either.</li>
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<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550670486070.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550670486070.png"/>
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<li>SPX - The ratio of price return to realized volatility (“dirty Sharpe ratio”) has just reached one of its highest levels in 30 years. Looking back over 100 days, has “easy money” already made a profit?</li>
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<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550682435340.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250911/1757550682435340.png"/>
All charts and data above are sourced from Goldman Sachs Global Banking and Markets, with data as of September 10, 2025. Please note that past performance does not indicate future performance.
Other references: Goldman Sachs estimates that given the size of the U.S. Treasury market far exceeds that of the gold ETF market, a mere 1% of private holdings in Treasury bonds shifting to gold would be sufficient to achieve this goal. Year-to-date in 2025, driven by risk aversion, gold has risen by 36%, far exceeding the performance of U.S. stocks.
With the continuous new highs in gold prices and the long-term upward confirmation of the gold price center, the selection criteria for gold stocks in the Chinese market are also changing. Previously, more weight might have been given to current performance and higher capacity growth in the next two years, but since the beginning of this year, more weight has started to be given to gold reserves. This is also why some gold stocks have consistently underperformed expectations but their stock prices can lead the market.
Gold futures prices have broken historical highs, and below is a ranking of listed companies by gold reserves compiled by an institution:
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Zijin Mining - owns gold reserves of 3,973 tons in its mines
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Shandong Gold - owns gold reserves of 2,058 tons in its mines
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Zhaojin Mining - owns gold reserves of 1,446 tons in its mines
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Zhongjin Gold - owns gold reserves of 891 tons in its mines
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Pengxin Resources - owns gold reserves of 650 tons in its mines
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Chifeng Gold - owns gold reserves of 424 tons in its mines
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Shanjin International - owns gold reserves of 240 tons in its mines
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Hengbang Shares - owns gold reserves of 150 tons in its mines
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Hunan Gold - owns gold reserves of 143 tons in its mines
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This week, three of the five cross-asset charts that Goldman Sachs is focusing on are related to gold. Goldman Sachs pointed out that due to Trump's challenge to the independence of the Federal Reserve, investors may sell U.S. Treasuries and turn to gold as a safe haven, with gold prices potentially rising 40% from $3,600 per ounce to $5,000. Goldman Sachs' client survey shows that gold and U.S. steepening curve trades are the most popular trading sources by the end of the year. In 2025, gold is expected to rise 36% due to safe-haven sentiment, outperforming U.S. stocks

- Goldman Sachs has identified five cross-asset charts this week, three of which indicate a strong focus on gold.  
- Due to ongoing challenges to the Federal Reserve's independence by President Trump, investors may sell U.S. Treasury bonds and shift towards gold, potentially driving prices up to $5,000 per ounce from the current $3,600.  
- Additionally, central bank gold purchases typically rise in September, and the market is seeing a shift in focus towards gold reserves rather than immediate performance metrics for gold stocks.

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