Gold surges on de-dollarization, debasement, and diversification – analyst

[Gold Price, Commodities Investment]
Olivier Le Moal

Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) and other metals are experiencing significant upward momentum driven by three key factors: de-dollarization, debasement concerns, and investor diversification, according to Jeff Currie, chief strategy officer of energy pathways at Carlyle.

In an interview with CNBC, Currie noted that central banks now hold 27% of their reserves in gold, exceeding their holdings in U.S. Treasury securities, as part of a de-dollarization trend that has been ongoing for more than five years.

“We can add in the debasement trade, which really started to gain steam with the government shutdown, that we saw the ETF have 110 tons of inflows recently around the debasement,” he said.

The third factor driving metals is diversification, as investors seek alternatives to tight credit spreads in fixed income and stretched equity markets.

For individual investors looking to capitalize on the metals rally, Currie recommends ETFs (GLD [https://seekingalpha.com/symbol/GLD]), (IAU [https://seekingalpha.com/symbol/IAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (BAR [https://seekingalpha.com/symbol/BAR]) as an excellent investment vehicle, particularly for gold.

“The ETF is an excellent way to play it because it’s one of the few ETFs in commodities where you actually own the physical bars,” he said.

Copper (HG1:COM [https://seekingalpha.com/symbol/HG1:COM]) presents what Currie describes as a “perfect storm” of conditions, with prices up nearly 25% year-to-date. The industrial metal faces long-term underinvestment challenges while experiencing unexpected demand surges from AI data centers and defense-related needs, all atop the ongoing electrification trend. Supply issues at three major mines in Indonesia, Chile, and the Democratic Republic of Congo have further tightened the market, creating a deficit situation.

Despite the broader commodity momentum, crude oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) has remained under pressure due to concerns about a supply glut. However, Currie emphasized that this anticipated oversupply has not significantly impacted prices, with Brent Crude (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) maintaining levels around $65-66 per barrel.

“If it was going to impact prices, it would have already impacted prices,” he noted, adding that market conditions suggest refineries will likely process rather than store available oil.

BELOW ARE COMMODITIES ETFS:

* Gold and Gold Miner ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (IAU [https://seekingalpha.com/symbol/IAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (BAR [https://seekingalpha.com/symbol/BAR]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (RING [https://seekingalpha.com/symbol/RING]), and (DUST [https://seekingalpha.com/symbol/DUST]).
* Silver and Silver Mining ETFs: (SLV [https://seekingalpha.com/symbol/SLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (AGQ [https://seekingalpha.com/symbol/AGQ]), (ZSL [https://seekingalpha.com/symbol/ZSL]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ]), and (SLVP [https://seekingalpha.com/symbol/SLVP]).
* Copper and Copper Mining ETFs: (CPER [https://seekingalpha.com/symbol/CPER]), (COPX [https://seekingalpha.com/symbol/COPX]), and (OTC:JJCTF [https://seekingalpha.com/symbol/SM]).
* Oil ETFs: (USO [https://seekingalpha.com/symbol/USO]), (UCO [https://seekingalpha.com/symbol/UCO]), (DBO [https://seekingalpha.com/symbol/DBO]), (OILK [https://seekingalpha.com/symbol/OILK]), and (USL [https://seekingalpha.com/symbol/USL]).
* Natural Gas ETFs: (UNG [https://seekingalpha.com/symbol/UNG]), (BOIL [https://seekingalpha.com/symbol/BOIL]), and (UNL [https://seekingalpha.com/symbol/UNL])

MORE ON GOLD SPOT PRICE:

* Gold Market Commentary: Stick, Twist Or Double Down? [https://seekingalpha.com/article/4828916-gold-market-commentary-stick-twist-or-double-down]
* Who Said That The USD And Gold Can't Rally Together? [https://seekingalpha.com/article/4828682-who-said-that-usd-gold-cant-rally-together]
* Gold ETF Flows: September 2025 [https://seekingalpha.com/article/4828631-gold-etf-flows-september-2025]
* Spot silver hits historic $50/oz as investors pile into precious metals [https://seekingalpha.com/news/4502991-silver-eyes-historic-50-oz-mark-as-investors-pile-into-precious-metals]
* 'Debasement trade' powers gold and bitcoin to record highs: WSJ [https://seekingalpha.com/news/4502640-debasement-trade-powers-gold-and-bitcoin-to-record-highs-wsj]