Bloomberg: Tom Roderick on Gold’s Outlook Following a Record Year

The article examines why many investors remain constructive on gold despite its record rally in 2025, with continued central bank purchases, fiscal concerns and geopolitical developments cited as key drivers of demand.

Commenting on the market, Tom highlighted gold’s role as an asset that allows investors to diversify beyond traditional financial systems and emphasised the importance of central bank buying, particularly in China. He noted that China’s accumulation of gold remains a central element of his constructive outlook for the metal, given its strategic preference for assets insulated from potential geopolitical risks.

While Tom has modestly reduced his position following the strong rally, he continues to maintain meaningful exposure to the trade, reflecting his view that the fundamental drivers supporting gold remain in place.

The article also explores how growing concerns over fiscal deficits, sovereign debt levels and confidence in major currencies have contributed to increased investor interest in gold, alongside continued demand from central banks around the world.

The full Bloomberg article, including Tom’s comments on the outlook for gold and the role of central bank demand, can be accessed here.