The article below is an excerpt from our Q3 2025 commentary.

We spent the early days of October zig-zagging across New Zealand and Australia, where every meeting seemed to begin—and often end—with the same subject. Gold, gold, and more gold. The fever was unmistakable. With the metal sailing through record highs in 2024 and 2025, investors wanted reassurance, explanation, prediction—anything that might make the ascent feel less like scaling a sheer rock wall without a rope.

For followers of Goehring & Rozencwajg, little of this should have come as a surprise. For three years we had argued—some might say pleaded—that a major gold bull market was approaching. Weakness in the metal or in gold equities, we insisted, was not a warning to sell but an invitation to buy. And those who accepted that invitation were rewarded handsomely.

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