{"id":130844,"date":"2025-11-11T12:56:04","date_gmt":"2025-11-11T17:56:04","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/gold-the-physical-the-future-the-financial\/"},"modified":"2025-11-17T15:16:28","modified_gmt":"2025-11-17T20:16:28","slug":"gold-the-physical-the-future-the-financial","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/gold-the-physical-the-future-the-financial\/","title":{"rendered":"Gold \u2013 the physical, the future, the financial"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a517ec691'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Gold \u2013 the physical, the future, the financial<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/gold.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Gold Casting Grain\" title=\"Gold Casting Grain\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a51802a71'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">November 11, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a51804f41'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p><span class=\"TextRun SCXW189371648 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeRest CommentHighlightRest SCXW189371648 BCX0\">How is gold evolving from a safe-haven asset to a\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed CommentHighlightRest SCXW189371648 BCX0\">financialized<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW189371648 BCX0\">\u00a0instrument? From physical bullion to\u00a0<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW189371648 BCX0\">futures<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW189371648 BCX0\"> contracts and index exposure, gold\u2019s role in portfolios continues to expand amid inflation, liquidity shifts, and digital transformation. In this article, we look at how investors access gold across physical, futures, and financial formats to capture opportunities in a shifting global economy.<\/span><\/span><span class=\"EOP CommentHighlightPipeRest SCXW189371648 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a51809f98'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span class=\"TextRun SCXW128757704 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW128757704 BCX0\">This article was written by Jigna Gibb, Head of Commodities and\u00a0<\/span><span class=\"NormalTextRun SCXW128757704 BCX0\">Digital Assets\u00a0<\/span><span class=\"NormalTextRun SCXW128757704 BCX0\">Product Management at Bloomberg.<\/span><\/span><span class=\"EOP SCXW128757704 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW116326508 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116326508 BCX0\">Gold\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">is<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0expected<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0to be one of the best performing assets over\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">2025 \u2013<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0starting the year at $2,625\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">and\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">reaching\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">a\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">new<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">all-time<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0high\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">of\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">$<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">4,356<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">, up 66%,<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">with a steady climb reaching fresh peaks in 7 of the 10 months so far this year<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">. The\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">metal has been grabbing headlines throughout th<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">is<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">year because<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">of\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">global\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">economic uncertainty<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0and<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">USD debasement\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">creating demand for safe-haven assets and\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">alternative store<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">s<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0of value.\u00a0<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW116326508 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116326508 BCX0\">This glittery, shiny\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">yellow\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">metal\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">has<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0not only had a bright ascent in prices<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">but has also<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0recorded<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">over\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">$<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">5<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">00bn<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0in ETF\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">A<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">U<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">Ms<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0globally.<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">Previously, w<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">e discuss<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">ed<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0the role of gold and its fundamentals in<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u201c<\/span><\/span><a class=\"Hyperlink SCXW116326508 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/bitcoin-versus-gold-the-heavyweights-duel\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW116326508 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">Bitcoin versus Gold<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">: T<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">he\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">h<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">eavyweights<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">d<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\" data-ccp-charstyle=\"Hyperlink\">uel<\/span><\/span><\/a><span class=\"TextRun SCXW116326508 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116326508 BCX0\">\u201d<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">In this article, we explore the\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">different ways<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0to access gold whether it be physical,\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116326508 BCX0\">futures<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0or financial.<\/span><\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a5180bef4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_8616530620129629953\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Commodity Indices\"\n        >\n                      Bloomberg Commodity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"NormalTextRun SCXW116326508 BCX0\">How has gold\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">maintained<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0its value as a global safe-haven asset through history?<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3><span class=\"TextRun MacChromeBold SCXW11297944 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW11297944 BCX0\">Gold<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\"> \u2013 t<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\">he p<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\">hysical<\/span><\/span><\/h3>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW116326508 BCX0\">Since 1500 BC<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">, physical gold has held its position as a precious\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">commodity\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">used<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0as<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0a valuable currency across all corners of the world.\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">Historically<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">gold\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">has played the role of safe-haven\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116326508 BCX0\">asset<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0in portfolios due to its defensive attributes. There is\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">a\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">l<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">imited supply<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">of\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116326508 BCX0\">the metal<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0with\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">80% of\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116326508 BCX0\">known<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116326508 BCX0\">supply<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">already\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">produced<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">. The physical metal\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">is one of the densest<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">store<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">s<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0of\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">value and<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">used widely in jewelry with significant popularity in India and China.\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">Gold in its\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">physical form\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">can be\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">purchased<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0as bullion\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">bars, nuggets, coins<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">, i<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">ssued by different\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">government mints and<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0with\u00a0<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">different levels<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0of purity.<\/span><span class=\"NormalTextRun SCXW116326508 BCX0\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a5180fc3b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Share your interests to receive Indices news, research, and event invitations directly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5127864520836755742\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a51812499'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW207228124 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW207228124 BCX0\">Once\u00a0<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">purchased<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">, physical gold needs to be stored,\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW207228124 BCX0\">secured<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0and possibly\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW207228124 BCX0\">insured<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0which all\u00a0<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">incur<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">additional<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">costs<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0to the holder<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">.<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW207228124 BCX0\">Beyond its traditional roles, gold also plays a critical part in modern technology, being used in electronics such as cell phones and circuit boards, as well as in aerospace and medical devices, due to its excellent conductivity.<\/span><\/span><span class=\"EOP SCXW207228124 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW239006002 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW239006002 BCX0\">What<\/span><span class=\"NormalTextRun SCXW239006002 BCX0\">\u00a0do gold fut<\/span><span class=\"NormalTextRun SCXW239006002 BCX0\">ures\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW239006002 BCX0\">reveal about<\/span><span class=\"NormalTextRun SCXW239006002 BCX0\">\u00a0investor sentiment and market structure?<\/span><\/span><span class=\"EOP CommentStart CommentHighlightPipeRest PointComment CommentHighlightRest SCXW239006002 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3><span class=\"TextRun MacChromeBold SCXW11297944 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW11297944 BCX0\">Gold<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\"> \u2013 t<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\">he future<\/span><\/span><\/h3>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW117432925 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW117432925 BCX0\">There are\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">futures<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0contract<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">s<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0listed on various exchanges globally, such as\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">CME, that reference a specification on the delivery of physical bullion at a\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">future\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">date. Investment via fu<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">tures is\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">generally<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0unfunded<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0w<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">ith only<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">a<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">n<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">initial<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0margin and brokerage fees due<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">at<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0trade\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">inception<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">. However<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">,<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">the<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">drawback\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">of\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">gold\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">is\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">that it\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">does not yield i<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">ncome or\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW117432925 BCX0\">dividends<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0and there are costs associated with\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">storage<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">,<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">security<\/span><span class=\"NormalTextRun SCXW117432925 BCX0\">\u00a0and insurance in holding the asset.\u00a0<\/span><\/span><span class=\"EOP SCXW117432925 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW68730240 BCX0\">Th<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">ese costs are\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">reflected by a contango\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">forward<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0curve<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0as seen in the chart of Exhibit 1; this results in a\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">negative roll yield in\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">gold<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0indices such as the\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">Bloomberg Gold Subindex\u00a0<\/span><span class=\"NormalTextRun CommentStart CommentHighlightPipeRest CommentHighlightRest SCXW68730240 BCX0\">{<\/span><span class=\"NormalTextRun CommentHighlightPipeRest SCXW68730240 BCX0\">BCOMGC<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0Index<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">}<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">.<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0Over the past year,\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW68730240 BCX0\">this<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0cost of carry for BCOMGC has been\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">approximately\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">1%.<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0Over the past 5 years, the gold forward curve has steepened into deeper contango<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW68730240 BCX0\">as a result o<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW68730240 BCX0\">f<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">\u00a0the higher interest rate regime \u2013 the purple line (2025) is more upward sloping compared to\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW68730240 BCX0\">orange line (2020).<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1488\" height=\"852\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Contango Forward Curve in the CME Gold Future\" title=\"Contango Forward Curve in the CME Gold Future\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png 1488w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.35.40%E2%80%AFPM.png 189w\" sizes=\"auto, (max-width: 1488px) 100vw, 1488px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW179162907 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeHovered CommentHighlightHovered SCXW179162907 BCX0\">How can investors gain access to gold markets through index-based strategies?<\/span><\/span><span class=\"EOP CommentHighlightPipeHovered SCXW179162907 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3><span class=\"TextRun MacChromeBold SCXW11297944 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW11297944 BCX0\">Gold<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\"> \u2013 t<\/span><span class=\"NormalTextRun SCXW11297944 BCX0\">he financial<\/span><\/span><\/h3>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW51333209 BCX0\">For the\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">financial format,\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">gold\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">can be accessed in index format\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u2013 the Bloomberg Gold index exposure<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0can be<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0replicated via rolling\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">futures<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0contracts which in excess return<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0form<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">,<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">capture<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0spot and roll yield returns. Gold is\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">often<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0partnered with other assets, such as\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">silver\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">in<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0the Bloomberg Precious Metals Index<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">{<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">BCOMPR<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0Index<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">}<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0or\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">B<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">itcoin\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">in the\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">Bloomberg Bitcoin and Gold <\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">BBIG\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">I<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">ndex<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0{BBIG\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">Index}.<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0BBIG<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0is\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">equally<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0weighted<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0with quarterly rebalancing<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0at the end of March, June,<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">Septembe<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">r<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0and December<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0to<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW51333209 BCX0\">fixe<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW51333209 BCX0\">d<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">50<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">%<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\/50<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">%<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW51333209 BCX0\">weights.\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1968\" height=\"1622\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Impact of the Rebalancing Mechanism with the Relative Weights of Bitcoin and Gold in BBIG Index\" title=\"Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 1968w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2-Impact-of-the-Rebalancing-Mechanism-with-the-Relative-Weights-of-Bitcoin-and-Gold-in-BBIG-Index.png 131w\" sizes=\"auto, (max-width: 1968px) 100vw, 1968px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span data-contrast=\"none\">What are the benefits of investing in a Gold and Bitcoin index instead of holding each asset separately?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW137343521 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW137343521 BCX0\">In Exhibit<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">2, we show the relative weights of\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">B<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">itcoin\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">and\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">gold\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">over time in the BBIG Index.\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">The weights are fixed to 50<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">%<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\/50% on each quarterly rebalance date<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">,<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">and\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">between the<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">se<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0dates, the weights of ea<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">ch\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">compon<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">ent<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0will deviate<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">. A<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">s Bitcoin rallied in Q4 2024, post<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">&#8211;<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">US election results,\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">its<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0representative\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">increased to 63%. The index weights were then rebalanced back to 50<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">%<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\/50<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">%<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0weights at the end of Dec<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">ember 20<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">24.<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW137343521 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW137343521 BCX0\">During\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">quarterly rebalancing<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0process,\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">the BBIG index\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">may\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">ri<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">s<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">e<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">in\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">the<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">s<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">hort<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">term and then scale back during periods of price reversion.<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0Overall, since Jan-24 the quarterly rebalancing version of the equal-weighted index has outperformed the\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">no<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">-rebalancing\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">equ<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">al dol<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">lar notional\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">version\u00a0<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">by\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW137343521 BCX0\">4.30<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW137343521 BCX0\">\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW137343521 BCX0\">%<\/span><span class=\"NormalTextRun SCXW137343521 BCX0\">\u00a0annualized.<\/span><\/span><span class=\"EOP SCXW137343521 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW117057259 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW117057259 BCX0\">Another big hurdle for\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">d<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">igital\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">a<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">ssets is\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">their<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0elevated volatility<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0\u2013 the\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">long-term<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0volatility of\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">B<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">itcoin\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">was 100%\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">but<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0has recently\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">decrease<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">d<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0to 44%<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">.\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">B<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">y coupling these\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">two\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">uncorrelated assets together<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">1-year\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">volatility\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">of the index\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">is dampened\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">to\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">25%.<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0The long-term\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">3-year\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">correlation is 2%, however over the past year as both\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">Bitcoin\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">and\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">gold\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">have risen in tandem, correlation reach<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">ing a<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">new high<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0at 44%<\/span><span class=\"NormalTextRun SCXW117057259 BCX0\">\u00a0in Aug-24, as seen in Exhibit 3.<\/span><\/span><span class=\"EOP SCXW117057259 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1084\" height=\"1458\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Volatilities and Correlation Profile\" title=\"Volatilities and Correlation Profile\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png 1084w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.41.18%E2%80%AFPM.png 80w\" sizes=\"auto, (max-width: 1084px) 100vw, 1084px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"none\">The Bloomberg Commodities Index\u00a0(BCOM)\u00a0is a\u00a0broad-based\u00a0commodities benchmark.\u00a0Currently, BCOM has\u00a0approximately $108bn of global benchmarked assets.\u00a0\u00a0As of November 2025,\u00a0BCOM is\u00a0currently\u00a0constructed using 24\u00a0of the most traded commodities futures contracts across 6 sectors of Energy, Grains, Softs,\u00a0Livestock,\u00a0Industrial metals,\u00a0and\u00a0Precious\u00a0metals,\u00a0\u2013 including\u00a0gold.\u00a0\u00a0One third of the target weights in BCOM\u00a0is\u00a0derived according to the world production of each\u00a0commodity\u00a0and two thirds\u00a0are\u00a0derived from the underlying liquidity of each\u00a0commodity\u00a0futures market.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">However,\u00a0for\u00a0gold and silver,\u00a0liquidity measures are only considered\u00a0due to their limited ongoing production and mining.\u00a0Thereafter, weights are then adjusted further to cap commodity and sector exposures enhancing diversification and reducing the impact of idiosyncratic risk\u00a0\u2013 where single commodities exposure capped at 15% and floored at 2%.\u00a0As seen in the chart of Exhibit 4, the weight of gold in BCOM has been steadily increasing year-on-year to the 15% cap,\u00a0where it has been hovering since 2022. An explanation for this uptick in weight representation\u00a0could be\u00a0due to\u00a0greater liquidity in trading volumes as\u00a0the gold market\u00a0has\u00a0experienced\u00a0a\u00a0dramatic shift to financialization with the advent\u00a0and\u00a0subsequent\u00a0growth\u00a0of gold ETFs\u00a0over the past two decades.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1266\" height=\"928\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Gold representation in BCOM Annual Target Weights (%)\" title=\"Gold representation in BCOM Annual Target Weights (%)\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png 1266w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-11-10-at-11.42.24%E2%80%AFPM.png 147w\" sizes=\"auto, (max-width: 1266px) 100vw, 1266px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"none\">Gold\u2019s journey from a timeless physical store of value to its use in financial indices underscores its enduring relevance in an ever-changing investment landscape. Whether held in tangible form, traded through futures, or accessed via diversified indices, gold continues to bridge the worlds of old traditions and high-tech innovation. Gold holds a dual identity: as both a defensive asset and a component of the total portfolio approach. As markets navigate volatility, digital transformation, and shifting macroeconomic tides, the shiny yellow metal continues to play a significant role in providing balance, resilience, and long-term value.<\/span><\/p>\n<p><em>Learn more about Bloomberg Commodity Indices\u00a0<a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\">here.<\/a><\/em><\/p>\n\n<\/div>\n<div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a09a5181df58\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a09a5181df58\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><span data-contrast=\"auto\">The data and other information included in this publication is for illustrative purposes only, available\u00a0\u201cas is\u201d,\u00a0non-binding and constitutes the provision of\u00a0factual information, rather than financial product advice.\u00a0\u00a0BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. (\u201cBFLP\u201d). BFLP and its affiliates, including BISL, the administrator of the Indices, or their\u00a0licensors\u00a0own all proprietary rights in the Indices. Bloomberg L.P. (\u201cBLP\u201d) or one of its subsidiaries provides BFLP, BISL and its subsidiaries with global marketing and operational support and service. Certain features, functions,\u00a0products\u00a0and services are available only to sophisticated investors and only where\u00a0permitted. Bloomberg (as defined below) does not approve or endorse these materials or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith. 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economy.<\/p>\n","protected":false},"author":1935,"featured_media":112456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"540","footnotes":""},"categories":[540,453,444],"tags":[3673,547,445],"series":[],"class_list":["post-130844","post","type-post","status-publish","format-standard","hentry","category-commodities","category-markets","category-trading","tag-commodity-indices","tag-indices","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold \u2013 the physical, the future, the financial | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"As gold\u2019s role in portfolios continues to expand, we look at how investors access gold across physical, futures, and financial formats to capture opportunities in a 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