Quarterly Newsletter – Are We Heading Into A Golden Age?

Welcome to Auscap’s October 2025 Newsletter titled Are We Heading Into A Golden Age?

The value of gold companies with their primary listing on the ASX has surged from $45bn at the start of 2024 to $146bn today. The move in the gold price has also been extraordinary. It has recently gained US$1000 (32%) in less than 2 months and US$2,500 (141%) in the last two years. Since the end of 2015 the gold price has gained over 318% to its recent peak of $4,381.

The question is whether the gold price can continue rising, or whether the laws of demand and supply will ensure a reversal. In an attempt to answer this question, we have analysed the demand and supply dynamics in the gold market.

In this newsletter we also detail the performance and portfolio positioning of the Auscap Funds in September 2025.

Learnings Outcomes: By reading this newsletter, readers will gain a deeper understanding of the forces driving the recent surge in gold prices, including shifts in demand from central banks and investors, supply constraints, and macroeconomic influences. Readers will learn how these dynamics are affecting the Australian gold sector and the relative positioning of gold equities within the broader market.

This activity meets the guidelines for qualifying CPD, and has been accredited for continuing professional development by the Financial Advice Association of Australia but does not constitute FAA’s endorsement of the activity. 0.5hr CPD is available for this activity.