The Australian Financial Review wrote a very interesting article in March (18 March 2025 "Gold price fever pitch as fundies spruik 100pc gains") that Australian fund managers are racing to launch gold-focused investment funds, seizing on record-breaking prices that have pushed bullion past $US3000 an ounce for the first time. Gold has climbed more than 14% in 2025 alone, and 40% over the past year, with major banks repeatedly raising their forecasts.

While gold stocks had lagged due to cost pressures, they are now gaining ground. The NYSE Arca Gold Miners Index is up 30.8% this year, with the ASX equivalent rising 29%.

Collins St Asset Management is reopening its Special Situations Fund to new investors after a near 80% surge in 12 months, claiming select small- to mid-cap stocks could double in value if gold remains strong.
L1 Capital has also launched a gold fund, targeting mid-cap companies in Australia and North America, using a long/short strategy to balance gains with downside protection. Notable holdings include Westgold Resources and Eldorado Gold.

Meanwhile, the Victor Smorgon Group has debuted a second gold fund, eyeing returns over 50% in 18 months. Portfolio manager Cameron Judd believes the strategy’s concentrated picks of global miners offer “exceptional upside with low downside risk.” He also warned that Trump-era tariffs could spur stagflation, pushing gold to $US3600 an ounce.

Macquarie and Bank of America share similar views, lifting long-term price targets to $US3500. Investor sentiment has followed suit, with net buying of gold ETFs this year reversing a four-year trend. February saw the largest monthly inflows into North American ETFs since July 2020, partly driven by a price arbitrage between New York and London markets.
​
To meet growing local demand, Global X is launching a new ETF tracking gold in Australian dollars, set to begin trading by the end of March.

A 2024 study by the World Gold Council found that 38% of German investors have bought or held gold—making it the third most popular investment after savings accounts and stocks. Their reasons echo those of central banks and institutional investors: gold protects against inflation, is easy to trade, offers better long-term returns than cash, and helps diversify portfolios.

As of April 21, 2025, gold prices have soared past US $3,400 per ounce—a record high. The 12% gain in the past month and 45% jump over the past year is driven by safe-haven demand amid global trade tensions and a weakening U.S. dollar.

Germany’s deep-rooted relationship with gold remains strong. The Deutsche Bundesbank holds the world’s second-largest gold reserves, behind only the U.S. Federal Reserve. These reserves reflect both strategic foresight and a cultural memory shaped by hyperinflation and economic turmoil, reinforcing gold’s appeal as a stable, tangible asset.

Germany's affinity for gold—rooted in history, economics, and psychology—continues to shape both private and institutional investment strategies as the global outlook remains uncertain.

BNP Paribas recently highlighted five reasons for continued bullishness on gold and these are some of the reasons also cited by German gold investors.

1. Central Bank Activity
   The global easing cycle and central bank gold purchases are expected to continue supporting prices.
2. Economic Policies
   Inflationary government policies, rising deficits, and trade concerns bolster gold's safe-haven appeal.
3. Geopolitical Tensions
   Ongoing conflicts in regions like Ukraine and the Middle East maintain uncertainty.
4. Market Trends
   Despite short-term corrections, long-term fundamentals—such as dovish central bank policies—remain positive.
5. Investor Demand
   Strong interest from retail and institutional buyers persists. ETF holdings remain 25% below 2020 highs, and China’s central bank resumed gold purchases in late 2024.

Most Actively Traded Dual-Listed Gold Miners on Frankfurt and German Stock Exchanges.
German and European investors continue to be very strong buyers of global gold exploration and mining companies with a dual listing on Frankfurt Stock Exchange.
Some of these include:​

On 25 March 2025, the European Commission unveiled a list of 47 Strategic Projects under the Critical Raw Materials Act (CRMA). These initiatives aim to fortify the EU’s critical raw materials value chains and enhance the bloc’s strategic autonomy in securing essential resources.
Understanding the CRMA and the Role of Strategic Projects
The Critical Raw Materials Act, which entered into force in May 2024, is a cornerstone of the EU’s strategy to address growing concerns around the supply of key raw materials essential for technologies in renewable energy, defense, batteries, and aerospace. Materials such as lithium, cobalt, and nickel are vital, but the EU currently relies heavily on third countries for their supply, processing, and recycling.
To address these vulnerabilities, the CRMA establishes clear benchmarks to be met by 2030:

• At least 10% of the EU's annual consumption from domestic extraction
  
• At least 40% from domestic processing
  
• At least 25% from domestic recycling
  
• No more than 65% of the EU’s annual consumption to come from a single third country
  

To help achieve these goals, the CRMA provides a dedicated framework for the identification and support of Strategic Projects—initiatives considered essential for the secure and sustainable supply of critical raw materials within the EU.
Selection and Benefits of Strategic Projects
Applications for Strategic Project status opened in 2024. Projects were evaluated by independent experts based on technical feasibility, financial and sustainability metrics, alignment with CRMA criteria, and classification under the United Nations Framework Classification for Resources.
Following this initial assessment, the European Commission created a shortlist, which was then reviewed by the Critical Raw Materials Board—composed of representatives from EU Member States and the European Parliament (as an observer). After consultation, the final list of 47 Strategic Projects was formally adopted.
These projects benefit from two significant advantages:

1. Streamlined Permitting:
   Permitting timelines are significantly shortened. Extraction projects must receive permits within 27 months, while other project types have a maximum timeline of 15 months—far quicker than the standard five to ten years typically required.
   
2. Enhanced Access to Finance:
   Collectively requiring an estimated €22.5 billion in investment, these projects will benefit from advisory support by the CRMA’s financing sub-group, which includes the European Investment Bank (EIB) and other financial stakeholders. Additional funding may also be accessed via the European Regional Development Fund and the Cohesion Fund.
   

Although the real-world impact of these benefits remains to be fully seen, the Strategic Project label offers project developers improved financing prospects, targeted guidance, and regulatory predictability—key advantages in a competitive global landscape.
A Snapshot of the 47 Strategic Projects
The designated Strategic Projects span 13 EU Member States and reflect diverse stages of the raw materials value chain:

• Extraction: 25 projects
  
• Processing: 24 projects
  
• Recycling: 10 projects
  
• Substitution of critical materials: 2 projects
  

In terms of materials, the projects are focused on:

• Lithium: 22 projects
  
• Nickel: 12 projects
  
• Graphite: 11 projects
  
• Cobalt: 10 projects
  
• Manganese: 7 projects
  
• Tungsten: 3 projects
  
• Magnesium: 1 project
  

Looking Ahead
The designation of these 47 projects marks a significant milestone in the EU's efforts to secure the raw materials that underpin its green and digital transitions. As implementation begins, close attention will be paid to how effectively these projects are supported—and how they help reshape the EU's strategic position in global supply chains.

Australian Projects
​
The following projects have been awarded Strategic Projects status where there is an ASX listed company involved:

• Vulcan Energy’s (ASX: VUL) Lionheart Project (in Germany): A geothermal lithium project combining extraction and conversion with net-zero emissions.
• Talga Group’s (ASX: TLG) graphite mine (in Sweden): A natural graphite operation supplying anode material to European battery makers.
• European Metals’ (ASX: EMH) Cinovec lithium project (in Czech Republic): Europe’s largest hard rock lithium resource.