ETFSA’s Mike Brown and Gareth Stobie joined Currency News to unpack what’s really driving gold’s 74% surge and the JSE’s standout 2025 performance, and why neither signals a bubble about to burst.
The key insight? Central banks have structurally changed the gold market by accumulating reserves as a hedge against dollar uncertainty, while corporate profits continue to support stock valuations. As Mike puts it: “Markets don’t die of old age; they stop when there’s a major shock. None of that is around at the moment.”