Globally, in 2025, gold outperformed the S&P 500, a feather in the cap for gold bugs. In the past 10 years (see chart) the outperformance has been notable. Note that gold’s only return is through its price rise.
Whether this year’s losers can play catch up remains to be seen. Looking at the list, they appear unlikely winners in 2026 but then so did Addvalue at the start of 2025.
See also: Developers are selling assets higher than book value; can their stock prices reflect book value?
The Straits Times Index (STI) closed at 4,636 on Dec 26, up 97 points week-on-week. In doing so the index broke out of a minor resistance at 4,600, the top of an ascending right triangle. The breakout indicates an upside of 5,000. Since indicators are relatively neutral, with ADX and quarter momentum at near neutral levels, the upside is attainable. However, the target is likely to be reached in the first two weeks of January rather than end-2025.
Since the STI broke above 4,600, this level becomes the new support/ fail safe level. The 50-day moving average is currently at 4,510.
