“The markets have been quite choppy, lacking any clear direction,” said analysts at Secure Digital Markets. “Recently, equities have captured more attention, driven by rising valuations following post-Fed momentum. With this backdrop, the market remains vulnerable to signs of faster economic softening. Today’s release of weaker-than-expected CB Consumer Confidence data triggered a dip in both equities and crypto assets.”

“I think one of the big challenges we have right now is cost structure,” said K. “It's a low cost jurisdiction. It's not only…cheap to drill compared to many other parts of the world—you're at 200 meters above sea level. Your cost to mine…is some of the lowest in the world.”

With China now launching economic defensive measures after the U.S. Federal Reserve shocked markets with a 50 basis point cut, there is a growing cohort of analysts warning that economic conditions may be worse than governments are letting on, which has helped boost the safe-haven standing of gold.

“U.S. sovereign debt remains the biggest existential threat to the economy. The last thing the Federal Reserve wants is a recession, because that would really blow out the deficit,” he said. “This is the perfect environment for gold, as the Fed’s bias is clearly to the downside. Gold remains the simplest asset to own to protect your wealth and capital.”