Daily
The pre-London read
Every trading day before the London open: what moved gold overnight, who was doing the moving, and the two levels that matter into New York.
Gold · Silver · Miners · Macro
Your daily
gold market insights.
Karat is a daily letter for English-speaking investors: in-depth analysis of gold, silver, the miners and the macro hedge — with the reasoning shown, the levels written down, and every call kept on a public record.
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Sample
The Daily Karat
No. 412Real yields blinked. Gold didn't wait for permission.
The bid that took spot through the overnight high was not retail and it was not ETFs. Here's who was actually buying, why the miners lagged by a full session, and the level where this stops being a squeeze and starts being a trend.
Spot gold2,418.60+0.84%
Silver31.12+1.36%
Gold/Silver ratio77.7-0.51%
10y real yield1.87%-4 bp
Illustrative sample — not live market data
XAU/USD2,418.60+0.84%
XAG/USD31.12+1.36%
GOLD/SILVER77.7-0.51%
GDX MINERS38.94+1.02%
US 10Y REAL1.87%-4 bp
DXY104.21-0.19%
CB DEMAND (Q)289 t+6.1%
What's inside
A precious metals desk, in newsletter form.
Gold is the anchor. But a hedge you can't size is just a feeling, so Karat widens into silver, the miners and the macro that actually drives them.
Daily
Silver and the ratio
Silver gets its own thesis, not a footnote. We track the gold-silver ratio, industrial demand and the moments the ratio has historically snapped back.
Weekly
The miners screen
Seniors, juniors and royalties ranked on all-in sustaining costs, reserve grade and leverage to spot — so you know which names actually gear to the metal.
Weekly
Macro hedge dashboard
Real yields, the dollar, breakevens, CPI prints and central-bank buying, distilled into one question: is the hedge working right now, or not?
Twice weekly
Positioning and flows
COT positioning, ETF flows and options skew read together, so you can see when a rally is being bought and when it's just being covered.
Always on
The public scorecard
Every call we make is logged with its entry, its thesis and its outcome — the winners and the ones that aged badly. Judge the letter on the record.
Competitive positioning
The gap everyone else leaves open.
Kitco gives you the headlines. The Motley Fool gives you broad equity picks. BullionVault teaches you to own bullion. None of them sit down every morning and tell you what they actually think about the metal — with the numbers attached.
Daily written analysis with a stated view
Headline aggregation vs. one editor taking a position
- Karat
- Kitco News
- The Motley Fool
- BullionVault / Gold News
Silver, miners and macro in the same letter
Not just spot gold, not just equities
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- Kitco News
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- BullionVault / Gold News
Actionable levels and positioning tables
Numbers you can act on, not general commentary
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- BullionVault / Gold News
Public, auditable track record
Every call logged, wins and losses
- Karat
- Kitco News
- The Motley Fool
- BullionVault / Gold News
One consistent editorial voice
You know who is writing and how they think
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- Kitco News
- The Motley Fool
- BullionVault / Gold News
Free tier before you pay anything
Read the writing before the card comes out
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- Kitco News
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- BullionVault / Gold News
Premium price under $15/month
Priced at the low end of premium finance letters
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- Kitco News
- The Motley Fool
- BullionVault / Gold News
Inside an edition
Four sections. Nine minutes. One clear view.
Every edition follows the same structure, so you always know where to look — whether you have two minutes on the platform or twenty at your desk.
- 01The overnightWhat moved, by how much, and whether it mattered.
- 02The thesisOne argument, argued properly — with the counter-case stated.
- 03The tablesLevels, positioning and the miners screen for the week.
- 04The scorecardOpen calls marked to market. Nothing quietly deleted.
Tuesday edition9 min read
Central banks are the marginal buyer again — and nobody has repriced it
Official-sector demand has now printed above the five-year average for four consecutive quarters. That is no longer a story about one central bank diversifying; it is a structural bid that sits underneath every drawdown.
The interesting part is what it does to the correlation with real yields. If a price-insensitive buyer takes a persistent share of supply, the metal stops trading purely as a duration asset — which is exactly what we saw last week when 10-year reals rose and gold refused to break.
The counter-case: official buying is lumpy and reported with a lag. One quiet quarter and this thesis needs rewriting — which is why the position is sized at two-thirds, not full.
Macro hedgeCentral banksReal yields
Illustrative sample edition
Reader response
Written for people who read closely.
Sample rating placeholder
I was reading four newsletters and a terminal to get what Karat puts in one screen before breakfast. The miners screen alone changed how I size positions.
What sold me was the scorecard. Being able to scroll back through calls that didn't work, with the reasoning intact, is rarer than it should be.
It treats gold as a macro instrument rather than a doomsday story. That framing is why I finally understood my own hedge.
Testimonials shown are fictional placeholders for launch.
Pricing
Start free. Upgrade when the writing earns it.
Premium is $12 a month — deliberately at the low end of premium finance letters, because we'd rather you stay for the work than for the sunk cost.
The free edition
For investors who want the daily read and the weekly macro picture.
$0forever
- Daily pre-London market read
- Weekly macro-hedge wrap
- Silver and gold-silver ratio notes
- Full archive of free editions
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Karat Premium
The full desk: thesis, tables, miners screen and the scorecard.
$12/ month
- Everything in the free edition
- Full daily thesis and counter-case
- Levels and positioning tables
- Weekly miners screen (AISC, grade, leverage)
- Public scorecard with every past call
- Complete premium archive
- Cancel any time, in one click
Premium opens at launch — waitlist members get first access.
Tomorrow's edition could be your first.
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FAQ
Questions, answered plainly.
Still unsure? Start with the free edition — it costs nothing and tells you more about the writing than any landing page can.
Join the waitlistOne edition every trading day, sent before the London open. It opens with a two-minute read of what moved gold overnight, then goes into the positioning, flows and macro context behind the move — plus the levels we're watching into the New York session.
Gold is the anchor, not the ceiling. Every edition also tracks silver and the gold-silver ratio, senior and junior miners, and the macro-hedge picture: real yields, the dollar, inflation prints and central-bank buying. It's a precious-metals-and-macro desk note, not a spot-price ticker.
Those are excellent at what they do — headlines, broad equity picks, and bullion-ownership education respectively. Karat sits in the gap between them: one editorial voice taking a clear daily position on metals and macro, with the reasoning shown and every call tracked in public.
No. We write for self-directed investors who already own or are considering metals exposure. Terminology is explained the first time it appears in an edition, and every piece ends with a plain-English 'so what'.
The free edition gives you the daily market read and the weekly macro wrap. The $12/month premium tier adds the full trade thesis, our positioning and level tables, the miners screen, and the archive of every past call.
No. Karat is research and commentary for information purposes only. We publish our reasoning and our track record so you can judge it, but nothing we write is personalised financial advice — your decisions and your risk stay yours.
Yes. Premium is month to month at $12, cancel in one click from any email footer, and you keep access until the end of the period you've paid for.