The Gold Investment Textbook to Resolve Anxiety About 'Is It Too Late for Gold?' | 11 Excellent Stocks Selected by Field Voices

Kioxia hit an all-time high on June 22nd.
But in less than a month from then, the stock price fell by 52%.

Where did that enthusiasm go? You can tell by looking at social media. During the period when the stock price was hitting new highs, it was overflowing with joyful posts. Since the sharp decline, the number of posts has decreased, and the content has turned pessimistic.

Actually, the same thing is happening with gold.

When the price of gold hit an all-time high, lines formed at gold buying counters in Japan. Now that gold, which was such a hot topic, what about it now? Don't you feel that you don't hear much about gold anymore, whether on social media or in conversations around you?

Personally, when I bought MU (Micron) at around $100 last year, almost no one around me was talking about it. But while it was quiet, the price increase progressed, and after it surged earlier this year, it finally started to become a topic on social media. It was a friend who told me about this MU, and who also told me about gold mining stocks, which I will talk about in a later chapter.

Now that there is less talk about gold, it might be the same pattern.

“I want to be able to protect part of my assets with gold. But I want to be able to start gold investing without being afraid.” I have a story I want to deliver to those who think that way.

Right now, the price of gold is in a phase of adjusting from its highs.
“Is it okay to start now?” “It’s scary to buy when it’s falling.”
It is natural to feel that way.

But behind that anxiety, there is one assumption.
“Gold investment is about guessing whether it will go up or down from here.”
That is the assumption.

On Yahoo! Chiebukuro, questions like “Should I buy now? Will it go down from here?”
have been posted many times.

I understand the feeling of wanting to know the answer before acting.
But there is no one anywhere who can accurately answer that question.

Even so, there is a way to avoid being swayed by price movements.

Right now, the price of gold has adjusted by about 27% from its high.
In the midst of that, the world's central banks bought 244 tons of gold in the first quarter of 2026 alone. 89% of the central banks that responded to the survey answered that their holdings will increase further in the next 12 months.

In a phase where prices are falling, this many buyers are moving.
This is not a coincidence.
That is because gold prices are not something to guess, but something to decipher through structure.

In this note, with this “understanding through structure” perspective as the axis, I will explain why it makes sense to hold gold, why current price movements are happening, how to buy, and how to face it in the long term, all connected in a single line.

The ETFs and gold mining stocks I will introduce are also selected mainly for companies that have solid market capitalization and have mines in politically stable regions. These are stocks carefully selected to suppress geopolitical risk.

✔️ After reading this NOTE:

✔️ I'm Momo, a US stock investor living in Canada.

Based on primary information from the US and Canadian markets, I share 'investing through understanding structure.' Threads is updated daily.

After buying gold mining stocks in 2023 and selling them without deep understanding, I re-engaged with gold as an asset. I started buying again in 2025 and was able to ride the subsequent rise. I hold royalty companies, gold mining stocks, and ETFs.

Stop trying to time the market and join the side that understands the structure. From there, you can begin preparing to take a step forward without fear. The structure of gold as an asset does not change. This way of thinking is useful for a lifetime. I will explain more in the main text.

Chapter 1: Why Hold Gold?

Even when told to 'protect part of your assets with gold,' most people don't quite get it. In an era where it's natural to buy stocks and investment trusts in NISA accounts, people are hesitant only when it comes to gold.

They don't know what to buy. They don't know if it's okay to start now. Moreover, gold prices are currently in a phase of adjustment from their highs. Behind that hesitation lies just one assumption.

1-1 The 'Growth' Yardstick Does Not Apply to Gold

Gold does not generate dividends like stocks or interest like bonds.
It is an asset that does not increase by even one yen just by holding it.

You might think, 'Then wouldn't stocks or investment trusts be better?'
Honestly, that way of thinking is not wrong. If the goal is growth, there are plenty of assets more efficient than gold.

But here is one thing that catches your attention. Why are central banks around the world buying up an asset that doesn't grow?

1-2 The Fact That Central Banks Are Increasing Their Purchases

In the first quarter of 2026, the world's central banks increased their gold holdings by 244 tons.

Of the central banks surveyed, 89% answered that their holdings would increase further over the next 12 months. The average annual purchase volume over the last 4 years has been 1,000 tons. This is double the average of 500 tons from the previous 10 years.

If the goal were growth, financial professionals would never make such a choice.
Nevertheless, the world's central banks continue to buy this asset.

In other words, gold is not an asset held for 'growth.' It is an asset held for 'protection.' Even during financial crises like the Lehman Shock, gold has a track record of not losing value as much as other assets.

The reason central banks do not let go of gold lies in its proven track record of resilience during crises and its ability to diversify risks across entire asset portfolios. It is also valued as a hedge against inflation.

China's actions are particularly notable among them. As of June 2026, the People's Bank of China has continued to increase its gold reserves for 20 consecutive months. It bought 15 tons in June alone, which is the largest monthly purchase since October 2023.

Some view this as a move aimed at the internationalization of the yuan and reducing dependence on the dollar, but China's gold reserves (approximately 2,346 tons) are only enough to back a small fraction of the yuan in circulation. While we cannot say for certain, their stance of accumulating gold as 'insurance' is clear.

This is not to dismiss stocks or investment trusts. Tools for growth and tools for protection have fundamentally different roles. The question of 'why hold it when it pays no dividends' arises because people measure them with the same yardstick.

1-3 The Gold Culture of China and India, and Why the World Still Wants Gold

Gold as a protective asset is not just a matter for nations.

The gold held by households and temples in India is estimated to total approximately 25,000 tons. China and India alone account for nearly half of the world's gold demand.

In these two countries, gold is less of an investment and more of an asset rooted in daily life and ritual. It is given as wedding gifts and passed down through generations in families. Rather than buying it in anticipation of price increases, it is closer to the feeling that 'it is natural to own it'.

You might think, 'Can't assets be protected just as well with stocks or cash?' This is where the nature of gold comes into play. There is research showing that the correlation between gold's price movements and U.S. stocks has been almost zero since the 1970s. This means that even when stocks collapse, gold is unlikely to follow suit.

The reason lies in the characteristics of the metal itself. It is rare and does not degrade. It is also portable. Unlike paper currency, it does not depend on the credit of the issuer.

Fiat currency is based on the credit of the issuing country. For stocks, it is supported by corporate performance, and for bonds, by the issuer's ability to repay. Gold alone does not depend on anyone's promise.

That is why central banks, as well as households in China and India, have not let go of gold throughout the ages. This demand from China and India also has seasonal fluctuations.

There are times when buying intensifies ahead of the wedding season, and we will look at those specific price movements in detail in Chapter 2.

1-4 The Reason I Let Go of My Gold

Let me talk a little about my own experience here.

In 2023, I bought gold mining stocks. I held ABX (Barrick Gold), HBM (Hudbay Minerals), and several other stocks.

At the time, there was no notable price increase, and a quiet period continued for a while. I took profits on HBM when it more than doubled, and I sold off ABX and other stocks before the gold market began its full-scale rise in 2025. This was because I had a need for funds and prioritized converting them to cash.

Immediately after that, the market started to move all at once. I remember feeling a bit regretful as I watched the stock prices continue to climb after I had sold them.

Back then, I did not understand the role of gold as an asset. If it went up, I took profits; if it stagnated, I sold it. I was looking at gold with the same yardstick as stocks.

It was only after learning about the central bank purchases and the gold culture of China and India that I have covered so far that I truly understood that gold is an asset held not to 'grow' but to 'protect'.

In April 2025, I started buying gold mining stocks again. The price movement was still sluggish, and I didn't feel like making a large bet, so I started with a small amount.

Later, I reunited with a friend who loves stocks. He is knowledgeable about metals and mining stocks and invests directly in mining companies. Since his relatives work for mining companies, he shared information from a perspective close to the field and a list of highly regarded mining stocks within the industry along with insights from local voices.

From there, I gradually increased my gold mining stocks and gold ETFs. Influenced by him, I later expanded my investments to silver, copper, and uranium, but I will talk about that another time.

Then, toward the end of 2025, the market began to move significantly. The investment I started with a small amount in April was able to ride the rise from the second half of 2025 to the first half of 2026. When you face assets you once let go of with understanding, the view changes. I learned that firsthand.

What exactly was driving that sudden price increase?
In the next chapter, we will look at that structure together.

1-5 To You Who Are Moving Forward

This book was born from that experience.

【Recommended for people like this】
・Those who don't know what to buy or how to invest
・Those who want a buying list of ETFs, gold mining stocks, and royalty companies (gold-related stocks)
・Those who want to start within a reasonable range using NISA or tax-exempt quotas
・Those who want to protect a portion of their assets for the long term without being swayed by short-term price movements
・Those who have failed at gold investment or gold mining stocks in the past and have kept their distance

【Not recommended for people like this】
・Those aiming to increase their wealth significantly through short-term trading
・Those who already understand the basics of gold investment and are looking for advanced information
・Those looking for definitive predictions that it will 'definitely go up'

The contents covered in this note are as follows.

🎁 Purchaser-Only Benefits (2 items)

I have prepared things you can use in practice immediately after finishing this NOTE.

① Stock Selection Checklist
You can score the stocks you are interested in yourself using the 5 axes from Chapter 6.

② Buying Method Diagnosis That Suits You
Just by answering 3 questions, you will find your own answer on whether to use accumulation or lump-sum, and how to use NISA or tax-exempt quotas.

📘 Reader Feedback
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🕐 About the Price
24-hour limited: 1,980 yen
After that: 2,480 yen
Final price: 2,980 yen

1-6 To You 5 Years and 10 Years from Now

After finishing this NOTE, try imagining yourself 5 or 10 years from now.

By then, how much will prices have risen due to inflation compared to now? How much will the value of the yen or dollar have diminished?

Gold is supposed to play the role of protecting a portion of your assets from devaluation. As we have seen so far, central banks, as well as households in China and India, have held gold for decades for that very reason.

The current correction will also eventually become a thing of the past. However, the perspective of understanding gold as an asset through its structure and the criteria for choosing a buying method that suits you are things you can use time and again in the future.

If you want to be the kind of person who can make decisions without panicking the next time the price moves significantly, please continue reading on.