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Markets paused after weeks of gains, with indices ending slightly lower, but still up in September. Commodities outperformed, led by precious metals. Economic data was broadly encouraging, though persistent inflation and weak consumer sentiment highlight ongoing challenges.

Gold has surged over 40% YTD, putting it on pace for its best annual performance since 1979. This rally has been fueled by geopolitical and trade tensions, sticky inflation, a weakening US dollar, and critically, record-breaking demand from central banks.

Gold reserves held by central banks serve as a hedge against economic uncertainty, inflation, currency fluctuations and as a sanctions-proof store of value.

Here are the top 10 holders as of Q2 2025:

Estimates say that net purchases by central banks have surpassed 800 tonnes YTD, surpassing 2024’s record. Poland (~67t), China (~44t), India (~23t), Turkey (~15t) and Kazakhstan (~15t) have reportedly been the biggest buyers.

This institutional purchasing is a fundamental, structural change in how nations secure wealth, not a short-term trade. With demand projected to be over 1,000 tonnes in 2026, these central banks create a robust price floor for gold, as they are strategically unlikely to sell their holdings.

The spotlight this week will be Friday’s US jobs report. A strong report could push the Fed to reconsider pausing cuts, while a weak one will reinforce the case to continue easing. Alongside jobs data, ongoing geopolitical issues, potentially more AI deals, and updates on manufacturing and consumer health will drive markets.

Elevance Health (formerly Anthem) is one of the largest US health insurers, providing medical, pharmacy, dental, and behavioral health coverage to over 140 million members. It operates through brands like Blue Cross Blue Shield across multiple states and serves both commercial and government programs. Its scale, diversification and broad footprint make it a behemoth in the managed care sector.

ELV and its industry peers have been beaten down over the last two years due to regulatory scrutiny, reimbursement cuts, and persistently high Medical Cost Ratios (MCRs). Sentiment worsened earlier this year when industry leader UnitedHealth stumbled, dragging Elevance and the broader managed care group down even further.

Despite this, Elevance continues to grow revenues and cash flow consistently, supported by its large and diversified membership base. It now trades at a forward P/E of ~10.1, a deep discount to historical averages. Its headwinds are expected to ease in 2026, when insurers reprice contracts and adjust premiums, making it an attractive contrarian play.

ELV’s chart over the last year looks somewhat like a murder scene. However, in recent weeks thanks to improving sentiment, and its big brother, UnitedHealth getting a boost from a huge Warren Buffett stake, it has climbed back above its 20 and 50-day moving averages. $300 is now a key support level, and if it holds through earnings on 16-Oct, ELV could have room to run toward its next key levels of $355 and $420.

Rubrik is a cloud data management and cybersecurity company specializing in backup, disaster recovery, and ransomware protection. Its platform is built on data immutability, meaning once data is stored it cannot be altered or deleted by attackers. For example, if a hospital’s patient records are attacked by ransomware, Rubrik restores the system to a clean, uncompromised state within hours instead of weeks. The company supports hybrid and multi-cloud environments, making it a critical safeguard for industries like healthcare, finance, and government.

Rubrik stands out because it combines data backup with cybersecurity tools that detect and stop threats. Its system uses AI to spot unusual activity and protect against ransomware. Unlike older companies such as Commvault or Veritas, Rubrik is focused on modern cloud environments. It has a strong partner ecosystem, integrating with top cybersecurity companies like CrowdStrike and Zscaler, as well as cloud providers like AWS and Google Cloud.

Rubrik is growing fast, with subscription ARR (a forward-looking metric of annualized subscription sales) reaching $1.25 billion in Q2 FY26, up 36% YoY. Actual quarterly revenue rose 51% YoY to $310 million. While still not profitable, Rubrik generated $58 million in free cash flow, a key milestone. However, its lofty price-to-sales ratio of ~14.5 reflects a premium valuation.

Rubrik faces competition from both legacy players and peers like Cohesity. Its stock has surged over 150% in the past year, fueled by the cloud and AI growth narrative, and insiders have taken advantage with roughly $350 million in stock sales. Therefore, investors should remain mindful of its premium valuation. Continued upside will depend on maintaining its lofty growth expectations, product innovation and a setting a clear path to profitability.

Ali is a full-time equity trader and investor based in Dubai, and the founder of First Mile Investing. He left his corporate career in 2024 to pursue his passion for the markets. He founded First Mile Investing to help beginners take their first confident steps into investing, with the goal of making the process less intimidating, more accessible, and empowering for everyone.