Jefferies: Tether's Gold Holdings Have Appreciated by Over $5 Billion

According to estimates by Jefferies Group based on Tether's disclosed data, as of the end of September, Tether held approximately 116 tons of gold, valued at about $14.4 billion at that time. The gold price was $3,858 per ounce at the end of September last year, but driven by rising geopolitical uncertainty and investors flocking to safe-haven assets, it has now surged to over $5,200. This implies that Tether has realized an appreciation of over $5 billion on this portion of its holdings.