I’ve been watching gold for a while, and this move doesn’t feel like a quick spike anymore. Futures pushing through $4,900 after making repeated highs in such a short time feels more like a structural shift than a trade. What stood out to me is that banks like Goldman are saying private investors are now competing with central banks for supply, mostly through ETFs, after rate cuts kicked in. Their $5,400 target for next year is aggressive, but the logic is that this money isn’t “hot” it’s allocation-driven.
Geopolitics keeps reinforcing it too. Every major headline this year Venezuela, tariffs, broader policy uncertainty gold catches a bid. UBS basically echoed the same view, calling gold a reliable hedge again, with $5k as a base case and upside if tensions stick around. With gold already up double digits YTD after last year’s run, it feels like a lot of people are treating it less like insurance and more like a core macro position. Personally, I’ve been following it more closely since getting easier TradFi access on platforms like Bitget TradFi, where tracking gold alongside other macro markets is pretty straightforward. Curious how others here are thinking about this move late stage, or still room to run?