Published research on gold is leaning firmly bullish, with the structural and cyclical case lined up on the same side. The only nuance is a tactical note that a short-term pullback is possible — but not one expected to last.
On the structural side, researchers argue de-dollarization and the use of the US dollar as a sanctions tool form the bedrock of gold demand. Even as Fed-driven flows have unwound, the core thesis is said to remain intact. A separate strand of analysis stresses relentless physical buying from China, India, and central banks, with one recently-published estimate doubling monthly central bank purchases to roughly 60 tons. The argument: suppressed Western paper-market pricing cannot hold against this East-to-West flow shift.
A more strategic camp grounds the long-run bull case in a century of dollar debasement, projecting nominal prices many times above today's levels — while noting real purchasing-power gains would be far more modest.
The tactical caveat about a possible dip sits inside that same bull framework, with any weakness expected to be bought quickly.