Gold's structural bull case dominated research desks this week, even as tactical caution crept in near month-end.
The through-line across published notes: central bank accumulation, renewed Treasury buyback chatter under Secretary Bessent, and revived "debasement trade" flows have pushed gold back above its 200-day moving average and reignited ETF inflows in both Western and Chinese funds. Multiple analysts framed the setup as a secular bull market, citing fiscal deficits, de-dollarization, and gold's rise past Treasuries as the second-largest global reserve asset. One bank reinstated an overweight and lifted 3- and 12-month targets to $4,750 and $5,000, pointing to dollar weakness and EM central bank demand. Longer-horizon views floated continued gains into 2027 on sticky inflation.
Tactically, several desks flagged near-term risk: profit-taking, overhead supply, and a modest post-Jackson Hole pullback as Powell's tone was read as leaving the door open to tighter policy. Most treated any dip as a buying opportunity rather than a trend break.