Gold's week: brutal tactically, but the structural bull case got louder.
Published research framed the sharp drop as yield-driven — rising real rates, a firmer dollar, and markets repricing a higher-for-longer Fed were cited across multiple notes as the main headwinds. One technical read flagged little support until around $4,000 if yields don't reverse. A more extreme view argued gold has joined the "everything bubble" and could fall hard in a deflationary liquidity event.
Against that, the strategic case strengthened. Several analysts pointed to central bank reserve diversification — with gold's share of FX reserves reportedly climbing from roughly 10–12% toward 24–25% — alongside fiscal sustainability concerns and currency debasement. Published long-term targets ranged from $5,000 by end-2027 to $6,000–$7,000 within 18 months, with one outlier at $10,000 tied to an eventual Fed pivot. A recurring argument: equity gains measured against gold reveal how much is simply debasement.
Tactical caution, structural conviction.