Gold: published research is uniformly bullish, with no dissenting voices on direction across time horizons.
The core macro case, as several recently-published views frame it, is that inflation is running faster than nominal interest rates — leaving real rates structurally supportive for gold. Researchers argue this is a tailwind the market is misreading as a headwind.
A separate strategic thread centers on de-dollarization. One camp of analysts points to sustained central bank buying — China in particular — as reserves diversify away from US Treasuries and groundwork is laid for RMB-gold convertibility. That demand, they contend, is unlikely to fade.
A third, relative-value argument from the published research consensus favors gold over silver for the coming decade, citing stronger investment demand and improving transparency around official sector holdings.
Horizons range from 12 months to 3–5 years. No tactical, short-term call appeared today — but across the strategic and cyclical frames, the direction is the same.