Geopolitical heat isn’t fading and every flare-up keeps the safe haven bid alive.
Central banks are still stacking gold aggressively as they diversify away from USD-heavy reserves.
Global debt keeps ballooning and persistent fiscal deficits raise the long-term risk of currency debasement.
If 2026 brings rate cuts, real yields likely soften, and that’s historically supportive for gold.
Inflation looks more structurally sticky than people want to admit, which keeps hard-asset demand elevated. $XAU
