Why gold still has plenty of road to run in 2026🟡

In 2025, Bank of America fund manager survey shows: 42% believe gold will be the best-performing asset this year 82% expect a weaker global economy in 2025 Confidence in US equities is at multi-decade lows What’s driving this? 🔹 De-dollarisation & reserve diversification Central banks added 1,037 tonnes of gold in 2024, the second-highest on record. China and Poland continue to increase gold’s share in reserves. 🔹 Economic & policy uncertainty Rising deficits, tariff risks, and recession fears are pushing investors toward non-fiat, safe-haven assets. 🔹 Broad-based demand From central banks to ETFs and physical bullion, gold is attracting both institutional and retail capital. As Martin Pradier (Veritas) put it: when confidence in fiat currencies fades, gold becomes the default alternative. With analysts now projecting gold prices as high as $5,000/oz, the rally looks less like a short-term trade and more like a structural shift. In uncertain times, gold isn’t about chasing returns — it’s about preserving value.