$XAU
— Rethinking the Gold Outlook
A new perspective from Goldman Sachs is reshaping expectations around gold. Their view suggests that $5,000 per ounce is no longer an aggressive scenario, but a conservative baseline given current conditions — especially after gold recently set a new all-time high near $4.6K.
Zooming out, historical context matters. If gold were to repeat a performance similar to its strong 2025 rally, longer-term projections extend well beyond near-term targets. Under sustained macro pressure, higher levels become structurally plausible rather than speculative.
Key forces supporting this narrative:
Continued central bank accumulation
Ongoing currency instability
Gradual erosion of confidence in traditional monetary systems
Taken together, these factors keep gold firmly in a long-term bullish framework.
The debate now isn’t whether gold has upside —
it’s about pace, duration, and positioning.
Are markets still early in this cycle, or already adjusting to a new regime?