DB 2026: Gold’s Repricing Loop to $5,000 Begins
Gold pricing is in a virtuous cycle
DB’s 2026 Precious Metals outlook report has been published. It is comprehensive enough to break into two parts: One for Gold and one for Silver. Our Silver breakdown was published as DB: Silver (and Platinum) Crash Gold’s Party in 2026 yesterday1
TL/DR
Gold, under DB’s analysis broken down below, is repricing because its ownership base has evolved from discretionary buyers to balance-sheet actors. This transition, visible across official hoarding patterns and ETF normalization, establishes a durable bid floor around USD 3,900 while leaving upside torque intact.