This is a direct empirical reinforcement of Goldman’s earlier thesis and implicitly, a challenge to Citi’s more muted Gold outlook covered here yesterday.
In a note from Precious metals analysts Lina Thomas and Daan Struyven, (the same who most recently stated Gold and Oil are buys), Goldman underscores the structural underpinnings of gold demand, driven not by retail investors or speculative flows, but by central bank accumulation suprises. They also note Despite gold trading near all-time highs due to Middle East tensions, speculative positioning remains curiously subdued:
“Speculative inflows into gold have been muted and positioning remains unusually low given the macro uncertainty.” [ or perhaps Comex is dying, and buying is moving eastward]
Goldman also holds the line on its high-conviction forecast:
“We maintain our forecast…$3,700/toz by end-2025 and $4,000 by mid-2026, and we reiterate our long gold trade recommendation.” [ on continued CB demand
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