We do think it's a buying opportunity and while we may still have some downside from here, one of the key takeaways is that all of the major drivers of gold's rally that we've seen here today, including 48 all-time highs this year alone, are still intact. It's natural for an asset like gold to pull back after hitting such all-time highs, and we do think we're getting much closer to more attractive entry points from here.

We think central banks moving into gold more sustainably is still intact. Central banks have been buying gold in significant size, official sector holdings rose by over a thousand tons in each of the last three years and we expect this year to be another strong year. This is due to de-dollarization, diversification and geopolitics especially this year. Investors and central banks continue accumulating gold despite recent sales from all-time highs. Gold stands out as a diversifier in a context of higher equity and bond correlations. We have seen rising interest in gold this year.

The 'bubble' has already burst, coming from all-time highs now back below $4,000. We think it's a good entry point and our low scenario price target is 3,611 per ounce for Q4. Around here or slightly lower looks attractive long term. Gold has been attractive due to geopolitics, trade uncertainty, armed conflict, and questions about Fed independence. Uncertainty will continue through this year, 2026 and potentially beyond, which supports gold rising back to $4,500 or $5,000 per ounce in the long term. Those prices seemed impossible a few years ago but are potential now.