Key takeaways

  • The recent rally in gold prices signals more than just a market trend; it indicates, in our view, the beginning of a gradual transition from a US-centric international monetary system to a more multipolar one.

  • Gold is gaining traction as a structural portfolio diversifier, and we believe that prices have the potential to reach $5,000 an ounce by the end of 2028. Supportive factors for gold prices include structural demand for diversification by global investors, geopolitical uncertainties, and central banks’ reserve diversification at a time of dollar weakness.

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