Overview
- Gold topped $4,600 per ounce in early January 2026 and has risen roughly 5%–7% year to date, with the SPDR Gold Shares ETF reporting nearly $1 billion of single-day inflows after a ~64% gain in 2025.
- Goldman Sachs’ 2026 outlook argues gold has been more volatile than U.S. stocks, has suffered drawdowns of up to about 70%, and has delivered only inconsistent inflation protection.
- Oaktree’s Howard Marks reiterates that gold generates no cash flow and lacks intrinsic financial value, contending it should not be central to a serious investment program.
- Countering the skepticism, Wells Fargo Investment Institute and Flossbach von Storch back measured strategic allocations, citing geopolitical risk, expected monetary shifts, and ongoing purchases by official institutions.
- A survey reported by Invesco finds roughly half of central banks plan to increase reserves and many are repatriating holdings, as investor unease over U.S. policy and a Justice Department investigation of Fed Chair Jerome Powell pressure the dollar.