Levi

Gold's structural trajectory remains higher through 2026, though I'd welcome a period of consolidation after the January run above $5,000. The bull case doesn't rest on the simplistic de-dollarization narrative making the rounds. Foreign holdings of U.S. Treasuries actually hit a record $9.26 trillion in November 2025, so the "world is dumping dollars" story doesn't survive contact with the TIC data. What's actually happening is more telling: central banks are buying gold at roughly 60 tonnes per month, more than triple the pre 2022 pace, while simultaneously maintaining record Treasury exposure. That's not an exit from the dollar system, it's an insurance policy against one they're increasingly uneasy participating in. Global sovereign debt continues to expand with no credible path to reversal, and the One Big Beautiful Bill Act promises to add trillions more to a U.S. debt load already north of $38 trillion. Record ETF inflows of $89 billion in 2025, with another 120 tonnes added in January alone, confirm the institutional bid is broadening. The pullback from ~ $5,600 to the mid $4,000s is healthy and builds a stronger foundation for the next leg. The drivers are structural: when central banks hedge a system they can't leave, that's the most durable bid gold can have.