Forecasting nearly 20% additional price upside for gold by end of 2026 with target of $4,900 per troy ounce

Two key drivers for 2026: structurally higher central bank purchases and Fed rate cuts

Fed cuts boost gold ETF inflows as gold is non-yielding asset

Potential broadening of diversification beyond central banks to private sector investors would cause further upside

Gold is favorite long commodity recommendation with significant upside in base case and even better in risk scenarios