So bullish goals here. Yes, we look for nearly 20% of additional price upside by the end of 2016 with our forecast at $4,900 per troy ounce by the end of 26. Not as fast as this year.We were up almost 60% year to date. But the two drivers of the 25 rally, we think will be repeated in 26, number one. Structurally higher central bank purchases since the freezing of Russia's central bank reserves in 2022 M reserve managers got this big wakeup call that they need to diversify into gold, which is the only truly ...

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1021.45 tons of gold as of October 14, 2025, reflecting an increase of 2.57 tons from the previous trading day, amidst significant fluctuations in gold prices [5]. Group 1: Gold ETF Holdings - As of October 14, 2025, SPDR Gold Trust's holdings reached 1021.45 tons, up by 2.57 tons from the prior day [5]. - The increase in gold ETF holdings over the past two trading days totals more than 4 tons [5]. Group 2: Gold Price Movements - On October 14, gold prices experienced volatility, dropping to a low of $4090.49 per ounce and peaking at $4179.47 per ounce, closing at $4142.01 per ounce, a rise of $31.56 or 0.77% [5]. - Year-to-date, gold prices have surged by 57%, surpassing the $4100 per ounce mark for the first time, driven by geopolitical uncertainties, economic unpredictability, expectations of interest rate cuts, strong central bank purchases, and inflows into ETFs [5]. Group 3: Market Analysis - The sharp fluctuations in gold prices on October 14 were attributed to sudden market sentiment changes, with analysts predicting increased volatility due to profit-taking and bottom-fishing activities [6]. - Geopolitical uncertainties and ongoing trade tensions are providing strong support for gold as a safe-haven asset [6]. - Market expectations for a 25 basis point rate cut by the Federal Reserve on October 29 remain high at 96%, indicating sustained investor anticipation for accommodative monetary policy [6]. Group 4: Technical Analysis - Technically, gold maintains an upward trend, with the relative strength index indicating accumulating buying momentum, and prices above all moving averages suggesting bullish sentiment [7]. - A breakthrough above $4155 could open further upside potential, targeting historical highs near $4180, with subsequent resistance levels at $4200, $4250, and $4300 [7]. - Conversely, failure to break the upper boundary of the month-long upward channel (currently at $4162 per ounce) may lead to a corrective pullback, potentially testing the lower boundary at $4015 [7].