Core Viewpoint - The gold market is experiencing a significant upward trend, with prices up 65% year-to-date, driven by liquidity from global deficit spending and central bank buying, particularly from countries like China [2][3][5]. Group 1: Price Action and Drivers - Gold is approaching all-time highs, with a notable increase in price attributed to liquidity in the market and aggressive central bank buying [2][3]. - The weakness of the dollar has positively impacted gold prices, and this trend is expected to continue into 2026 [3]. - Central banks are likely to continue their buying practices, influenced by global economic concerns and the ongoing trend of "de-dollarization" [4][5]. Group 2: Market Participation and Trends - There is a shift in investment focus from commodities to gold equities, with some mining companies seeing over 100% performance increases [7][8]. - Retail participation in the gold market is increasing, with a notable rise in interest in gold equities and the GLD ETF [9][10]. - Silver is also experiencing a strong performance, often seen as a precursor to gold in a commodities bull market, indicating broader retail engagement in precious metals [12][13].

Core Insights - The Neuberger Berman Commodity Strategy ETF (NBCM) has increased nearly 18% in 2025, driven primarily by precious metals like gold and silver [1] - NBCM, with nearly $296 million in assets under management, allocates 26.6% of its portfolio to precious metals, indicating strong performance this year and potential for continued success into 2026 [3][4] - Market analysts predict that the bull market for precious metals may expand into industrial metals such as copper and aluminum in 2026, influenced by anticipated changes in Federal Reserve leadership and economic conditions [4][5] Group 1 - NBCM is positioned for potential upside in 2026 due to its active management and broad exposure to the commodities market [2][4] - The ETF's allocation includes 16% to industrial metals, with aluminum among its top holdings, suggesting a strategic approach to capitalize on future market trends [5][6] - Citi forecasts a constructive medium-term outlook for copper, estimating a base case price of $12,000 per ton, which represents approximately 20% upside over the next six to twelve months [7]