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 ...

ETF Market Trends - The ETF market is showing a stronger division between institutional and individual investors, raising concerns [1] - Approximately 64% of the entire ETF market can be traced back to 13F filings, indicating institutional ownership [2] - Single stock ETFs have over $30 billion, almost $40 billion in assets, with sub 10% institutional ownership [3] - Niche thematic ETFs, like those popular during 2020-2021, often have low institutional ownership, driven by retail investors [4][5] - Flows into niche strategies, especially in thematic and innovative spaces, are showing signs of approaching 2020-2021 levels [5] Single Stock ETFs and Thematic ETFs - Single stock ETFs now amount to $40 billion, including leveraged products and covered call/synthetic income strategies [6] - Synthetic calls on single stocks are almost entirely (99%) owned by retail investors, with no institutional allocation [7] - While thematic ETFs can be great portfolio allocation tools, significant inflows into these products can be a contrarian signal of market overheating [8][9] Gold ETFs - Traditionally, institutional and retail flows into gold ETFs have been about a 50/50 split [10] - Institutions are increasingly looking at strategically allocating 3% to 5% of portfolios to gold as a cost-effective hedge against drawdowns [11][12] - Gold ETFs have seen approximately $40 billion flow in worldwide through the first half of the year, with an additional $4 billion for July and August [12] - Central banks have shown record or near-record flows into gold over the last three years, continuing to drive gold performance [14][15]