Every time I think "it's time to focus on applications," new hardware hype emerges?
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Deutsche Bank: Central bank gold purchases and ETF inflows put gold in an "explosive" rally phase
Deutsche Bank believes that the fifth "explosive" upward phase in gold, which began in 2024, is still ongoing. Central bank gold demand, measured in actual US dollars, has reached a record high, with about half of the demand not reported to the IMF. Global ETF inflows have turned positive again, with Asian buying being particularly notable. The bank has set a year-end target range for gold at $4,700–$5,100 per ounce, with the core driver being the continued expansion of U.S. government debt. Current futures positions remain low, and the upside potential has not yet been fully priced in.

