Why Gold's Rally Has Room to Run I'm not claiming to be a macro expert here, but let me walk through why I see gold having legitimate runway for continued appreciation: 🔹Political/Geopolitical Risk is Escalating: The unpredictability factor keeps ramping up (ongoing conflicts, cyber incidents like today's GPS jamming, ballooning defense budgets, political crises across the EU/US) - all driving demand for "insurance" that sits outside the traditional financial system. This isn't a temporary blip; it's a structural shift toward hedging tail risks. 🔹Central Banks = Persistent Bid: We're seeing record net purchases, a clear migration toward domestic storage facilities (reducing re-hypothecation), and an obvious pivot in reserve allocation away from Treasuries toward gold. This represents a long-duration, price-supportive flow that's fundamentally reshaping demand dynamics. 🔹Fed Policy Error Probability: Their readiness to cut rates against a backdrop of economic resilience and accelerating services inflation = real rates heading lower, which is structurally bullish for gold. The Powell put may be creating the exact conditions gold thrives in. 🔹Deficits and Liquidity Overflow: High fiscal deficits, TGA cycling patterns, and global easing (including China's credit impulse) are fueling demand for real assets. When paper currencies are being printed en masse, hard assets become the natural beneficiary. 🔹De-dollarization/Reserve Diversification: Eroding confidence in dollar hegemony and sanctions risk is pushing central banks to increase gold's allocation in FX reserves. This trend has legs - it's not policy-driven, it's survival-driven. 🔹Supply Remains Inelastic: Mining output growth is glacial; the shift toward local vaulting is reducing the "floating" supply available to markets → creating a "buying off the shelves" effect that tightens available inventory. 🔹Under-allocation Among Funds: A meaningful portion of institutional players remain without gold exposure - that's dry powder waiting to deploy when the macro backdrop deteriorates further. 🔹Technical Picture Confirms: Fresh all-time highs, positive momentum/impulse across higher timeframes - the chart structure is validating the bull thesis. Now if only we could get the ability to buy gold onchain in size without slippage 😂