$(GLD)$ Good time to buy Gold. Core logic for owning gold stems around DE dollarization. Central banks outside of the US (especially China) are aggressively diversifying away from USD reserves due to geopolitical risks given that the Trump regime has introduced significant uncertainty for USD assets (recall how Russia's USD reserves were freezed in 2022). Note that central banks are conviction buyers of gold, they do not care about how high gold prices go because their primary objective is to reduce USD exposure in order to manage geopolitical risks. Emerging market central banks are currently still underexposed to gold and are buying aggressively.
Apart from buying from central banks, another core driver for gold comes from a hedge against inflation and a potential AI bubble burst due to gold's role as a safe haven asset.
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