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# Gold Aims for $5,000: Reality or Fantasy?



Deutsche Bank has just dropped a bombshell: gold could hit $5,000 per ounce in 2026, breaking that psychological level in 2027. Analyst Michael Hsueh raised his forecast for 2026 from $4,000 to $4,450, and projects $5,150 for 2027.

**What is happening?** Gold is in "historical breakout" mode. Despite falling ~10% since October, it has already recovered half. Volatility in 2025 hit highs not seen since 1980.

The numbers are conclusive:
- Central banks bought 220 tons in Q3 (third highest figure ever recorded)
- Gold ETFs saw net inflows in 2025 after 4 years of outflows
- Estimated global production: 3,693 tons in 2025, with demand exceeding supply

**The key:** It's not just dollar depreciation. Hsueh sees this as "insurance against black swans" according to the central banks themselves. Inflation, global debt, geopolitical uncertainty... gold is the traditional shield.

Historically, January-February are bullish months for gold. The support at $3,900 looks solid. If inflationary pressures persist, Hsueh might be underestimating.
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