# Is Gold About to Da Moon? Deutsche Bank Predicts $5000/Ounce by 2026

Deutsche Bank analyst Hsueh's latest prediction: Next year, gold prices are expected to approach $4,950/ounce, with a direct target of $5,150 in 2027—this means a rise of over 20% from the current position.

**Key Signal:**
- Central banks didn't stop: In Q3 alone, they purchased 220 tons, marking the third highest level in history, indicating that official institutions are seriously increasing their positions.
- ETF reversal: After four consecutive years of net outflows, it turns positive again in 2025, indicating a change in funding attitude.
- Supply cannot keep up: The global annual production is expected to be 3,715 tons, but demand is still rising.

**Interestingly**, the recent rise in gold prices is not due to the depreciation of the dollar (this is the special part), but rather driven by real demand. Hsueh refers to gold as the central bank's "black swan insurance"—issues like inflation, debt crises, and currency depreciation all point to it.

From a technical perspective, $3,900/ounce is a strong support level, and seasonally, January to February is typically the golden highlight period. A 10% pullback now could be an opportunity for large funds to accumulate.

**Underlying Logic**: Supply ceiling + demand hitting new highs every day + central bank's iron-fisted accumulation = continue to be bullish.