Gold enters 2026 carrying the momentum of a historic multi-year rally - yet what’s interesting is how uncrowded the market still feels. Even after breaking records through 2024 and 2025, gold is often described as “overbought” but almost never “over-owned.” And that difference matters. Institutional positioning still has room to expand, suggesting this rally isn’t running on excessive speculation. It’s running on structural demand that hasn’t peaked yet. Several economies hold more than half their total reserves in gold, while others, including China and Japan, maintain single-digit exposure. That imbalance alone ... (full story)