Gold is continuing to blow through barriers, solidly above $3,600 now.
Gold has been trading in a narrow range for months after pulling back from all-time highs above $5,600. After a volatile dip earlier last week, gold reclaimed its place above the $4,200 an ounce mark on Friday.
Despite all the talk about fears of missing the top just months ago, investors are hesitant to take advantage of this extended dip.
They're missing out on making a strong investment opportunity at a reduced price, as this bull market is far from over.
While many investors claim to understand "buy low, sell high", they're hesitant to pull the trigger. This is short-sighted.
Especially when, despite the pullback, major institutions like J.P. Morgan and Wells Fargo are still favoring targets of over $6,000 an ounce by year's end.
What sent gold to all-time highs in the first place?
High inflation, geopolitical conflict, and economic turmoil were contributing factors, but don't seem to be moving the needle now. What really drove the first major arc of this bull market was central bank gold buying.
Since 2022, central banks all over the world have been buying gold at historical rates.
Not ETFs. Hard assets. Real, physical gold.
As of the end of 2025, gold represented 27% of global reserve assets, up 20% from just a year prior, overtaking U.S. treasuries (22%) as the most important reserve asset worldwide. Central banks didn't sell off and rebalance like so many retail investors, they continued to buy gold even as spot prices climbed to the highest prices in human history.
And what's more, central bank gold buying remains strong in 2026.
According to World Gold Council, as global economic uncertainty remained high, central bank buying was elevated in Q1 2026 and demand is expected to continue,
"National Bank of Poland was once again the largest purchaser, increasing its gold reserves by 31t over the quarter to 582t. Despite recent statements from Governor Adam Glapiński about the possibility of selling some of its gold, the central bank appears to remain focused on reaching its 700t target.
The Central Bank of Uzbekistan added 25t to its gold reserves during the quarter, lower than its Q4’25 net purchases of 29t. The latest buying lifts its gold holdings to 416t, representing 87% of the bank’s total reserves.
The People’s Bank of China increased its gold reserves by 7t in Q1, more than doubling its net purchase in the previous quarter (3t). This lifts the PBoC’s total gold reserves to 2,313t (9% of total reserves).
Other buyers included the National Bank of Kazakhstan (12t), Czech National Bank (5t), Bank Negara Malaysia (5t), Bank of Guatemala (2t), National Bank of Cambodia (2t), Bank Indonesia (2t), National Bank of Serbia (1t) and the Central Bank of the UAE (1t)."
It begs the question... what do central banks know that you don't?
If central banks are continuing to protect their economic power by allocating larger and larger shares of their reserves to physical gold, why aren't you?
While the market remains volatile in the near-term, rising on talks of a possible U.S./Iran/Israel peace over the past few months and falling on hawkish news about the war, the long-term outlook spells further diversification away from the U.S. dollar.
Gold looks to continue climbing as the world's largest reserve asset.
And as gold tests the bottom of this trading range, there's still time to accumulate gold well below the highs. This is the kind of correction gold has worked through repeatedly in this bull market, and it may not even be the last.
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