JPMorgan's gold math is interesting: 2026 forecast 755 tonnes , down from 1000+ past three years but still double pre-2022 avg of 400-500 . So even "slowing" demand is historically strong. Plus ETF inflows resuming. Supply fixed, demand structural. Price only goes one direction long term. $SPDR Gold Shares.US at $455 still cheap relative to $509 high .
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