Following gold’s recent record-breaking run, the 2026 ‘In Gold We Trust’ report provides a comprehensive overview of the gold market in 2026. Co-authored by Ronald-Peter Stöferle and Mark J. Valek, we take a look at some of the key takeaways for gold investors.
was a watershed year for gold, achieving a 64.4% return, its strongest performance since 1979. Setting 51 all-time highs in 2025, it then pushed even higher in 2026, scoring a new USD peak of USD 5,595 per ounce in . Gold ceased to be a side-allocation, and became a headline asset, garnering attention from investors worldwide.
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A 27% drawdown in March led to claims the metal had failed in its role as a safe haven, but those who have followed gold closely will recognise these patterns. As the report puts it, “during periods of acute financial stress, gold is sold not in spite of, but because of its high liquidity.” When markets experience a shock (such as the US-Iran conflict) traders sell their liquid assets to offset losses elsewhere. Gold fell 29% in 2008 and 12% in 2020 in the early stages of those crises; in both cases the metal went on to set fresh highs within 12–18 months.
Investment demand surged 84% yoy in 2025 to 2,175 tonnes, with bars and coins accounting for 1,374 tonnes. Gold is flowing east with India, China and the Middle East moving away from jewellery to coins and bars. March 2026 saw the largest-ever monthly outflow from gold ETFs globally (84.8 tonnes) yet Asian ETFs recorded their strongest quarter on record, absorbing the Western selling.
Ultimately, trust remains the core driver for the gold price in the eyes of Stöferle and Valek. “The collapse of institutional trust — in governments, central banks, and the fiat money system itself — has become the central driving force behind the price of gold.” Physical gold continues to provide investors a way to protect against that erosion of trust, with a global asset that provides zero counterparty risk.
Source: SGT Report
