The Gold Bull Market Has a New Driver

The interview argues the current gold bull market has been built largely outside the West, with sustained Asian demand and aggressive central bank buying providing the core support. The new potential catalyst is a shift in Western institutional allocation: if pension funds, asset managers, and other institutional investors start increasing gold exposure, that could become the next major leg of demand. Stöferle’s framing implies the market’s base case is no longer driven only by retail or crisis flows, but by a structural bid from official-sector and Asian buyers. The key change to watch is whether Western money managers begin to treat gold as a strategic portfolio asset rather than a tactical trade. For traders, the implication is that any evidence of sustained Western inflows would be additive to an already supportive demand backdrop, reinforcing the bull trend. Near-term attention should stay on central bank purchase data, Asian physical demand trends, and signs of renewed ETF/portfolio allocation from the West.