Gold ETF Holdings Surge as $5,000+ Price Target Comes Into Focus

Global gold ETF holdings have climbed to roughly 100 million ounces, near their highest level in at least nine months.
Holdings have increased by more than 4 million ounces since their July low, fully recovering the decline recorded between April and July.
More recently, gold-backed ETFs have posted eight consecutive days of net inflows, their longest streak since October 2025.
The notable part is the divergence between ETF holdings and the gold price.
Gold prices had moved broadly in line with ETF holdings until around mid-August, but fund holdings have since continued rising faster.
That has created a bullish thesis that gold prices could have further room to catch up if the historical relationship reasserts itself.
Under that scenario, gold could potentially move above $5,000 in the coming months.
The move is not guaranteed, but the accelerating ETF inflows show that investor demand for gold exposure remains extremely strong.