The Union Bank of Switzerland urges investors to position for a structural commodity upcycle. The trend is driven by electrification, surging power demand, and persistent supply constraints.
THE COMMODITY PRICE SUPER CYCLE IS UNDERWAY.
BREAKING: Global central bank gold purchases rose +62 tonnes YoY in Q2 2026, to 289 tonnes, the biggest quarterly addition since Q4 2024.
Quarter-over-quarter, gold purchases surged +231 tonnes, or +407%.
Year-to-date, central banks have acquired +345 tonnes of gold.
Poland has led these purchases at +82 tonnes, bringing its total reserves to a record 632 tonnes.
Uzbekistan and China followed, adding +41 tonnes and +40 tonnes, respectively, so far this year.
Central banks continue to accumulate gold at a rapid pace.
BREAKING: The largest US gold-backed ETF, $GLD, has recorded -$14.4 billion in outflows since March 1st.
This is 50% more than the -$9.6 billion in outflows seen across all Bitcoin ETFs since the October peak.
In March alone, investors withdrew -$8.5 billion from $GLD, the largest monthly withdrawal on record.
This was followed by -$1.7 billion in April, -$872 million in May, and -$3.2 billion in June.
Meanwhile, outflows have eased in July, with withdrawals tracking at -$46 million month-to-date.
Is the gold market setting up for a comeback?
Copper refuses to confirm gold’s recent weakness.
That resilience speaks volumes.
I suspect gold is about to remind investors why this remains a well-established secular bull market.
https://t.co/CLuc6PkMLp
Silver ETF holdings were down nearly 53% just a few days ago.
That marked the largest drawdown in both percentage and nominal terms on record.
The last time we saw outflows of a similar magnitude was around the March 2020 low and again near the 2022 bottom.
Market bottoms are a process, not a single event, and this continues to look like one.
https://t.co/dfrFdnEtS0