Gold: Bull market conviction broadens – Societe Generale
Societe Generale analysts Michael Haigh and Jeremy Sellem describe a broad-based Gold bull market in 2026, driven by ETFs, futures and options positioning. They highlight strong physical ETF inflows, near-record futures exposure by money managers and a structurally bullish options skew.
In 2026, Societe Generale analysts Michael Haigh and Jeremy Sellem see a broad-based Gold bull market taking shape. This expansion is driven by increasing ETFs, futures, and options positioning. Strong inflows into physical ETFs, near-record futures exposure by money managers, and a bullish options skew all contribute to this surge.
Multiple independent demand channels are reinforcing each other, providing a constructive medium-term stance on Gold. The bull run began as a geopolitical shock but has evolved into a durable, synchronized build-up of physical, futures, and options exposure. This includes retail investors, professional money managers, and derivatives traders alike.
In August, gold ETFs saw a significant 201 tonnes of net inflows, marking the third-largest monthly addition on record. Money managers' net positioning reached near-record long exposure, with dollar exposure now more striking due to lower prices. Investors are pricing near-term uncertainty with puts while simultaneously building call exposure further out the curve, supporting a positive medium-term outlook.
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