Gold has officially broken through US$4,000

And the move has momentum behind it. Last week, Goldman Sachs lifted its 2026 forecast from US$4,300 to US$4,900 per ounce, citing sustained demand from central banks and ETFs.

The metal is already up 51% year-to-date, outpacing equities, tech, and even high-volatility assets. It’s not just a rally. It’s a repricing.

Round Numbers Matter – and This One Just Gave Way

US$4,000 is a psychological threshold. It doesn’t change the fundamentals — but it can accelerate the flow of capital. Gold has gained nearly 20% in the past six weeks, breaking to new records with each step.

In times of macro stress, round numbers speak louder than models.

It’s Not Just the U.S. Anymore

Yes, the U.S. is a factor: the dollar just posted its largest six-month decline in 50 years, while deficits and political volatility keep climbing.

But this isn’t a one-country story.

• In Japan, a falling yen and rising bond yields signal a shift toward fiscal expansion and inflation tolerance.
• In France, bond markets are reacting to cabinet instability, fiscal strain, and reform fatigue.
• Italy and Spain face structural debt overhangs with limited room to manoeuvre.
• Across Latin America, inflation and currency risk remain entrenched.
• And in emerging Asia, deficits and dollar pressure are tightening the screws.

The common thread? A global search for safety – not in cash, but in real assets.

How It Compares

Gold’s 12-month performance now eclipses many mainstream benchmarks:

• Gold: +51%
• Silver: +65%
• S&P 500: +15%
• Magnificent Seven tech stocks: +20% – the big U.S. names like Apple, Microsoft, Amazon, Google/Alphabet, Meta, Tesla, and Nvidia.
• BTC: +22%
• Goldman’s “unprofitable tech” basket: +53%* (in Goldman’s selectively curated index of tech firms not yet profitable )

Gold is competing with the highest-beta assets – and winning. Without the volatility. Without the leverage.

What Goldman Sees – and What That Tells Us

ETF inflows and central bank buying are doing the heavy lifting. In a market that is large – but modest relative to global equities and bonds – even small allocation shifts are enough to move price.

In a world struggling to stay anchored, gold is being treated like bedrock.

* According to the AFR

 

About the Author

Jodi Stanton is the award-winning founder and CEO of Rush, an Australian-regulated fintech building infrastructure for real assets. Her career began in financial risk and derivatives on Wall Street, later spanning roles with global insurers, McKinsey, and tech startups before relocating to Australia. A long-time observer of increasingly fragile financial systems, geopolitical uncertainty, and the growing gap between capital and resilience, Jodi saw an opportunity for Australia to lead in building trusted, programmable alternatives to traditional money. Rush is the result of that conviction — combining institutional-grade metals with modern financial utility to help individuals and systems adapt to a changing world. https://www.linkedin.com/in/jodistanton/

About Rush

Rush Gold is an Australian-regulated fintech building a modern financial stack for real assets — starting with gold and silver, and expanding toward future-critical metals. The platform enables legal, digital ownership of physical bullion, made usable via app, API, and partner integrations. With customers in over 15 countries and a growing number of use cases across global partners, Rush is helping position real assets as programmable, credit-ready infrastructure in a system where finance and energy are rapidly converging. https://rush.gold/