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A Reddit investor summed up what many gold holders are asking right now.

“I was lucky enough to guess right,” the user wrote, explaining they bought 10.5 shares of the SPDR Gold Shares ETF (NYSE:GLD) at an average price of $370 in late November. Roughly two and a half months later, the position was up more than $1,100, nearly a 30% gain, as gold prices surged to record highs.

The investor said they plan to hold the position inside a Roth IRA for the next 30 years, regardless of short-term moves. For that type of long-term investor, some specialize in helping make that a reality, focusing on portfolios with physical gold held in IRS-approved retirement accounts.

Still, after comparing gold’s recent surge to its past boom-and-bust cycles, the Reddit user asked the question many investors are wrestling with now.

Not likely, says most analysts. In fact, some major banks see Gold climbing past $6,000 this year.

However, the primary scenario in which gold could meaningfully decline involves a combination of stronger-than-expected global growth, tighter monetary policy, and a strengthening dollar.

That is a setup markets have not priced in. And, even after recent rally, many institutional investors have not rushed to exit.

“We continue to expect gold to rally in 2026, as the drivers of its strong run remain intact,” Ian Samson, a portfolio manager at Fidelity International, told Bloomberg. Samson cited central bank buying, declining interest rates, and rising fiscal deficits as ongoing support.

Central banks, in particular, have become the stalwart of demand. According to surveys from the World Gold Council, 95% of central banks expect to increase gold reserves over the coming year. Unlike speculative flows, central bank purchases tend to be steady and price-insensitive.

Gold is “basically an anti-fiat currency play now more than anything else,” Mike Wilson, chief investment officer and strategist at Morgan Stanley, said to Bloomberg. Wilson argued that rising debt and declining confidence in developed-market currencies are reshaping how investors think about portfolio construction.

The chief investment officer pointed to a shift away from the traditional 60/40 stock-bond portfolio, instead advocating a 60/20/20 allocation that includes physical gold as protection against inflation.

The timing of the Reddit user’s question isn’t random, as the GLD ETF hit an all-time high of $509.70 on Jan. 29. Over the past year, the ETF has nearly doubled, with prices ranging from a low of $256.47 to a high above $514. Its market capitalization now sits near $187 billion, making GLD one of the largest commodity-backed ETFs in the world.