Gold Isn't Done Yet | Patrick Downey - Orezone Gold Corp.
The Deep Dive Aug 10, 2026
Summary
Gold’s flat action near ,000 looks like stabilization rather than a top while central banks keep accumulating and ETF inflows return.
Sovereign debt, currency risk, and geopolitical uncertainty keep reinforcing gold’s strategic-asset role even after decades of skepticism.
Three durable demand pillars — reserve diversification, ETF demand, and macro hedging — are why gold keeps surviving every cycle.
Patrick Downey's takeaways
- Top takeaway He expects gold, hovering around $4,000 as of August 2026, to rebound and move higher after a period of stabilization, based on his trend-analysis framework.
- He argues central banks are continuing to be meaningful buyers of gold as they diversify their reserves.
- He notes that investment demand has returned to gold via ETFs.
- He cites geopolitical uncertainty, government debt concerns, currency risks, and the preservation of purchasing power as strong ongoing drivers for gold.
- He maintains that gold continues to function as a strategic asset, despite decades of skepticism.