GLD

SPDR Gold Shares

research_scan theme='sovereign-fiscal-capacity'; value_chain_position='picks-and-shovels'; Most liquid expression of the fiscal-credibility hedge. Q1 2026 WGC composition split (244t central-bank net demand vs ETF flows collapsing from 230t Q1 2025 to 62t Q1 2026; LBMA quarterly average $4,873/oz with $5,405/oz January peak) is the cleanest dated market-priced confirmation of the financial-repression analogue underwriting C-24. Survival Framework Essay 14 sets the gold allocation midpoint at 10-25% of portfolio.