GLD

SPDR Gold Shares

research_scan theme='sovereign-fiscal-capacity'; value_chain_position='pure-play'; Pure-price expression of the sovereign-CB-substitution mechanism. Q2 2026 CB net purchases 289t rebounded from May's 41t noise; the operative reference remains the 4-year ~1,000t/yr average and the H1 2026 record US$380B demand value; posture_implication supports_accumulate on C-01/C-14/C-24 unchanged.